MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

Riksbank Shouldn’t Place Too Much Weight On The Q2 GDP Indicator

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

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Tsy Futures Firmer, Wide Range After Surprise Attack on Israel

US TSYS
  • Cash Tsys closed for Columbus day holiday, however, normal trading hours for Globex (FI, FX and EQ). Tsys futures running firmer, near the middle of a wide overnight range after gapping late Sunday following the weekend surprise attacks by Hamas on Israel, Israel declaring war on the group. Cross asset: oil gapped higher overnight, WTI currently +2.80 at 85.59.
  • Despite the bounce in Tsy futures, a bear trend remains intact. Last week’s fresh cycle lows confirm a resumption of the downtrend and maintain the price sequence of lower lows and lower highs. Dec'23 10Y futures currently trade 107-08 (+13.5) below initial resistance of 107-14 (High Oct 3), firm resistance is seen at 108-12, the 20-day EMA.
  • No data, but scheduled Fed speakers include Dallas Fed Logan Speaks on US Outlook, Monetary Policy (text, Q&A) at 0900, followed by Fed VC Barr American Bankers Assn Conference (text, Q&A) at 0915ET. This afternoon, Fed Board of Gov Jefferson speaks at NABE conference (text, Q&A) at 1330ET.
  • Repricing rate hike chances: Friday's employment data, nearly twice the amount of jobs gained (+336k) than expected (+170k), quashed hopes of softer policy ahead. Rate hike projections into early 2024 moderating on this morning's rally.: November at 22.2% (30.5% late Fri) w/ implied rate change of +5.6bp to 5.384%, December cumulative of 9.9bp (12.4bp late Fri) at 5.428%, January 2024 8.4bp (11.9bp Fri) at 5.413%. Fed terminal slips to 5.425% in Jan'24.
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