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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 AccessPost-Jobs Data Gains Pared, Pressured By US Tsys & JGBs
ACGBs (YM -5.0 & XM -9.0) sit weaker, well off session bests, despite the July employment report printing significantly weaker than expected. Employment fell 14,644 versus the +15,000 estimate. The unemployment rate unexpectedly rose to 3.7% versus expectations of 3.6% and 3.5% prior.
- ACGBs had richened 3-5bp immediately after the data, but subsequently unwound those gains, particularly at the long end as the local market got caught in spillover selling after the 20-year JGB auction saw a very poor outcome. The cover ratio declined sharply, and the auction tail lengthened to its longest since 1987.
- Cash ACGBs are 4-9bp cheaper on the day, but flat to 2bp richer after the data. The AU-US 10-year yield differential is 3bp tighter at flat.
- Longer-end ACGBs have been relatively pressured by US tsys, which sit ~3bp weaker and at Asia-Pac lows.
- Swap rates are 4-8bp higher on the day, with the 3s10s curve steeper.
- The bill strip has bear steepened with pricing flat to -6.
- RBA-dated OIS pricing is 1-2bp firmer for meetings beyond Feb’24.
- Tomorrow the local calendar is empty.
- There is a thin docket in Europe today, further out we have US initial jobless claims and US Conf. Board leading index.
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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.