MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

Australia Jun Total Dwelling Approved -6.5%

MNI: AUSTRALIA MAY BUILDING APPROVALS -6.5% M/M, -3.7% Y/Y

MNI: AUSTRALIA JUN DWELLING APPROVALS -6.5% M/M

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

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Rally Continues As TYZ2 Eyes Resistance

US TSYS
  • Tsy yields attempt to push new session lows with the front-end and belly down -15bps and 10Y -13.5bps, as real yields tumble although remain within Friday's wide range (10Y real 1.56%, +16bp on a week ago).
  • TYZ2 volumes remain below average, whilst a high of 112-27 closes on resistance at 112-30+ (Sep 23 high) after which sits the 20-day EMA of 113-30.
  • It’s a large reversal of Friday’s quarter-end sell-off – 2YY clears Friday’s low – with the broad move potentially exacerbated by European bank concerns (the timing of the main Tsy rally lagged Bunds) on top of earlier underperformance to Gilts following the u-turn on 45% tax rate removal, and still most recently lagging further moves lower in EU yields.
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