MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI China Daily Summary: Tuesday, July 23

GERMANY AUG GFK CONS CLIMATE -18.4 (-21.0 F'CAST; -21.6 JULY)

INDON Curve Out-Performs As Investors See Rate Hikes Ending

MNI: UK APR-JUN MEDIAN PAY AWARDS +4.9% :Brightmine

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

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Treasuries Rally Broadly Across The Curve Ahead Of CPI

US TSYS
  • Cash Tsys have reversed a cheapening seen with and after the Asia open to leave them little changed on the day ahead of US CPI, with the long end lagging larger moves in EU FI and once again especially Gilts.
  • Yesterday’s session saw a further pulling back in 10Y yields from the latest attempt above the 4% mark, which sees solid resistance with a triple top drawn from 2009, 2010 and ytd highs, whilst 2s10s sits in the middle of its post-Sep FOMC range, currently -40bps having touched -58bp shortly after the FOMC and highs of -24bps.
  • 2YY -0.4bps at 4.287%, 5YY -1.6bps at 4.102%, 10YY -1bps at 3.886%, and 30YY -0.5bps at 3.87%.
  • TYZ2 trades 2+ ticks higher at 111-18 with gains considered corrective amidst a bearish outlook. Support is seen at the bear trigger of 110-19 (Sep 28 low) whilst to the upside lies resistance at 112-25+ (20-day EMA).
  • Data: CPI inflation dominates the session at 0830ET with core seen 0.4% M/M in Sep after 0.57% in Aug - full preview here. Also see real earnings and jobless claims at the same time.
  • Bond issuance: US Tsy $18B 30Y Bond re-open auction (912810TJ7) – 1300ET
  • Bill issuance: US Tsy $60B 4W, $50B 8W bill auctions – 1130ET
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