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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.
US
- The partial retracement in the rally in Treasuries on the trio of weak US data releases leaves 5Y and 10Y yields currently -0.5bps and +0.9bps on the day.
- There are two conflicting forces at play though, with real yields pulling back after recent strength whilst breakevens nudge higher by +3.6bps and +2.2bps for the 5Y and 10Y.
- The 5Y breakeven of 2.81% is up from circa 2.65% last week, likely seeing some support from the rebound in oil prices off recent lows.
- These increases from last week’s levels are an unlikely purely a commodity play though, as even though the longer-term 5Y5Y measure is little changed on the day, it has seen a similar climb over the past week to 2.35%, further above sustained recent lows between 2-2.1%.
5Y breakeven (pink), 5Y5Y (green) and WTI 1st future (orange)Source: Bloomberg
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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