Free Trial

China's Jan Bank Loans To Reach Record High


Twist Steepening Creeps In


Trade Figures Disappoint, Recovery Likely To Be Gradual


Little Changed In Early Dealing

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Bear Flattening In Wake Of U.S. CPI, Futures Comfortably Off Overnight Lows


YM deals -11.0 & XM deals -4.0, with the former ticking lower in early Sydney trade and the latter little changed vs. late overnight levels as domestic participants react to Thursday’s wider price swings. Still, the contracts trade notably off of overnight lows (please see our recently published NZGB bullet for more colour on the drivers of the violent, two-way moves seen in overnight dealing).

  • Wider cash ACGB trade sees the major benchmarks running 3-11bp cheaper, with pronounced bear flattening in play there, as the curve trades in sympathy with Thursday’s move in U.S. Tsys. The 3-/10-Year yield curve now deals just above 20bp, a little over 20bp off August lows.
  • Bills run 7-12bp cheaper through the reds, with RBA dated OIS now indicating a terminal rate of ~4.05%, ~10bp above levels observed late on Thursday.
  • Looking ahead, Friday will see A$700mn of ACGB Apr-27 supply and the release of the weekly AOFM issuance slate.
  • Chinese trade balance & CPI data will also provide points of interest for the Asia-Pac region.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

To read the full story

Why Subscribe to

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.