THAILAND: VIEW: JP Morgan Expects Weak Inflation To Drive Rate Cut, Risks Remain
Aug-07 04:05
Thailand's July CPI inflation was lower than expected due to vegetables and energy. Headline fell 0....
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CHINA: Bond Futures Lower as Equities Rally
Jul-08 03:51
- China's major bond futures were all lower today in the morning session as equities rallied strongly across major bourses.
- The 10yr is down -0.07 at 109.03 and is approaching the 20-day EMA of 109.02.
source: Bloomberg Finance LP / MNI
- The 2yr bond future is down -0.02 at 102.47 and has moved below the 20-day EMA of 102.49.
- Government bonds are remain stable with the 10yr at 1.64%
STIR: RBA Dated OIS Firmer Ahead Of RBA Decision
Jul-08 03:47
RBA-dated OIS pricing is firmer on the day across meetings ahead of today’s RBA Policy Decision.
- A 25bp rate cut this week is given a 91% probability, with a cumulative 75bps of easing priced by year-end (based on an effective cash rate of 3.84%).
Figure 1: RBA-Dated OIS – Current Vs. Prior
Source: Bloomberg Finance LP / MNI
JGBS AUCTION: 5-Year Supply Shows Mixed Metrics
Jul-08 03:45
Today’s 5-year JGB auction showed mixed signals on demand. The low price came in line with expectations at 100.03, but the bid-to-cover ratio declined to 3.5411x from 4.5783x—albeit the highest since 2023. Meanwhile, the tail narrowed slightly to 0.02 from 0.05, pointing to improved bidding interest.
- The result aligns with the mixed demand signals seen at this month’s 10-year auction. With yields and the 2s/5s curve broadly unchanged from last month, today’s outcome represents a modest deterioration in overall demand conditions.
- In the aftermath, the 5-year sector is little changed in afternoon trading.
