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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 BRIEF: Japan Oct Real Wages Unchanged Y/Y
MNI ASIA OPEN: Focus on November Jobs Ahead Fed Blackout
Rolling Down Into The Weekend
Spill over from yesterday's RBA commentary, in addition to a stellar ACGB auction and Westpac expressing greater conviction re: imminent RBA easing, supported the Aussie bond space in Sydney trade. YM +0.5, XM +2.5, with the latter well off its SYCOM highs owing to the move in Tsys in NY trade.
- In terms of auction specifics, it looks like the hunt for exposure to rolldown towards the 3-Year benchmark outweighed any desire to hunt out the broader flattening impetus, with the cover ratio surging above 7.00x at the latest ACGB Nov '24 auction, while average yields priced ~0.8bp through prevailing mids at the time of supply.
- The AOFM's weekly issuance schedule provided no real talking points.
- As we flagged earlier, local news flow continues to be dominated by Sino-Aussie tensions, with ABC sources noting that "mills in China are being told to stop buying Australian cotton as speculation grows that a hefty tariff is about to be slapped on the trade." Further details on that matter can be found in an earlier bullet.
- Bills -1 to +1 through the reds.
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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.