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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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Free AccessMarket Roundup: Post-Data Volume Surge Roll Related
Surge in Tsy volumes following midmorning data: miss for April new home sales (591k, -16.6% MoM vs. 794k exp) while S&P Global composite PMI notably softer than expected in the preliminary May release.
- US 10Y technicals: Tsy 10s through key resistance of 120-18.5 (Apr 27 high) with TYM2 currently trading 120-20.5 (+1-02). This level represents an important resistance where a break would signal scope for a stronger retracement. Next key resistance, focus now on 120-29 (50-day EMA).
- Amid outright buying, stop triggers and re-positioning of cooling rate hike pricing for late 2022 (Sep 50bp hike chances closer to 35-40% from appr 50% prior) heavy roll volumes (FVM/FVU>928k; TYM/TYU>780k) recorded around the same time has pushed TYM2>1.7M, FVM>1.6M.
- As noted, yield curves bull steepened initially - have started to scale back: 2s10s at 23.734 (+1.256) vs. 28.082 high; 5s10s -.402 (+1.397) vs. +1.429 high.
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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.