MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI China Daily Summary: Tuesday, July 23

GERMANY AUG GFK CONS CLIMATE -18.4 (-21.0 F'CAST; -21.6 JULY)

INDON Curve Out-Performs As Investors See Rate Hikes Ending

MNI: UK APR-JUN MEDIAN PAY AWARDS +4.9% :Brightmine

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

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SONIA
  • SONIA futures have moved a little higher this morning following the UK CPI print. The strip has moved largely in line with the print coming in in line with expectations rather than beating expectations.
  • We think this is probably because the surprise came in clothing - and given the nature of the surprise, a category that could easily see a reversal next month.
  • If this is the case, then the upside to CPI this morning can largely be dismissed.
  • There's still a lot priced into the curve (too much in our opinion) and we remain vulnerable to further moves higher, although positioning is probably a bit cleaner after yesterday's moves.
  • We now price 42bp by the March MPC meeting, a cumulative 82bp by May and 104bp by the June meeting.
  • Whites are up 2.5-3.0 ticks with Reds 3.0-4.0 ticks higher.
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