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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.
US TSYS
- As noted above, cash Tsys have shrugged off the 2Y auction tailing by 1.1bp (largest since May), with further 5Y supply to come at the top of the hour.
- It leaves cash Tsys trading 3-4.5bp richer across the curve, currently led by 7-10Y tenors, although the adjustment is being carried by breakevens (10Y -3bp) with a more muted decline in real yield (-1.5bps) offering less of a tailwind for equities (TYZ3 is off overnight lows but still -0.1% below Friday’s early close).
- Breakeven levels are starting to be of greater note, having last seen sustained levels for the 10Y at 2.25% back in July.
- TYZ3 has recently touched a new session high of 108-26, playing to the bullish trend structure for a step back closer to resistance at the bull trigger of 109-08+ (Nov 17/22 high).
- The day’s rally remains EGB-led (Bunds -9.5bps, 10Y BTPs -11bps), whilst a paring of WTI losses has been partly offset by softer than expected lower tier data in new home sales and Dallas Fed manufacturing activity.
US 10Y BreakevenSource: Bloomberg
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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