-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
-
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessFutures Pull Lower At The Open On Cautious Optimism re: Omicron
T-Notes pull lower at the re-open, moving further away from Friday’s NY high, last -0-12 at 131-02+.
- News out of South Africa re: the Omicron variant remains mixed, although the severity of the COVID strain appears to remain a little more limited than some had feared. Meanwhile, over in the U.S., Dr Fauci pointed to “encouraging” early signs, with booster jabs potentially offering a “considerable degree” of protection vs. the strain, although he cautioned against drawing hasty conclusion. This cautious degree of optimism when it comes to the variant is likely pressuring T-Notes early this week.
- To recap, Friday saw the cash Tsy curve bull flatten in the wake of a somewhat mixed NFP print, leaving 2s ~2bp richer and 10s ~10bp richer come the bell, with the latter leading the broader bid.
- In terms of the data breakdown, headline NFPs provided a notable miss vs. broader expectations, while wages were a touch softer than expected. Elsewhere, unemployment and underemployment both ticked lower, while the participation rate nudged higher. That made for 2-way trade in the wake of the release, before the broader bid kicked in.
- Weakness in equity indices was observed, with Omicron worry evident (at least in the terms of the contagion factor as opposed to mortality threat presented), which provided another leg of support for Tsys. Although equities did catch a bit of a bid into the close, paring a chunk of their losses.
- The economic docket is light in Asia. Looking ahead, the NY docket provides nothing in the way of material risk events with the Fed now in its pre-meeting blackout period and a lack of notable data releases evident on Monday.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.