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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 DATA
- The Chicago Fed national activity index for July saw the first upside surprise since January, coming in at +0.27 from a downward revised -0.25 (consensus also -0.25 but a small sample) and further off May's low of -0.29.
- The good chunk of the improvement came from production-related indicators, swinging from -0.19pt to +0.16pt contributions.
- The three-month average of -0.09 remains significantly below the -0.70 typically required to be seen after a period of economic expansion to imply increasing likelihood that a recession has begun.
- Even though it's for July compared to other regional surveys for August, it at least chimes better with the beat for Philly Fed rather than the Empire miss.
- 2Y Tsy yields have cheapened 1bp since the release for +5bps on the day whilst USD holds onto sizeable gains with BBDXY firming slightly to +0.2% but staying well within session ranges.
Chicago Fed NAI three- month rolling averageSource: Chicago Fed
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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