MNI: PBOC Net Injects CNY25.7 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1897 Thurs; -2.25% Y/Y

MNI: PBOC Net Drains CNY195.3 Bln via OMO Wednesday

MNI CBRT WATCH: 1W-Repo Rate Lowered 250Bps to 47.5%

MNI BRIEF: CBRT Lowers 1W Repo Rate From 50% To 47.5%

MNI: PBOC Sets Yuan Parity Lower At 7.1868 Weds; -2.18% Y/Y

MNI: US REDBOOK: DEC STORE SALES +5.0% V YR AGO MO

MNI: US DEC PHILADELPHIA FED NONMFG INDEX -6

EZ/UK Bond Supply Calendar: BOE APF Sales Due 6 January

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Firmer Following Dovish US Data Reaction

EGBS

Bund, OAT and BTP futures trade at intraday highs, taking cues from the dovish UST reaction to this afternoon's US data.

  • US IJC, the MNI Chicago PMI and pending home sales were all below consensus this afternoon, seemingly outweighing hawkish read-throughs from today's flash inflation releases in France, Spain and Germany (where core inflation appears stubborn across countries).
  • Bunds are now +46 and 132.67 having traded in a 108 tick range today. The first resistance is still some way off at 133.28 (20-day EMA).
  • STIR markets have moved alongside bonds, with the Euribor strip -1.5 to +5.0 ticks at typing.
  • ECB implied rates have returned to levels seen through much of this week, with 93bps of rate cuts priced through the remainder of 2024.
  • The Eurozone-wide flash inflation release highlights tomorrow's agenda, but the February manufacturing PMIs (particularly Spain and Italy, which do not have a flash release) will also garner interest.

Meeting Date ESTR ECB-Dated OIS (%)Difference Vs. Current Effective ESTR Rate (bp)
Mar-243.903-0.3
Apr-243.861-4.5
Jun-243.667-24.0
Jul-243.511-39.6
Sep-243.306-60.0
Oct-243.146-76.0
Dec-242.977-92.9
Jan-252.845-106.1
Source: MNI/Bloomberg
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

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.