MNI BRIEF: Fed's Daly Sees No Need To 'Push Economy Down'

MNI BRIEF: Canada Warns Of Another Difficult Wildfire Season

MNI: BANXICO HOLDS RATES STEADY AT 11%

MNI BRIEF: China Holiday Consumer Market “Prosperous” - MOFCOM

MNI BRIEF: China Daily Steel Output Highest Since Aug 2023

MNI BRIEF: Global Rates Divergence To Slow EM Easing- CBRT

MNI JAPAN MARCH HOUSEHOLD SPENDING -1.2% Y/Y; FEB -0.5%

MNI: FED BALANCE SHEET TOTAL ASSETS -$9B TO $7.353T IN WEEK

US Treasury Auction Calendar

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Another wide range session

BONDS
  • Another lighter session in terms of volumes for markets, EGBs, Bund, and US.
  • But it doesn't mean that the session didn't provide more wide ranges.
  • Bund has done 158 ticks.
  • Most of the trend for today, has been some position squaring, locking profit and receiving interest, as investors park cash into yields, going into Month/quarter end.
  • This is providing some corrective consolidation, after the contract fell a massive 1,177 ticks in March.
  • Once again the short end 2yr Schatz and 5yr Bobl have led, and where most of the action has been, with better volumes in Schatz and Bobl, versus what we see in Bund.
  • Month End/Quarter End extensions are small for the EU and US and a non event for the UK.
  • Given the size of the extensions, unlikely to be a driver, since Extension duration are the most impactful in Bonds, as oppose to rebalancing flow.
  • Still Citi rebalancing flow, sees interest out of Equities into Bond, for this Month
  • Gilt underperforms Germany, and the Gilt/Bund spread has widened 5.4bps, after finding a base at 100bps, which was the lowest print since August 2021 yesterday.
  • Looking ahead, SNB's Maechler, T. Moser at Money Market Event in Zurich.
  • Won't impact Bonds
HomepageBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

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.