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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 AccessNo Let Up In Morning’s Rally as ECB Pricing Drifts Lower
- The day’s rally shows no sign of letting up just yet, with Bunds now -7.7bps on the day, still led marginally on the day by OATs -8.0bps for core EU FI, but with Portuguese 10s outperforming with yields currently -10.4bps.
- There is no additional impact in Spanish 10s since headlines of Sanchez calling early general elections for July 23 hit Bloomberg, still lagging the rally but down a sizeable -6.9bps.
- There aren’t any clear headlines to pin the broader rally on but it comes with ECB-dated OIS implied rates softening with the +57.5bp of hikes to October’s (depo-equivalent) 3.82% terminal rate trimmed 3bps on the day. Having swung to fully pricing a hike for the Jun 15 meeting last week, it just about holds it with 24bp priced.
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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.