MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

EZ/UK T-Bill Calendar: 9/12/28/50-Week BTF Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

Holding Near Highs, Projected Year-End Rate Cut Back In Play

US TSYS
  • Treasury futures holding moderate gains late in the second half, holding relatively narrow range near highs as focus turned to US data ahead Friday's NFP employment release (default concerns cooled slightly after the Fiscal Responsibility Act passed the House yesterday, currently debated in Senate.
  • Whippy two-way trade tied to first half data: stronger than expected ADP private employment data of +278k vs. +170k est, saw futures trade lower but quickly recovered half the move in 10s. Treasuries rallied further after lower than expected 1Q Unit Labor Cost (4.2% vs. 6.0%) while Weekly Claims gained only 2k to 232k.
  • Treasury futures gapped higher yet again (10s breached 20D EMA resistance on way to 115-00 session high) after ISM data showed a large drop in Factory prices paid (44.2 from 53.2 prior, 52.3 exp) slightly lower than expected Mfg figure (46.9 vs. 47.0 est).
  • The ISM-tied rally saw short end rates fully price in a 25bp rate CUT in December before scaling back to appr 94% of a projected cut.
  • Fed speak proved mixed ahead Blackout at midnight Friday. Non-voter StL Fed pres Bullard commented on need for further hikes, while Philly Fed Harker reprised his dovish comments from Wed.
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.