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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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Marginally Cheaper In Asia
TYU2 deals -0-04 at 117-17, a touch above the midpoint of its 0-11 overnight range, on sub-standard volume of ~79K. Cash Tsys run 0.5-1.5bp cheaper across the curve, bear flattening.
- Cash Tsys blipped lower in overnight dealing before recovering some poise. Most of the Asia-Pac movement & volume in TYU2 came as wider core FI markets came under some light pressure, with gyrations in USD/JPY and a rally in regional equity benchmarks flagged as potential triggers, without any overt headline catalysts evident. Note that the Tsy space is still operating comfortably off of last week’s cycle cheaps.
- Outside of this, participants were left to digest yesterday’s soft PMI data out of Europe & the U.S., as well as the resultant richening in the wider core global FI space. A quick reminder that Tsys finished off of best levels on Thursday, with block sales in the futures space and hawkish Fedspeak from Governor Bowman (backing a 75bp hike in July, followed by some 50bp move) at the fore after the EGB cash close.
- Looking ahead, Friday’s NY session will bring the release of new home sales data, the final UoM sentiment reading for June and Fedspeak from Bullard (’22 voter) & Daly (’24 voter).
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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.