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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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Light Twist Steepening, With China Matters Dominating Pre-NFP
Tsys remain underpinned into London as Chinese & Hong Kong equities rally and the broader USD weakens.
- China re-opening speculation, signs of the potential for deepening of Sino-German economic ties and BBG source reports noting that “U.S. audit officials completed their first on-site inspection round of Chinese companies ahead of schedule” have all factored into price action.
- This came after weakness in the longer end of the Japanese curve and a bid for short dated Aussie bonds provided a light twist steepening impulse early in Asia trade.
- Cash Tsys run 2bp richer to 1bp cheaper across the curve, pivoting around 20s, with the 2-/10-Year spread hovering above the deepest levels of inversion registered during the current cycle (printed on Thursday). TYZ2 deals -0-00+ at 110-00+, a little off the peak of its 0-09 range on solid enough volume of ~95K.
- Flow was headlined by a couple of TY block sales (-1.4K & -1.9K), although these had no tangible impact on broader price action.
- Friday’s NY docket is headlined by the latest labour market report (see our full preview of that event here), meanwhile, post-FOMC blackout Fedspeak gets underway with addresses from Collins & Barkin.
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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.