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Bonds & USD A Little Firmer, Early London Themes Persist

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Early London moves higher in the broader USD (BBDXY) and core global FI markets saw a modest extension during the initial rounds of NY trade, but those moves have pared back from extremes.

  • Macro news flow has been light over the past few hours, with supply issues in European gas markets receiving much of the attention.
  • European gas (TTF) futures have pulled back from best levels but are still ~7% firmer on the day after registering a fresh ‘24 high.
  • Geopolitics and modest downward revisions in the final Eurozone and UK manufacturing PMIs have received most of the attention elsewhere, while Minneapolis Fed President Kashkari provided the final hawkish pre-FOMC salvo via the FT over the weekend (the Fed is now in its self-imposed pre-meeting blackout).
  • Expect the U.S. ISM manufacturing to dominate matters from here, at least when it comes to scheduled risk events.
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Early London moves higher in the broader USD (BBDXY) and core global FI markets saw a modest extension during the initial rounds of NY trade, but those moves have pared back from extremes.

  • Macro news flow has been light over the past few hours, with supply issues in European gas markets receiving much of the attention.
  • European gas (TTF) futures have pulled back from best levels but are still ~7% firmer on the day after registering a fresh ‘24 high.
  • Geopolitics and modest downward revisions in the final Eurozone and UK manufacturing PMIs have received most of the attention elsewhere, while Minneapolis Fed President Kashkari provided the final hawkish pre-FOMC salvo via the FT over the weekend (the Fed is now in its self-imposed pre-meeting blackout).
  • Expect the U.S. ISM manufacturing to dominate matters from here, at least when it comes to scheduled risk events.