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Policy
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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.
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 AccessMNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
MNI ASIA MARKETS ANALYSIS:Waiting For Next Inflation Shoe Drop
Key Inter-Meeting Fed Speak – Dec 2024
US TREASURY AUCTION CALENDAR: Avg 3Y Sale
Core FI Supported By NASDAQ Weakness, JGB Futures Lag
Earnings-driven weakness for NASDAQ 100 e-minis provided some modest support for U.S. Tsys overnight, although there has been a move away from session extremes. TYH2 last +0-01 at 128-05, trading a touch shy of the peak of a 0-06+ range. Meanwhile, cash Tsys run 0.5-1.5bp richer across the curve, with very modest bull steepening in play. Thursday’s busy NY docket includes the ISM services survey, factory & durable goods data, weekly jobless claims, unit labour costs and challenger job cuts. We will also get the testimonies of Fed Governor nominees Raskin, Cook & Jefferson (the pre-released initial comments from the 3 didn’t reveal any major talking points, with a focus on inflation front & centre). Further afield, monetary policy decisions from the ECB & BoE will provide interest during early NY hours.
- JGB futures underperformed within the broader core FI space for most of the session, but manged to finish +1, while cash JGBs run little changed to 1.5bp richer across the curve, with some modest twist flattening in play. There was a lack of headline catalysts to facilitate the aforementioned underperformance in futures. Meanwhile, the super-long end drew support from a smooth round of 30-Year JGB supply (low price topped wider exp. while cover ratio dipped vs. prev. auction, but remained above the 6-auction average). Elsewhere, BoJ Deputy Governor Wakatabe was the latest BoJ board member to overtly push back against tightening/YCC tweak speculation.
- Aussie bonds drew support from the NASDAQ driven risk aversion, with YM +2.5 & XM +4.5, as the cash ACGB curve bull flattened. Local data had no tangible impact on the space. Bills finished unch. to +4 through the reds.
To read the full story
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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.