MNI China Daily Summary: Monday, July 22

MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor

MNI: China CFETS Yuan Index Down 0.05% In Week of Jul 19

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut

MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

CBRT Data Watch

NBH Data Watch

Pay concerns push back easing expectations; curve flattens

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

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Underperforming With Broad Cheapening Ahead Of PCE, Fedspeak

US TSYS
  • Cash Tsys have underperformed as they’ve moved cheaper through European hours, with front yields pushing towards the top end of yesterday’s range but the longer end still at best mid-range after yesterday’s flattening. PCE and a heavy schedule for Fedspeak headline a solid docket.
  • 2YY +1.9bp at 4.716%, 5YY +2.8bp at 4.134%, 10YY +2.5bp at 3.092% and 30YY +1.5bp at 3.900%. 2s10s -81bp vs Wed high of -73bp.
  • TYH3 trades 6 ticks lower at 111-07+, remaining off support at yesterday’s low of 110-25+. There is reasonable room to the upside with resistance at 112-24 (20-day EMA).
  • Data: PCE and personal incomes/spending (0830ET), New home sales (1000ET), U.Mich consumer survey Feb final (1000ET), KC Fed services Feb (1100ET)
  • Fed: Mester CNBC (0800ET), Jefferson & Mester on disinflation paper (1015ET), Bullard (1130ET), Collins (1330ET), Waller (1330ET).
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