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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 US MARKETS ANALYSIS - AUD/JPY Finds Bottom on China News
MNI US OPEN - PBOC Makes First Major Policy Tweak Since 2011
EGBs-GILTS CASH CLOSE: Dovish ECB/BoE Repricing Spurs Bull Steepening
Core FI reversed early losses to close Monday stronger, with Gilts outperforming Bunds.
- In a quiet day for European data, central banker commentary continued to be the driving force in rates.
- UK short-end yields fell further as last week's dovish BoE speak continued to be priced. Implied 2024 BoE cuts increased by 7bp to 59bp, the most since April 10.
- While he is a noted dove, ECB's Centeno's comment Monday that easing this year could exceed 100bp helped implied 2024 ECB rate cuts rise 4bp on the day to 78bp.
- Against this backdrop, both the German and UK curves bull steepened.
- Periphery EGBs benefited from benign ratings announcements Friday as well as the softer central bank rate outlook, with BTP spreads compressing the most in 2 months despite an otherwise mixed backdrop.
- Tuesday's scheduled highlight is the April round of flash PMIs, while we also get UK public finance data - which is likely to lead to an upward revision to the FY24/25 gilt remit (as we note in our Gilt Week Ahead).
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
- Germany: The 2-Yr yield is down 3.5bps at 2.965%, 5-Yr is down 2.9bps at 2.495%, 10-Yr is down 1.4bps at 2.486%, and 30-Yr is up 0.4bps at 2.627%.
- UK: The 2-Yr yield is down 6.3bps at 4.32%, 5-Yr is down 4.8bps at 4.08%, 10-Yr is down 2.5bps at 4.205%, and 30-Yr is down 1.8bps at 4.682%.
- Italian BTP spread down 7.1bps at 136.1bps / Spanish bond spread down 3.7bps at 77.5bps
To read the full story
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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.