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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 AccessDrivers Of The Early London Bid
In sum, we flag the following drivers for the early London bids in core global FI markets.
- UK retail sales data coming in softer than expected, with little in the way of meaningful macro news flow crossing in the time since.
- A dovish shift in BoE-dated and ECB-dated OIS aided by the above.
- Block buying in Schatz and Bobl futures then helped the move develop further.
- Meanwhile, various breaks of technical resistance levels across U.S., German & UK FI futures, along with corresponding breaks in various key yield supports, added a technical aspect to the move (we have covered the exacts of those technical breaks in various other bullets).
- BTPs have compressed on the move. A quick reminder that Moody’s (current rating: Baa3; Outlook Negative) are scheduled to update on Italy’s sovereign credit rating after hours. We suggest that continued speculation surrounding no change in rating/an outlook tweak to stable will also be factoring in here, with expectations re: any outside chance of a move to sub-IG status evaporating in recent times.
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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.