MNI: PBOC Net Drains CNY408.7 Bln Via OMO Tues

MNI: PBOC Sets Yuan Parity Lower At 7.1334 Tues; -1.30% Y/Y

CHINA PBOC CONDUCTS CNY267.3 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1334 TUES VS 7.1335

MNI PBOC WATCH: PBOC Cuts 7-Day Rate As Reconfigures Framework

MNI China Daily Summary: Monday, July 22

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

CBRT Data Watch

NBH Data Watch

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

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Treasuries See A Growing Bid As Growth Concerns Remain

US TSYS
  • Cash Tsys have found a growing bid led by the belly to long end with the US coming in to see a softer growth backdrop. It started with Walmart’s disappointing earnings after close plus further EU gas limitations with both the members agreeing to reduce gas usage even if details are light plus potential for further curbs in Russian supply. The belly will get further attention with 5Y supply later after yesterday’s 2Y stopped through.
  • 2YY -1.2bps at 2.998%, 5YY -3.9bps at 2.841%, 10YY -4.0bps at 2.756% and 30YY -2.9bps at 2.987%.
  • TYU2 trades 15+ ticks higher at 120-04+ in a resumption of the bullish focus with support eyed at 120-11 (Jul 22 high) and the bull trigger of 120-16+ (Jul 6 high) just above it, although volumes are below average.
  • Data: Solid second tier docket with house prices and new home sales, the Richmond Fed manufacturing index and Conf. Board consumer confidence (from 0900-1000ET)
  • Bond issuance: US Tsy $46B 5Y Note auction (1300ET)
  • Extensions: Month-end Tsy extensions seen at 0.08y (average) for the Bloomberg index or 0.066y for the Morgan Stanley 1y+ index, in line with the average July (0.064) but lower than the average month (0.085y).
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