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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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Free AccessMNI UST Issuance Deep Dive: Dec 2024
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MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
CNH Edges Off Highs as PBoC Look to Shore Up Liquidity
- The Chinese currency trades softer after the PBoC announced a 25bps cut to the reserve requirement ratio, effective March 27th. While policy action was expected, the decision may be coming sooner-than-expected, as Chinese authorities look to shore up banking sector liquidity given the recent spell of global uncertainty.
- Spot USD/CNH trimmed losses on the headline, with bears looking for a break below the 50-DMA at CNH6.8375 after piercing that moving average but failing to close below it on Mar 13. USD/CNY sits -127 pips at CNY6.8853 and bears would be pleased by a move through the 50-DMA, which intersects at CNY6.8438. Below there we have a key trendline which capped gains in December and then turned into a support this year, it kicks in at CNY6.8242.
- The greenback is weaker, extending the recovery in the major pairs off yesterday's lows, as the risk drop takes a breather and allows equities to hover close to the week's best levels.
- Elsewhere, NOK trades well, with USD/NOK over 1% lower on the day amid a stabilising oil price and local rate re-pricing. Prices are still some way off testing the next key support at 10.5105, the Wednesday low - and slippage here would open 10.4563, the 38.2% Fib for the Jan - Mar upleg. Norges Bank pricing took a knock late last week/early this week alongside the global rate re-pricing, but has recovered off lows, with the 3x6 NOK FRA clearing 3.50% today for the first time since late November.
- Focus Friday turns to final revisions for February Eurozone CPI and the prelim reading for the Uni of Michigan sentiment survey.
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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.