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CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

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MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

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Rates, Stocks Off Cycle Lows Ahead Friday's Sep Employment Data

US TSYS
  • After paring gains in the lead-up to this morning's data, Treasury futures extended past late overnight lows after slightly lower than expected Initial Jobless Claims (207k vs. 210k est, 204k prior) and Continuing Claims (1.664M vs. 1.671M est, 1.670M prior). Meanwhile, Trade Balance reported -$58.3B vs. -$59.8B est vs. prior revised figure of -$64.7B.
  • Futures extended lows post-data, TYZ3 tapped 106-28.5 (-7) -- well above Wednesday's low of 106-03.5, before rebounding over 107-00. Technicals held: Initial technical support at 106-00 (round number support), followed by 105-27+ (3.0% Lower Bollinger Band). Initial resistance is at 107-14 (High Oct 3).
  • TYZ3 climbed to a session high of 107-12.5 high after dovish Fed speak from SF Fed President Daly said the Fed can hold interest rates steady because restrictive policy and tight financial conditions are working to slow the economy and inflation. "If we continue to see a cooling labor market and inflation heading back to our target, we can hold interest rates steady and let the effects of policy continue to work," she told the The Economic Club of NY.
  • Meanwhile, focus turns to Friday's September employment data. Consensus looks for payrolls growth of 170k in September. While industry-specific blips may occur, headline aggregates are not expected to be impacted by either the actors’ strike, or the walk-out of UAW workers currently impacting Ford, GM and Stellantis.
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