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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.
RUSSIA
- OFZs open firmer this morning, gaining bull steepening momentum following yesterday's slowdown in WoW CPI figures – reflecting a tentative (but long-awaited) moderation in proinflationary price pressures.
- This compliments yesterday's rally against the grain in EM which saw the curve close -3-7bp lower across the breadth, despite the sharp move higher in US CPI.
- W/w the OFZ curve has regained its composure after multiple weeks of selling pressure and now stands -17-25bp lower in 7-30Y yields.
- Hawkish markets pricing in forward rates also narrowed sharply from +125bp on Monday to +57bp this morning in 3x6 FRAs as markets become more optimistic about the inflation trajectory.
OFZ Curve W/w
3x6 FRA-Mosprime Spreads Narrow
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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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