AUSTRALIA DATA: Inflation Expectations Return Above 4%
Apr-10 01:33
The Melbourne Institute's measure of consumer inflation expectations for April rose 0.6pp to 4.2%. M...
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CHINA: Central Bank Withdraws Liquidity via OMO.
Mar-11 01:28
- PBOC issued CNY37.7bn of 7-day reverse repo at 1.5% during this morning’s operations.
- Today’s maturities CNY38.2bn.
- Net liquidity withdrawal CNY0.5bn.
- The PBOC monitors and maintains liquidity in the interbank market through the daily issuance of reverse repo.
- The CFETS Pledged Repo Deposit Institutions 7 Day Weighted Average is 1.64% from a close of 1.81% yesterday.
- The China interbank overnight repo rate is 1.78% from yesterday’s close of 1.52%.
- The China interbank 7-day repo rate is 1.83% from yesterday's close of 1.82%
CNH: USD/CNY Fixing Steady, Error Term Re-Widens
Mar-11 01:24
The USD/CNH fix printed at 7.1741, against a BBG market consensus of 7.2639.
- The fixing error was wider than yesterday's outcome, coming in at -898pips, versus -675pips on Monday.
- The actual fix rose as well, but remains within recent ranges.
- USD/CNH is lower in the first part of Tuesday trade, last near 7.2575, which is close to lows after yesterday's Asia Pac close. Broader USD indices are down thanks to a firmer yen, CHF and EUR levels. CNH is lagging yen and CHF gains though.
JGBS: Sharply Richer With US Tsys, Q4 GDP Revised Down
Mar-11 01:22
In Tokyo morning trade, JGB futures are sharply higher, +65 compared to settlement levels, after extending overnight gains.
- Japan's Q4 GDP growth was revised down a touch. The final outcome saw q/q growth at 0.6% (versus 0.7% forecast and initially reported). In annualized terms, growth was 2.2%, also below expectations of 2.8%. Private consumption was revised down to flat, after initially being reported as a modest 0.1% rise. Some offset came from business spending, which was nudged up to 0.6%q/q (from an initial outcome of 0.5%, the market consensus for the revision was 0.4%). Other components weren't changed much. The GDP deflator is slightly stronger at 2.9%y/y.
- Cash US tsys are 5-6bps richer, with a slight steepening bias after yesterday’s robust bull-steepener.
- Cash JGBs are 1-7bps richer across benchmarks, with the futures linked 7-year leading the rally. The benchmark 10-year yield is 5.9bps lower at 1.518% versus the cycle high of 1.584% set yesterday.
- Swap rates are 2-3bps lower. Swap spreads are mostly wider.
