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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 AccessOff Highs On U.S. Data, 2s Briefly Printed Sub-4.00%, Local Event Risk Now Eyed
U.S. data leaves gilts 20 ticks below session highs, last 98.55.
- Next resistance at the June 25 high (98.92) remains untested, although the bullish technical threat has increased, with key resistance located above that level at the June 21 high (99.23).
- Cash gilt yields are 2.5-6.5bp lower, with the front end continuing to outperform.
- 2s moved below 4.00% and got within 2bp of the late Dec low (3.964%) in the run up to the U.S. data.
- SONIA futures are back from highs alongside gilts, last -1.5 to +3.5
- BoE-dated OIS shows ~49bp of ’24 cuts after a move beyond 50bp earlier today, while ~11bp of cuts are priced for the August MPC.
- Our preview of the upcoming UK CPI (Wednesday) & Labour market data (Thursday) can be found here.
- Elsewhere, a reminder that the King’s Speech is also set to be delivered tomorrow.
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.