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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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Free AccessEGBs-GILTS CASH CLOSE: Further Gains To Cap Dovish Central Bank Week
Gilts and Bunds completed a strong week with a 5th consecutive session of gains Friday, as multiple dovish central bank developments buoyed global core FI.
- Though there were few market-moving developments on the day, Friday's positive tone was attributed to multiple dovish-leaning central bank results (BoJ, SNB, Fed, BoE) earlier in the week.
- The rally extended sharply around midday, with Bund yields' fall through the Mar 14 low of 2.355% rippling through to UK and US markets. From a futures perspective, Gilt tested but failed to break through psychological 100.00 level, with 99.91/100.37 remaining key S/T resistance.
- German IFO and UK retail sales data were each above-consensus, but didn't have much market impact. ECB/Bundesbank's Nagel said at an MNI event that "if I were to put it into probabilities - June has a higher probability than April" for the first ECB rate cut.
- Periphery EGB spreads closed wider. Note expected ratings reviews after hours Friday (Fitch on Portugal, Scope on Spain), against a backdrop of recent ratings upgrades (S&P on Portugal) helping periphery EGB spreads compress.
- Next week's highlights include the beginning of the March Eurozone flash inflation round (Spain, France, Italy).
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
- Germany: The 2-Yr yield is down 4.8bps at 2.827%, 5-Yr is down 7.1bps at 2.334%, 10-Yr is down 8.1bps at 2.324%, and 30-Yr is down 8.4bps at 2.494%.
- UK: The 2-Yr yield is down 5.4bps at 4.124%, 5-Yr is down 6.1bps at 3.817%, 10-Yr is down 6.5bps at 3.93%, and 30-Yr is down 4.6bps at 4.447%.
- Italian BTP spread up 4.9bps at 131.9bps / Portuguese PGB spread up 3.3bps at 66.9bps
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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.