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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 US MARKETS ANALYSIS - EUR Vols Surge Ahead of US CPI
MNI China Daily Summary: Wednesday, December 11
Slightly Cheaper, US Tsys Pare Pre-Weekend Gains
ACGBs more than reverse the gains seen ahead of the weekend to be sitting slightly weaker (YM -2.0 & XM -1.5) after US tsys cheapen 4bp in early Asia-Pac trade. With little meaningful macro news flow crossing thus far, local participants appear content to trade with US tsys ahead of tomorrow’s RBA policy decision.
- On the local data front, Judo Bank Mfg PMI (final) printed slightly lower at 48.0 versus 48.1 prior, while the MI Inflation Gauge printed 6.1% Y/Y in April from 5.7% in March.
- Cash ACGBs are flat to 1bp cheaper with the AU/US 10-year yield differential +3bp at -11bp.
- Swap rates are 2bp higher with EFPs slightly wider.
- Bills strip pricing is -2 to +1 with mid-reds the strongest.
- RBA dated OIS is flat to 4bp firmer across meetings with a 12% chance of a 25bp hike priced for tomorrow’s meeting.
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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.