MNI China Daily Summary: Friday, June 28

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1268 FRI VS 7.1270

Inflation Slowed in June, Shaking Off May Hotel Price Jump

Broad-based Deceleration In June Core Metrics

MNI: ITALY JUN FLASH HICP +0.2% M/M, +0.9% % Y/Y; MAY +0.8% Y/Y

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Tsy Curves Extend Steeper, New 16Y High 10Y Yield 4.6447%

US TSYS
  • Cash Tsys are trading mixed, short end firmer (TUZ3 +.88) as curves add to Wednesday's move back to mid-May highs (3M10Y +3.037 at -86.342, 2Y10Y +3.738 at -49.469). Similarly, 10Y Treasury yields climb to new 16Y high of 4.6427% (+.0373).
  • The bear trend in Treasuries with TYZ3 futures extending losses, currently at 107-17.5 (-1 ). Moving average studies remain in a bear mode position, highlighting a clear downtrend with focus on 107-05+ and 106-23, the 1.382 and 1.50 projections of the Jul 18 - Aug 4 - Aug 10 price swing. On the flipside, firm resistance is at 109-13, the 20-day EMA.
  • Economic data includes weekly claims, GDP and PCE figures at 0830ET, Pending Home Sales at 1000ET followed by Kansas City Fed Mfg at 1100ET.
  • Scheduled Fed speakers kicks off with Chicago Fed Goolsbee moderated Q&A at 0900ET. Later this afternoon, Fed Gov Cook attends a banking forum at 1300ET, while focus is on a livestreamed townhall event with Fed Chairman Powell at 1600ET. Richmond Fed Barkin on monetary policy at a Money Markets event at 1900ET.
  • US Treasury supply wraps up the week with $85B 4W and $75B 8W bill auctions at 1130ET, $37B 7Y Note auction (91282CHZ7) at 1300ET.
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