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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 China Daily Summary: Wednesday, December 11
Futures Richer & Near Highs, Light Local Calendar Tomorrow
JGB futures are sharply and near session highs, +59 compared to the settlement levels on Friday, after yesterday’s public holiday.
- There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined labour market, retail sales and IP data.
- (Bloomberg Opinion, John Authers) Authorities won’t confirm intervening on behalf of the yen because they know what really matters is being decided by the Fed. (See link)
- Cash US tsys are ~1bp richer across benchmarks, continuing the rally since Thursday’s Q1 PCE Deflator-induced low. The FOMC Policy Decision is scheduled for Wednesday, with policymakers expected to reiterate their commitment to maintaining higher interest rates for an extended period.
- Cash JGBs are richer across the curve, with yields 0.3-3bps lower. The benchmark 10-year yield is 2.2bps lower at 0.869% versus the YTD high of 0.930%.
- The swaps curve has bull-flattened, with rates 1-2bps lower. Swap spreads are wider out to the 10-year and tighter beyond.
- Tomorrow, the local calendar will see Jibun Bank PMI Mfg (F) data ahead of BoJ Minutes of March Meeting.
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.