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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI POLITICAL RISK - Trump Rounds Out Cabinet Nominations
MNI POLITICAL RISK ANALYSIS - Week Ahead 25 Nov-1 Dec
Belly Of Cash Curve Underperforms, Carry Trade Is Back
JGB futures are weaker, -40 compared to the settlement levels.
- Outside of the previously outlined international investment flow data, there hasn't been much in the way of domestic drivers to flag. The Tertiary Industry Index fell 1.3% m/m in June versus +0.3% estimate.
- (Bloomberg) "Nomura Holdings Inc., Japan’s biggest brokerage, has seen a variety of investors start borrowing the yen again to invest the proceeds elsewhere in higher-yielding assets. It suggests corporate clients and hedge funds, who have been enthusiastic carry traders, are getting back into those deals." (See link)
- Cash US tsys are 1-3bps richer, with a steepening bias, in today’s Asia-Pac session after yesterday’s sharp sell-off following stronger-than-expected data.
- Cash JGBs are 2-5bps cheaper, with the belly of the curve underperforming. The benchmark 10-year yield is 4.1bps at 0.880% versus the cycle high of 1.108%.
- Swaps are mixed, with rates 2bps lower (7-year) to 3bps higher (40-year).
- On Monday, the local calendar will see Core Machine Orders data alongside 1-year supply. 20-year supply is due on Tuesday.
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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.