MNI BRIEF: Dissent To June ECB Cut Highlights Inflation Risks - Accounts

MNI INTERVIEW2: New UK Govt's Growth Boost Little Help For OBR Projections

MNI China Daily Summary: Thursday, July 4

MNI BRIEF: China Has Four Months To Negotiate EU EV Agreement

MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

Factory Orders Decline as Non-EU Orders Dip

DMP survey increases probability of August cut

MNI: UK JUNE CONSTRUCTION PMI 52.2 (FCST: 54.0); MAY 54.7

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Dovish Centeno Comments Provide Fresh Bid

EGBS

When it comes to the driver of the latest uptick in ECB-dated OIS we point to a RTRS interview piece with ECB Governing Council member Centeno (dove), who noted that “the Bank should start bringing down interest rates sooner rather than later, and in small steps rather than abruptly.” This adds to the dovish weekend communique from ECB Governing Council member Villeroy (who is seen as being more reflective as the ECB consensus) and goes against some limited (typical) hawkish pushback from Governing Council member Knot.

  • Bund futures trade to fresh session highs but respect Friday's best levels. Schatz futures are also shy of Friday's bests.
  • The front end of the curve leads the way higher, with German yields running 4-7bp lower on the day as the curve bull steepens.
  • 10-Year peripheral spreads to Bunds are little changed to a touch tighter on the day.
  • ECB-dated OIS sees some fresh receiver-side flow.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsEuropean Central Bank (ECB) Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsEuropean Central Bank (ECB) Market NewsBulletMarketsFixed Income Bullets

To read the full story

Close

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.