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MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

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MNI JAPAN JULY TOKYO CORE CPI +2.2% Y/Y; JUNE +2.1%

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The 10Y US Treasury contract........>

US TSYS SUMMARY
US TSYS SUMMARY: The 10Y US Treasury contract traded sideways in the Asian
session with some volatility in early Europe but little clear direction.
- According to a Bloomberg report, President Donald Trump is unlikely to pick
Gary Cohn as Fed Chair and there seems to be a small possibility of him
appointing of reappointing Janet Yellen again. 
- 2Y swap spreads have fallen 0.5np today, back to 22.4bp, back to the lowest
level for six weeks.
- In terms of swap flow, there have been some 3-5Y flatteners, 5-7Y steepeners
and some good 5Y receiving today. 
- There is little in the way of important data and so USTs will concentrate upon
the 7Y auction later today. Analysts at JP Morgan write that "Though the sector
is fairly valued along the curve, yields have risen by 15bp since the last
auction," so they "expect that the 7-year note auction "will be absorbed with
relative ease."
- The 10Y yield was last almost unchanged at 2.422%.
MarketsFixed Income Bullets
MarketsFixed Income Bullets

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