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Risk appetite was boosted by the PBoC.......>

US TSYS: Risk appetite was boosted by the PBoC setting the USD/CNY fix at a
lower level than expected (albeit above the key CNY7.0000 threshold), which
halted the early advance seen in core global FI. There was no notable reaction
to the latest round of monthly Chinese trade data, which showed a wider than
expected surplus as both the import and export Y/Y readings topped consensus.
- The aforementioned PBoC fix allowed T-Notes to have a look through Wednesday's
low after yesterday's sharp retracement from highs (which was facilitated by an
uptick in equities and a wide tail in the latest round of 10-Year supply),
although the move eventually faded, with the contract last dealing -0-11 at
129-26. The curve has twist steepened, with only 30-Year paper under water at
- Eurodollar futures trade 3.0-5.0 ticks lower through the reds.
- The local docket is somewhat limited with 30-Year supply headlining.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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