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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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Free AccessMarket Roundup: Paring Gains, Mixed Data, Chicago PMI Contractionary
- Mixed early data reacts has rates holding inside session' range. Fast two-way trade saw Tsys and equities extended lows as inflation metric remains hot: Core PCE 0.6% MoM vs. 0.5% est, 4.9% YoY, unrounded +0.562%.
- Knee jerk bid in 10s before support evaporated after midmorning Chicago PMI came out lower than expected - contractionary w/ sub-50 business barometer read of 45.7 vs. 52.2 in August. The 6.5pt slide to 45.7 in the Chicago PMI, which has closely tracked recent ISM movements, adds support for a sub-50 ISM reading, contrary to consensus for a decline from 52.8 to 52.4 for Monday's report.
- Technical view for TYZ2 at 112-18 (+3.5): Treasuries remain vulnerable and short-term gains are considered corrective. Recent weakness has reinforced current bearish trend conditions w/ price sequence of lower lows and lower highs and bearish moving average studies clearly highlight the market's sentiment. The focus is on 109-20, a lower moving average band value. Initial resistance is 112-30+, the Sep 23 high.
- Cross-asset snapshot: stocks bouncing off lows, SPX eminis +26.0 at 3680.25, Gold firmer +12.60 at 1673.14, Crude holding paring midweek gains w/ WTI -0.84 at 80.39, US$ index -.240 at 112.013 (while GBP sits at 1.1146 after tapping 1.1234 high).
To read the full story
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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.