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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 AccessMNI ASIA OPEN: Weak 30Y Reopen, ECB Forward Guidance Weighing
MNI ASIA MARKETS ANALYSIS: Tsys Reverse Early Data Driven Gain
MNI US Inflation Insight: Softer Housing Helps Ensure Dec Cut
Holding Pattern Into NFPs
There hasn’t been much to write about for Tsys during a holiday-thinned pre-NFP Asia session, outside of the modest uptick that we flagged earlier (seemingly linked to a reaction to USD/CNH pulling lower), which has since faded. TYU2 sits within the confines of the 0-06 range established in early Asia-Pac dealing, last -0-01 on the day at 118-26+. Cash Tsys run 0.5-1.5bp cheaper across the curve, with the front end leading the way lower. Asia-Pac flow has been dominated by misweighted FV/TY block flatteners (3x -5K/+5K) for a second consecutive session.
- Pre-NY trade will be thin on Friday, owing to the observance of the previously alluded to holidays in London, Hong Kong & China.
- Still, the monthly NFP print provides plenty of event risk ahead of the weekend (see our full preview of that release here).
- Friday will also bring the release of the latest ISM services survey and further Fedspeak from Brainard (although her address will focus on the Community Reinvestment Act, which likely limits the scope for meaningful policy discussion). Note that the Fed goes into its pre-meeting blackout ahead of the weekend.
- President Biden will also make his usual post-NFP address on the labour market, after Thursday saw a White House official note that “as we transition to this new period of stable, steady growth, we aren't looking to see blockbuster job reports month after month, like we have over the last year.”
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Why MNI
MNI is the leading provider
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