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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 AccessCurves Broadly Steeper Ahead Friday's July NFP
- Treasury futures are drifting near session lows after the bell, generally quiet second half with participants near the sidelines ahead Friday's headline July employment data (+200k est vs. +209k prior).
- First half trade was more lively as Treasury futures bounced briefly after the BOE hikes 25bp to 5.25% as expected (two voted for a 50bp hike, however). The MPC left guidance unchanged that it would tighten further in the face of more persistent inflation pressures, and warned that rates "will be sufficiently restrictive for sufficiently long to return inflation to the 2% target sustainably in the medium term."
- Fast two-way trade on decent volumes were reported after Factory Orders came out in line with est at 2.3% vs. 0.3% prior, Durable Goods Orders 4.6% vs. 4.7% est. As to ISMs, Services Index little softer than estimate: 52.7 vs. 53.1, while Prices Paid climbs to 56.8 vs. 54.1 prior, the highest in four months.
- Several curves steepener Blocks (2Y/5Y, 5Y/10Y and 5Y/30Y Ultra) helped push curves to new multi-month highs: 3M10Y +12.886 at -123.759 -- breaching early July highs, the spread is back to early April levels; 2Y10Y +9.953 at -70.594, back to late May levels. Both spreads are still well off Q1 highs: 3M10Y -77.419 on March 2; 2Y1Y -26.706 on March 24.
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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.