Free Trial
FOREX

EUR/USD Staging Shallow Post-ECB Bounce

OIL PRODUCTS

China Raises Domestic Diesel, Gasoline Prices

EGB OPTIONS

Bund downside structure

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

PMI Miss and FOMC Minutes Help Support TY Bullish Outlook

US TSYS
  • Cash Tsys have seen a mixed session, but ultimately rally on a combination of notably weak PMI data and somewhat dovish FOMC minutes. The latter pointed to a “substantial” majority of participants judging a slowing in the pace of hikes would likely soon be appropriate with only “various” participants expecting the terminal rate to be “somewhat higher than they had previously expected”.
  • The net result is 2YY -3.1bps at 4.483%, 5YY -5.0bps at 3.896%, 10YY -4.7bps at 3.709% and 30YY -8.0bps at 3.744%, with all majors tenors except the 30Y remaining within pre-FOMC session ranges.
  • TYZ2 couldn’t exceed its earlier post-PMI peak of 113-00+ on the minutes, touching 112-31+ before retreating to 112-29 at typing. The technical bullish outlook remains intact, with resistance seen at 113-11 (Nov 16 high).
  • Thanksgiving tomorrow sees data/Fedspeak resume on Monday all with an eye on Powell speaking on the economic outlook and labour market on Nov 30.
152 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.
  • Cash Tsys have seen a mixed session, but ultimately rally on a combination of notably weak PMI data and somewhat dovish FOMC minutes. The latter pointed to a “substantial” majority of participants judging a slowing in the pace of hikes would likely soon be appropriate with only “various” participants expecting the terminal rate to be “somewhat higher than they had previously expected”.
  • The net result is 2YY -3.1bps at 4.483%, 5YY -5.0bps at 3.896%, 10YY -4.7bps at 3.709% and 30YY -8.0bps at 3.744%, with all majors tenors except the 30Y remaining within pre-FOMC session ranges.
  • TYZ2 couldn’t exceed its earlier post-PMI peak of 113-00+ on the minutes, touching 112-31+ before retreating to 112-29 at typing. The technical bullish outlook remains intact, with resistance seen at 113-11 (Nov 16 high).
  • Thanksgiving tomorrow sees data/Fedspeak resume on Monday all with an eye on Powell speaking on the economic outlook and labour market on Nov 30.