MNI NORGES WATCH: Soft Krone Complicates 2024 Cut Signalling

CANADA RAISING INSURED MORTGAGE CEILING TO CAD1.5M FROM CAD1M

FREELAND SAYS CANADA SOFT LANDING APPEARS TO BE IN SIGHT

MNI BRIEF: China CPI Expected To Rise Moderately - NBS

MNI BRIEF: China Aug Output, Investment Hit Lowest Of The Year

CHINA AUG INDUSTRIAL OUTPUT +4.5% Y/Y VS MEDIAN +4.6% Y/Y: NBS

EZ/UK Bond Supply Calendar: Latvia Syndi; UK, FI Due Tuesday

MNI: CANADIAN JUL MANUFACTURING SALES +1.4% MOM

MNI: US NY FED EMPIRE STATE MFG INDEX 11.5 SEP

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Market Roundup: Random Vol, Strong Data, Carry-Over Month End Flow

US TSYS
Tsy futures still broadly weaker, are inching off post data lows over over the last few minutes with prop acct buying the dip heading into the London close. Equities bouncing slightly as well ESM2 -20.5 at (-0.5%) at 4110.75.
  • Random volatility/thin liquidity contributing to the whippy trade. "People are trading terminal fed funds rates like they know what is going to happen....they don't," one desk offered. Carry over/late to party month end rebalancing played a part in this morning's bounce.
  • While hawkish BOC annc may have been a factor, data more likely trigger for sell-off: Much stronger than expected May ISM Manufacturing Index of 56.1 vs. 54.5 exp while the Prices Paid component is 82.2 vs. 80.5; April reading of Construction Spending is +0.2 vs. +0.5% exp.
  • Tsy 30YY currently at 3.0779% (+.0328) vs. 3.0953% high, yield curves flatter, unwinding portion of Tue's moves (2s10s -1.911 at 26.442; 5s10s -2.754 at -0.416).
  • Tsy 10Y futures TYU2 currently 118-22.5 (-24) -- through 119-03 initial support/ May 23 low with focus on key short term support of 118-01.5, May 18 low.
  • Fed speak on tap:
    • SF Fed Daly on CNBC Tech Talk at 1100ET
    • NY Fed Williams open remarks on mon-pol con, text, no Q&A at 1130ET
    • StL Fed Bullard on economy, mon-pol, text, Q&A at 1300ET
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

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.