All signal, no noise
All signal, no noise
All signal, no noise
Latest insights
The RBNZ has delivered its latest OCR decision.
Jul-09 06:39The BOK board will deliver its latest base rate call on Thursday.
Jul-09 06:15The minutes of the June FOMC meeting should underline the Committee's patience in making its next rate move.
Jul-08 18:35Personal advisor to German finance minister speaks to MNI about joint EU borrowing and defence.
Jul-08 15:56You are invited to listen to a Livestreamed MNI Connect Video Conference with the San Francisco Fed President Mary Daly
Jul-08 13:00A Chinese government rural affairs analyst looks at pork prices, a key component of inflation.
Jul-08 11:44
MNI Peru CB Preview – Jul 25: Cautious Hold Seen, Risk Of Cut

MNI Peru CB Preview – Jul 25: Cautious Hold Seen, Risk Of Cut

REMINDER: MNI Connect Livestream with Fed Mary Daly On July 10

REMINDER: MNI Connect Livestream with Fed Mary Daly On July 10
Key Events
Calendar
Open CalendarLink to the pagemyMNIhttps://my.mnimarkets.com/dashboard?widget=/events/key-events-calendarHSC on myMNILink to the pageMore CalendarsLink to the page
MNI Peru CB Preview – Jul 25: Cautious Hold Seen, Risk Of Cut

MNI Peru CB Preview – Jul 25: Cautious Hold Seen, Risk Of Cut

REMINDER: MNI Connect Livestream with Fed Mary Daly On July 10

REMINDER: MNI Connect Livestream with Fed Mary Daly On July 10
Key Events
Calendar
Open CalendarLink to the pagemyMNIhttps://my.mnimarkets.com/dashboard?widget=/events/key-events-calendarHSC on myMNILink to the pageMore CalendarsLink to the pageLatest insights
The RBNZ has delivered its latest OCR decision.
Jul-09 06:39The BOK board will deliver its latest base rate call on Thursday.
Jul-09 06:15The minutes of the June FOMC meeting should underline the Committee's patience in making its next rate move.
Jul-08 18:35Personal advisor to German finance minister speaks to MNI about joint EU borrowing and defence.
Jul-08 15:56You are invited to listen to a Livestreamed MNI Connect Video Conference with the San Francisco Fed President Mary Daly
Jul-08 13:00A Chinese government rural affairs analyst looks at pork prices, a key component of inflation.
Jul-08 11:44Newsletter
MNI US MARKETS ANALYSIS - Fed Minutes Watched for July Clues
Jul-09 11:14MNI US OPEN - Hassett, Warsh on List for Next Fed Chair
Jul-09 09:45MNI DAILY TECHNICAL ANALYSIS - EURJPY Bull Cycle Firms Further
Jul-09 07:20MNI EUROPEAN MARKETS ANALYSIS: Yen Continues To Lose Ground
Jul-09 05:39MNI EUROPEAN OPEN: China PPI Deflation Continues, CPI Edges Up
Jul-09 05:20MNI ASIA OPEN: Tsys Hold Range Ahead June FOMC Minutes
Jul-08 19:59MNI ASIA MARKETS ANALYSIS: Tariff Talk Leaves Stocks on Edge
Jul-08 19:57MNI US MARKETS ANALYSIS - Equities Yet to Erase Tariff Drop
Jul-08 11:11MNI Technical Analysis
USD Index (DXY) Tests A Long-Term Trendline Support

FI Market Analysis
Read moreFI Market AnalysisThe EU is scheduled to hold a syndication while the Netherlands, Austria, Germany, Portugal and Italy will hold auctions
July 04, 2025 02:48We think that the market is looking at the wrong measure of reserves when discussing the BOE’s September APF decision
July 04, 2025 01:59A weekly wrap of some of the key macro themes/data outcomes for the Asia Pac region
July 04, 2025 05:53Nonfarm payrolls growth comfortably beat expectations in June, but it was far from an unambiguously strong report.
July 03, 2025 07:36FX Market Analysis
Read moreFX Market AnalysisGBP STIRs have pulled away from dovish session extremes given the adjustment in Fed pricing after the U.S. data. * SONIA futures flat to +5.5, with the strip bull flattening. * SFIZ5 & Z6 pierced respective May 9 & May 8 high before a retrace. Bulls will now look to target wider May highs in those contracts. * BoE-dated OIS hasn't been able to push consistently beyond 55bp of cuts through year-end, with markets probably needing to see greater deterioration in the labour market/a swifter than expected moderation in inflation to be comfortable with discounting a meaningful deviation from the once per quarter cutting cycle that has become familiar in recent months. * Comments from BoE dovish dissenter Taylor are due tomorrow. ------------------------------------------------------------------------------- BoE Meeting SONIA BoE-Dated OIS (%) Difference vs. Current Effective SONIA Rate (bp) Aug-25 4.005 -21.3 Sep-25 3.931 -28.6 Nov-25 3.758 -46.0 Dec-25 3.665 -55.2 Feb-26 3.531 -68.7 Mar-26 3.495 -72.2
July 01, 2025 03:05Firmer-than-expected JOLTs job data and a still elevated prices paid component in the ISM manufacturing survey applies hawkish pressure, countering the dovish input from Fed Chair Powell ahead of the data and outweighing a soft employment sub-component within the ISM survey. * Powell's focus on the Fed's mandate, as opposed to President Trump's critique, could be a supplementary factor. * 5bp of cuts priced into FOMC-dated OIS for this month, 28bp through September, 45bp through October and 64.5bp through year-end. Contracts are 1-3 less dovish vs. pre-data levels. * December pricing has retraced back within the range witnessed over the prior 3 sessions. * Implied terminal rate pricing on the SOFR futures strip sits at 3.11%, after printing at ~3.00% during the London morning (SFRZ6 hit the highest level seen since early May).
July 01, 2025 02:26Rates markets look for a next Fed cut in September whilst President Trump continues to call for significant rate cuts
July 01, 2025 01:19We look at market implications of the welfare reform vote, appearances from Bailey and Taylor and the week's auctions.
June 30, 2025 04:45