MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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Treasury Futures Off Morning Highs, Yields Unchanged Ahead Of Fed Speak

US TSYS
  • Jun'24 10Y opened higher this morning, however has given back all of those gains to now sit unchanged at 109-25+. There has been little in the way of market headlines, while China, Hong Kong and Taiwan are out for the rest of the week.
  • Looking at technical levels: Initial support lays at 109-09+ (Apr 3 Low) while below here the 109-08+ (Lower 1.0% 10-dma envelope), round number support then rests at 109-00. While to the upside resistance holds at 110-17+ (20-day EMA), above here 110-28/31+ (50-day EMA / Mar 27 high and key resistance).
  • Cash Treasury curve twist-steepened on Wednesday, with yields 2bps lower to 1.5bps higher, as cash trading gets underway on Thursday curves are slightly steeper with yields flat to 1bp higher, the 2Y yield is unchanged at 4.672%, 10Y +0.6bp to 4.353%, while the 2y10y +0.599 at -32.119.
  • Looking Ahead: Weekly Jobless Claims and Trade Balance will be followed by a heavy spate of Fed speakers: Philly Fed Harker, Richmond Fed Barkin, Chicago Fed Goolsbee, Cleveland Fed Mester, MN Fed Kashkari, StL Fed Musalem and Fed Gov Kugler expected to weigh in on the economy.
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