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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 US OPEN - RBA Holds, Communication Turns Slightly Dovish
MNI China Daily Summary: Tuesday, December 10
INDON Sov Curve Steepens Ahead Of BI Decision
The INDON sov curve has bear-steepened today. Calendar is empty today, as we await the BI rate decision on Wednesday, the market expected rates to be left on hold tomorrow after the surprise 25bps rise last month, the USDIDR is up 0.30% and holds above 16,000.
- The INDON curve has bear-steepened today, yields are 1-3bps higher, the 2Y yield is 1bp higher at 5.255%, 5Y yield is 1.5bp higher at 5.07%, the 10Y yield is 2.5bps higher at 5.16%, while the 5-year CDS is 0.5bp higher at 70.5bps.
- The INDON to UST spread diff the 2Y is now 42bps (unchanged), 5yr is 61bps (-1bps), while the 10yr is 72bps (Unchanged).
- In cross-asset moves, USD/IDR is up 0.30% at 16,004, the JCI is down 0.53% Palm Oil is 0.51% higher, while US tsys yields are flat to 1.5bps higher.
- BI Rate decision tomorrow - Bank Indonesia is expected to keep its key rate at 6.25% following last month's unexpected rate hike. The rupiah, down 3.6% against the dollar this year, has recovered some losses after April's decline. BI's tightening aims at rupiah stability rather than curbing domestic demand. Despite inflation at 3.0% in April, above BI's target range, rising oil, food, and shipping costs suggest that tight policy will continue through the summer.
- Looking ahead; Bank Indonesian rate decision on Wednesday
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Why MNI
MNI is the leading provider
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