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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA OPEN: Weak 30Y Reopen, ECB Forward Guidance Weighing
MNI ASIA MARKETS ANALYSIS: Tsys Reverse Early Data Driven Gain
MNI US Inflation Insight: Softer Housing Helps Ensure Dec Cut
Daly Taper Comments Dominate, Not Minutes
Tysy saw minimal reaction to the Fed minutes, with moves instead coming earlier in the day after a hawkish surprise from one of the more dovish Fed members, Daly.
- Tsys had very little reaction to the Fed minutes, as the fact that some members supported faster tapering was usurped by Daly earlier indicating her bar for accelerating taper is low.
- This saw a twist flattening after the earlier sell-off into US data. 2Y yield is +2.6bps at 0.640%, 5Y is +0.2bps at 1.341%, 10Y is -2.1bps at 1.644% and the 30% is -5.1bps at 1.972%.
- TYZ1 has picked up from earlier session/month lows and is back at 129-27 on low volumes. It steered clear of any test of nearby support at 129-03 (50% of the Oct'18 - Mar'20 bull cycle) but equally is some way from the key short-term resistance level of 131-08.
- Demand for the Fed's o/n reverse repo facility fell by the most since Nov 1, to $1.453T from $1.572T yesterday, more than the $50B flagged beforehand by Wrightson ICAP from GSEs exiting the market.
- It's Thanksgiving tomorrow with no US data/auctions for the rest of the week. Cash Tsys will close early on Friday at 1315ET/1815GMT.
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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.