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Free AccessA fairly substantial downside.......>
US TSYS SUMMARY: A fairly substantial downside miss in EMU April flash CPI data
and lower than expected UK service PMI has led to a recovery in US Treasuries
and the TYM8 contract hitting new weekly high of 119-22+. US 10-yr Tsy yield is
-1.7bps at 2.9495%, while curve is slightly flatter as long-end out performs
with 5s/30s 0.8bp tighter at 34.1bps.
- Core Eurozone flash inflation for April came in at 0.7% y/y down from 1.0% y/y
seen in March and well below consensus for a 0.9% y/y print. While Uk service
PMI for April edged up to 53.2 from 52.4, but this was lower than the 53.7
expected by markets.
- Due to Japanese holiday Thursday US Tsy cash trading was closed and the TYM8
stuck to a tight 3-tick range. Asia-Pacific participants paid more attention to
dovish elements of the statement, with T-notes edging higher as USD softened.
- Eurodollars are higher with white contracts +1 to +2.5 ticks, reds and greens
+2.5 to +3 ticks and blues +2 ticks.
- Breakevens are a touch tighter while swap spreads are a touch wider.
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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.