MNI: PBOC Net Drains CNY2 Bln Via OMO Tues; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1135 Tues; -1.61% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1135 TUES VS 7.1106

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MNI BRIEF: Mexico Inflation 4.69% In May, Below Consensus

First 10-days Export Growth Eases, April Current A/C Deficit Due To Dividend Outflows

US Treasury Auction Calendar

IP Weak In April, With Surveys Suggesting Little Respite Ahead

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Post-Powell Market Snapshot

CANADA
  • FI: GoC yields have been dragged higher today by Treasuries after a hawkish Powell indicated a more aggressive rate path ahead, pushing implied hikes even higher to 8.5 hikes in 2022 (including last week’s 25bp liftoff).
  • An earlier sell-off in the GoC long-end has meant surprisingly little flattening, with 2s10s almost unchanged on the day at a low 30bps, although this remains above lows of 25bps from the past two weeks.
  • FX: The same dynamic has seen USDCAD give back earlier losses but the dragging higher of Canadian implied yields sees CAD the top performer of the majors vs USD on the day.
  • USDCAD is -0.1% at 1.2594 having earlier cleared support of 1.2587, the low of the range seen since the war in Ukraine, opening 1.2552 (Fibo retracement of the Jan-Feb rally) and after which it could open a 1.24 handle.
  • Local drivers are light until BoC’s Deputy Governor Kozicki speaks at the SF Fed on Fri. US events and geopol headlines are likely to dominate.
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