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Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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Global Macro
Global Macro
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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI DATA TABLE: MNI China Interbank Liquidity Index (Jul) - 1
MNI DATA TABLE: MNI China Interbank Liquidity Index (Jul) - 2
Post-LIBOR Settle Update: Fed Terminal Recedes Ahead NFP
- Higher futures continue to unwind higher rate hike expectations ahead this morning's employment data. Lead quarterly Eurodollar futures, March'23 (EDH3) trading +0.025 at 94.8275 after 3M LIBOR settles -0.01557 off Thursday's 16Y high to 5.13814 (+0.15414/wk).
- Fed terminal rate has fallen to 5.495 in August'23, compared to 5.69% early Thursday high for October'23.
- Fed funds implied hike for Mar'23 at 37.9bp vs 42.1bp early Thursday, May'23 cumulative 69.4bp to 5.268%, Jun'23 87.1bp to 5.445%.
- Eurodollar futures are trading firmer across the strip, Reds (EDH4-EDZ4) outperforming: +0.135-0.090.
- Option roundup: amid ongoing rate hike hedging via low delta puts Thursday, volume in upside call structure buying surged as underlying futures rebounded from week lows ahead of Friday's employment data. Tsy 2s10s curve surged over 10.60bp steeper to -97.855 as bonds trim gains into the close, while 2s continue to rise: TUM3 at 101-21.5 (+11.12) at the moment, 2Y yield falls to 4.8784% low (compares to over 5.08% earlier in week)
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.