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An ugly home sales print (but record April home prices) combined with declining traffic and smaller spend data from Target threw some shade on the market early on but it was the FOMC Minutes that sparked the waterfall with their more hawkish comments. For any and all that say "yeah but they're stale, we had CPI and Retail Sales since", see the chart below ...
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post: PBoC Sets Yuan Mid-Point At 7.1098 / Dollar Vs Last Close 7.2416 - Weakest Since January Amid Dollar ReboundPBOC sets USD/ CNY reference rate for today at 7.1098 (vs. estimate at 7.2451) PBOC injects 2bn via 7-day RR, sets rate at an unchanged 1.8% • 2bn mature today. • Thus neutral in OMOs today.