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BOND SUMMARY

EGB/Gilt - Attention turns to the FOMC

EMERGING MARKETS

CZKPLN Approaching Key Resistance at 0.18

US TSY OPTIONS

Range in Underlying Spurring Vol Sales

USD

Extends gains against the Pound and EUR

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The PBOC matched maturities with injections at OMOs today, repo rates are off yesterday's highs though the overnight rate is higher on the session after plunging into the close yesterday. The 7-day repo rate retreats from opening highs of 2.25%, 5bps above the PBOC's rate. Futures are lower after a four day rally, even as equity market struggle to make upward progress. Elsewhere recent premiums for local bonds over central government issues continue to shrink, while banks in Hong Kong suspended new mortgages for Evergrande's unfinished projects.

  • 2-year future down 2 ticks, 5-year future down 7.5 ticks and 10-year future down 12 ticks.