MNI BRIEF: Japan June Core CPI Rises 2.6% Vs. May +2.5%

MNI BRIEF: Fed's Bowman Wants A More Effective Discount Window

MNI BRIEF: Fed Risks Soft Landing If It Doesn’t Cut - Goolsbee

MNI China Daily Summary: Thursday, July 18

MNI BRIEF: China To Upgrade Rural Land Reform: 3rd Plenum

MNI BRIEF: China's Third Plenum Eye's Deeper Financial Reform

CLARIFY: JAPAN JUNE SERVICES PRICES +1.7% Y/Y; MAY +1.6%

MNI JAPAN JUNE CORE CPI +2.6% Y/Y; MAY +2.5%

MNI: UK JUL GFK CONSUMER CONFIDENCE INDEX -13

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

Market Roundup: Bonds Bounce on Weak Services PMI, New Home Sales Slump

US TSYS
Tsys have rebounded back near overnight highs, yield curves bull steepening (2s10s +3.648 at -26.297) after US PMIs come out weaker than estimated, particularly Services (44.1 vs. 49.8 est). Further impetus from slump in New Home Sales for July: 511k vs. 575k est, and 590k prior.
  • Initial overnight move after soft European PMIs (France, Germany, EU in line or better than estimated but still sub-50, mixed UK w/ Mfg 46.0 vs. 51.0 est, Services 52.5 vs. 51.6 est).
  • Technicals: Rebound for TYU2 currently trading 118-06 (+15) puts initial firm resistance is at 119-31, the Aug 15 high. The 10Y bounced off early session low of 117-14.5 -- key near-term support and July 21 low. Price has recently cleared a trendline support drawn from the Jun 14 low and this reinforces the current bearish theme. Next key support 117-07, 61.8% retracement of the Jun 14 - Aug 2 bull cycle
  • Focus turns to the KC Fed's annual Jackson Hole Economic Symposium: Reassessing Constraints on the Economy and Policy, starts Friday w/ Chairman Powell speaking at 1000ET (0800 local), text is expected but no Q&A. Markets keen on pivot after cooling data or will the Fed maintain hawkish stance to squelch inflation.
  • Currently, 2-Yr yield is down 5.7bps at 3.2533%, 5-Yr is down 4.7bps at 3.1109%, 10-Yr is down 2.4bps at 2.9906%, and 30-Yr is down 1.8bps at 3.2079%.
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.