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Why MNI
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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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Light Twist Steepening
Aussie bonds failed to provide any meaningful movement on Tuesday, and were subjected to some light twist steepening pressure, leaving YM +1.0 & XM -1.0 at the close, while wider cash ACGBs ran 1.5bp cheaper, pivoting around the 7-Year zone.
- An early, light bid seemed to be aided by receiver side flow in swaps as EFPs tightened a little vs. yesterday’s closing levels, before a pre-Chinese data cheapening move in U.S. Tsys saw the space off best levels.
- The Chinese data deluge saw beats across the board, headlined by firmer than expected Q4 GDP data, then applied some modest pressure.
- ACGBs then edged off of cheaps ahead of the close.
- A$ denominated supply, from both offshore and onshore names continued to tick over, focused on the belly of the curve.
- Bills were -2 to +1 through the reds as the strip twist flattened, with RBA-dated OIS continued to show ~20bp of tightening for next month’s meeting, alongside a terminal OCR somewhere below 3.70-3.75%.
- Looking ahead, tomorrow’s local docket is empty, with the broader macro focus set to fall on the latest BoJ decision given the recent, well-documented challenge of the Bank’s YCC parameters (which were only tweaked last month, in a move that caught most off guard).
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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.