AUSSIE BONDS: A Little Firmer
Dec-14 01:32
A bid in U.S. Tsys and the local reaction to U.S. CPI data has seen some support creep into the ACGB space, leaving the major cash benchmarks 6bp richer to 0.5bp cheaper, with 30s the only point of note that is softer on the session, as the early twist steepening impulse lingers. YMH3 is +6.4, while XMH3 is +3.9. EFPs are little changed on the day, unwinding an early, modest, round of widening. Local headline flow remains sedate at best.
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CNH: CNY Fixing Close To Expectations
Nov-14 01:22
The USD/CNY fix printed at 7.0899, versus a Bloomberg consensus of 7.0903.
- Today's outcome represents just a -4 pip surprise, so very close to market expectations. This compares with Friday's outcome of +151 pips.
- With the China currency now comfortably off its lows, the authorities may fell there is less necessity to lean against depreciation pressures. However, as we noted last Friday, we would be surprised to see the start of a consistent run of upside surprises (in USD/CNY terms, i.e. shifting to a depreciation bias).
- USD/CNH pushed to 7.1130 in the early part of trading, as the USD rebounded in the first part of trading on the back of hawkish Fed speak.
- We are now back to the 7.0600/50 region though. Some support may be evident just below this level, which coincides with Friday's low. The market bias is likely to fade upticks in USD/CNH given improved short-term sentiment around the property sector and positive developments around the CZS late last week
BOJ: Fixed Rate Operation Offer
Nov-14 01:12
The BoJ offers to buy an unlimited amount of 10-Year JGBs at a fixed rate of 0.25%.
BOJ: BoJ Makes Rinban Purchase Offers
Nov-14 01:12
The BoJ offers to buy a total of Y1.185tn of JGBs from the market:
- Y475bn worth of JGBs with 1-3 Years until maturity
- Y550bn worth of JGBs with 5-10 Years until maturity
- Y100bn worth of JGBs with 25+ Years until maturity
- Y60bn of JGBis
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