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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.
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Free AccessMNI China Daily Summary: Wednesday, December 11
Belly-Led Cheapening, Watching Productivity and Any BoC Spillover
- Cash Tsys have seen mixed trade overnight but ultimately pare yesterday’s rally, sitting 2.5-4.5bp cheaper and with the belly leading the sell-off despite oil prices falling further.
- ADP offers potential for volatility at 0815ET and we think there should be greater focus on the final Q3 productivity/ULC data at 0830ET. Also watch for any spillover from the BoC decision at 1000ET in case of any dovish surprises (in guidance rather than actual rate setting).
- TYH4 trades at session lows of 110-20+ (-08+) but remains in the upper half of yesterday’s range. Yesterday’s high at 110-31+ marks initial resistance just before the round 111-00 with the bull cycle in play, whilst support is seen at 109-11 (20-day EMA). Volumes are solid at 350k.
- Data: Weekly MBA mortgage data (0700ET), ADP employment Nov (0815ET), Productivity/ULCs Q3 final (0830ET), International trade Oct (0830ET)
- Bill issuance: US Tsy $56B 17W Bill auction (1130ET)
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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.