AUD: Reaction To Employment Data
The AUD went into the employment data trading around 0.7036, -0.04% and the SPI was trading around 8...
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RBA: RBA Aug Minutes: MORE PROGRESS CPI TO MEET TARGET AT 4.35% RATE" - BBG
"*RBA: NEED TO SEE MORE PROGRESS CPI TO MEET TARGET AT 4.35% RATE" - BBG
"*RBA WILL DO WHAT’S NEEDED TO MEET GOALS, INCLUDING ANOTHER HIKE"
"*RBA: CPI STILL TOO HIGH, ECONOMY OPERATING WITH EXCESS DEMAND"
"*RBA DISCUSSED CASE TO HIKE, JUDGED APPROPRIATE TO HOLD FOR NOW"
"*RBA: HAS TIME TO ASSESS DATA FOR SIGNS CPI UPSIDE RISKS EMERGE"
"*RBA: CURRENT RATE GRADUALLY BRINGING ECONOMY BACK INTO BALANCE"
CHINA: PBOC Injects CNY386bn 7-day Rev. Repo During OMO
The PBOC announced that it plans to Conduct 500b Yuan of 1-Year MLF on Aug. 25. The PBOC says the move aims at keeping the banking system liquidity ample, according to a statement. The PBOC will also conduct overnight reverse repo operations from Aug. 27-Sept. 1, capping daily volumes at 600 billion yuan, according to a central bank statement.
Repo rates have started to edge up this week, prior to the various liquidity injections.
- The PBOC Issued CN386 bn of 7-day reverse repo at 1.4% during this morning's operations.
- The PBOC issued CNY 0 bn O/N reverse repo
- Total maturities today CNY 0 bn 7-day and CNY0bn O/N
- Net Liquidity injection CNY386bn.
- The PBOC monitors and maintains liquidity in the interbank system through the issuance of reverse repo.
- The CFETS Daily Pledged Repo DR007 Wgtd Rate's is 1.45% following the last close of 1.4339%.
- The China overnight interbank repo rate is at 1.4383%, from the prior close of 1.3983%.
- The China 7-day interbank repo rate is at 1.45% from last close of 1.4417%
- The 2-Yr NDIRS is at 1.4075% having closed last at 1.4050%.
CNH: USD/CNY Fixing Up For 3rd Straight Session, USD/CNH Supported Sub 6.7200
The USD/CNY fixing edged a little higher to 6.7852, against Monday's 6.7841 outcome. The USD/CNY fixing has now risen in the past three sessions. Today's market estimate was 6.7239 (per BBG) (little changed from Monday's estimate), leaving the fixing error at +613pips, slightly wider than Monday's outcome. Today's fixing error was the widest since end Feb this year. USD/CNH spot is little changed so far today, last near 6.7215. Earlier lows (6.7188) were supported.
