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CHINA PBOC CONDUCTS CNY49 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1285 THU VS 7.1318

MNI BRIEF: China Equip't Renewal Policy Includes Foreign Firms

Australia Jun Unemployment Rate 4.0%

Japan Jun Exports +5.4% Y/Y; Imports +3.2% Y/Y

MNI:AUSTRALIA JUN UNEMPLOYMENT RATE +4.1%

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

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Richer Across Benchmarks, Ranges Narrow, PPI & BoJ Rinban Operations Tomorrow

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JGB futures are holding in positive territory, +10 compared to settlement levels.

  • Outside of the previously outlined M2 & M3 Money Stock, there hasn't been much in the way of domestic drivers to flag. May Machine Tool Orders are due soon along with a Liquidity Enhancement Auction covering OTR 5-15.5-year JGBs.
  • Reuters poll: 63% of economists predict the BoJ will decide to start reducing the size of bond buying at the June meeting (up from 41% in the May poll). Also, 92% of economists expect the BoJ to hike the interest rate to at least 0.20% by the end of 2024 (up from 88% in May).
  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session.
  • Investors now keenly await two key events on Wednesday: the latest US CPI data and the latest thoughts from Federal Reserve Chairman Jerome Powell following the FOMC Decision.
  • Cash JGBs are richer across benchmarks, with yields flat to 2bps richer. The benchmark 10-year yield is 1.9bps lower at 1.025% versus the cycle high of 1.101%.
  • The swaps curve has bull-flattened, with rates flat to 1.3bps lower. Swap spreads are mixed.
  • Tomorrow, the local calendar will see PPI data alongside BoJ Rinban Operations covering 1-10-year and 25-year+ JGBs.
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JGB futures are holding in positive territory, +10 compared to settlement levels.

  • Outside of the previously outlined M2 & M3 Money Stock, there hasn't been much in the way of domestic drivers to flag. May Machine Tool Orders are due soon along with a Liquidity Enhancement Auction covering OTR 5-15.5-year JGBs.
  • Reuters poll: 63% of economists predict the BoJ will decide to start reducing the size of bond buying at the June meeting (up from 41% in the May poll). Also, 92% of economists expect the BoJ to hike the interest rate to at least 0.20% by the end of 2024 (up from 88% in May).
  • Cash US tsys are 1-2bps richer in today’s Asia-Pac session.
  • Investors now keenly await two key events on Wednesday: the latest US CPI data and the latest thoughts from Federal Reserve Chairman Jerome Powell following the FOMC Decision.
  • Cash JGBs are richer across benchmarks, with yields flat to 2bps richer. The benchmark 10-year yield is 1.9bps lower at 1.025% versus the cycle high of 1.101%.
  • The swaps curve has bull-flattened, with rates flat to 1.3bps lower. Swap spreads are mixed.
  • Tomorrow, the local calendar will see PPI data alongside BoJ Rinban Operations covering 1-10-year and 25-year+ JGBs.