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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.
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EGB/Gilt: Finding A Stable Footing
The selling pressure of the last two days has subsided somewhat, with European government bonds trading above yesterday's close in the short-end and belly of the curve. Stocks have similarly regained some composure, while G10 FX have made broad gains against the dollar.
- Gilts opened higher with the longer end of the curve giving back the early gains, underpinning the twist steepening move. Yields at the short-end are 4-5bp lower on the day.
- Bunds have partially reversed some of the morning's gains while still trading higher on the day. Cash yields are now 1-3bp below yesterday's close.
- Mirroring the move in gilts, the OAT curve has twist steepened with the 2s30s spread widening 6bp.
- With a fresh bout of political instability in the background, BTPs have bucked the regional trends with much of the curve selling off and yields 1-5bp higher. The very long end, however, has firmed on the day.
- The ECB's Olli Rehn said that the ECB is likely to hike 25bp next week and 50bp in September. This follows some speculation that the ECB could front-load the tightening cycle with a 50bp move in July, although there appears to be no consensus for this within the GC.
- Supply this morning came from the UK (UKTBs, GBP1.0bn).
- The European data slate was limited this morning. Focus now shifts to US retail sales and industrial production data, as well as the University of Michigan consumer confidence series.
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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.