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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.
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Free AccessA Touch Softer Alongside Peers, Global Matters Eyed
Gilts edge lower with core global peers also on the defensive.
- Upside risks surrounding this morning’s Eurozone HICP data are likely at play here.
- Futures are a little shy of yesterday’s late session high as a result, last +2 at 95.81.
- Bulls haven’t got anywhere near testing initial resistance at Wednesday’s high.
- Cash gilt yields are 0.5-1.5bp higher, with the recent curve steepening theme intact.
- SONIA futures and BoE-dated OIS is still little changed on the day.
- Discussions generally remain centred on political matters, with fiscal matters and speculation surrounding Labour's policy plans at the fore there.
- Elsewhere, lower tier UK data (Lloyds’ business barometer & Nationwide house prices) were firmer than expected.
- Yesterday’s record short-term BoE repo allotment represented an extension of the recent trend and is getting plenty of attention as economists and strategists look to map out any potential impact on QT.
- A reminder that BoE Governor Bailey has previously suggested that the take up at those operations is “encouraging.”
- The recent round of RONIA/SONIA spread widening has reversed, placating any worry surrounding repo/funding strains (for now), with the funding acquired via the STR no doubt helping on that front.
- Also note the lack of meaningful surprises in the DMO's quarterly operations calendar, which we covered in detail earlier.
- Domestic consumer credit and lending data is due later today, although spill over from Eurozone CPI & U.S. PCE are set to dominate.
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Why MNI
MNI is the leading provider
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.