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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 AccessPMI Details & Continued Supply Angst Apply Pressure
Today’s PMI data and continued post-Autumn Statement/DMO update angst re: a higher-than-expected supply burden in the current and coming years, have combined to pressure gilts.
- Futures took out previously identified support in the form of the Nov 15 low (95.93) before bouncing from worst levels.
- That leaves the contract -75 or so at 95.95, ~20 ticks off the base of its 120 tick session range. Next support is seen at the 50-day EMA/Nov 13 low and key support (94.80/58).
- Cash gilts yields now sit 6.5-11.5bp firmer on the day, with 5s under the most pressure.
- We flagged at the time that services price inflation and labour market tightness indicated in the PMI surveys will concern the MPC, with a subsequent hawkish adjustment in UK STIRs noted (more on that to follow), filtering into gilts and resulting in front end-/belly-led weakness.
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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.