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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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Fed Speakers Eyed With Core Curves Trading Mixed
Global core FI is a touch stronger in early Friday trade, with curves trading mixed.
- Limited price action in bonds is reflective of consolidation across asset classes, with equities trading sideways/higher, and the USD partially paring Thursday's rise.
- The US and UK short ends are stronger as BoE and Fed terminal rate hike pricing has softened about 1bp apiece vs Thursday's US data / Fed speaker induced jump; ECB is up <1bp after a flat performance yesterday.
- Bull steepening is evident in the US curve, with twist steepening in the UK and a flat German curve out to 10Y.
- Gilt futures touched a 2023 low (continuous contract) with Bunds at May's low before regaining ground. Tsys are trading within Thursday's ranges (and a 7 tick daily range).
- With a limited data slate Friday, including no major US releases, the main events on the schedule are central bank speakers: BoE's Haskel, ECB's Schnabel / Lagarde / de Cos, and Fed's Williams, Bowman, and Powell.
- Looking ahead to the weekend, attention will remain on developments in US debt limit negotiations.
Latest levels:
- Jun US 10Y futures (TY) up 5/32 at 114-2.5 (L: 113-30 / H: 114-05)
- Jun Bund futures (RX) up 4 ticks at 134.07 (L: 133.76 / H: 134.33)
- Jun Gilt futures (G) down 7 ticks at 98.91 (L: 98.76 / H: 99.21)
- Italy / German 10-Yr spread 0.8bps tighter at 185.9bps
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.