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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 AccessKey Inter-Meeting Fed Speak – Dec 2024
US TREASURY AUCTION CALENDAR: Avg 3Y Sale
GBP U-Turn as Inflation Inspired Rally Fades Fast
- UK markets have drawn focus across the European morning following the higher than expected CPI print for April. While headline CPI dipped to 8.7% from 10.1% prior - it was a far slower step-down for inflation pressure, and core also accelerated to 6.8% from 6.2%. As a result, markets have rushed to price in a higher-for-longer approach at the Bank of England, tipping the assumed peak policy rate close to 5.50% for the first time since the fallout of the Truss budget last year.
- GBP's initial inflation-inspired rally faltered following the Gilt open, with markets returning to the previously observed pattern of selling the currency alongside notable increases in short-end rates. GBP/USD corrected off the high of 1.2470 down to the 1.2400 handle on heavy volumes, with activity across futures markets over double what you'd expect to see at this time of day.
- Despite GBP's reversal lower, NZD remains the poorest performer in G10 following the RBNZ rate decision. The bank raised rates by 25bps - as expected - but unexpectedly signaled that their tightening cycle has now concluded, resulting in NZD/USD dropping below 0.6150 for the first time since April.
- Focus turns to central bank appearances later today, as BoE's Bailey speaks at a WSJ event, ECB's Lagarde marks the 25th anniversary of the ECB and Fed's Waller talks on the economic outlook. The FOMC minutes also cross.
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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.