Free Trial

Put spread buyer


Back in the green against G10s


(M3) Bull Cycle Extends

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

Busy data day at month-end ahead of the holiday


After some initial Bund-led weakness on the open, cored fixed income has recovered and is now trading almost flat to yesterday's close.

  • With the US and UK on holiday on Monday, there is some focus on month-end flows today.
  • It is also a busy day on the data front. We have already had French flash HICP data (in line Y/Y at 1.8%, the highest since 2018), Spanish retail sales (better than expected) and Eurozone confidence data come in better than expected. Later today we have US personal income/spending, inventory and trade data as well as the MNI Chicago PMI.
  • This morning we also saw the release of the gilt operations calendar for FQ2 (July to Sep). For more details, see our earlier bullets.
  • ECB's Schnabel said rising yields are a "natural development at a turning point in the recovery"; Villeroy said bank dividend restrictions should be lifted from next September.
  • TY1 futures are down -0-2 today at 131-23 with 10y UST yields up 0.1bp at 1.610% and 2y yields up 0.2bp at 0.148%.
  • Bund futures are down -0.04 today at 169.75 with 10y Bund yields up 0.3bp at -0.170% and Schatz yields up 0.3bp at -0.662%.
  • Gilt futures are down -0.03 today at 127.00 with 10y yields up 0.8bp at 0.817% and 2y yields up 1.1bp at 0.058%.

To read the full story

Why Subscribe to


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.