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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: PBOC Net Injects CNY90.3 Bln via OMO Tuesday
Risk-On Dynamics Keep Core FI At Bay
T-Notes turned their tail as Tokyo trade got underway this week and extended their post-NFP losses, albeit Friday's low remained intact. The contract last sits -0-04 at 132-20, after bottoming out at 132-18+, with participants watching upticks in U.S. equity index futures, with S&P 500 e-minis printing fresh record highs. Fed's Kashkari reinforced the broader post-NFP feel over the weekend, as he flagged that domestic labour market remains in a "deep hole" and needs continued aggressive stimulus to recover. Cash Tsy curve bear steepened a tad (yields last unch. to +1.6bp), while Eurodollar futures trade unch. to -2.0 ticks through the reds.
- Selling pressure hit JGB futures in early trade as local players reacted to Friday's NFP report. The contract now trades at 151.38, 6 ticks shy of last settlement. Cash JGB yields were mixed and showed little deviation from neutral levels. The BoJ left its 1-5 Year purchase sizes unchanged, with bid/cover ratios ticking higher vs. the previous round of Rinban ops covering these maturities.
- Cash ACGB yield curve steepened, with yields seen -0.6bp to +3.7bp as we type. YM trades unch., while XM has ground lower and last sits -3.5. Bills are broadly unch. through the reds, with just IRM1 & IRZ1 sitting 1 tick lower apiece. The space faced pressure as Australia's benchmark stock index surged to record highs, which was a function of buoyant commodity prices. The supply of A$1.0bn of ACGB 21 Dec '30 provoked muted mkt reaction, drawing bid/cover ratio of 2.46x (prev. 2.53x). The size of the auction was small by historical standard, with A$1.2bn allotted at the previous offering. Elsewhere, the RBA offered to buy A$2.0bn of ACGBs with maturities of Nov '24 to May '28, excluding Apr '26. Meanwhile, NAB Business Confidence rallied to an all-time high of 32 in Apr from 24 in Mar, with NAB dubbing the results of the survey as "simply stunning."
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.