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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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Free AccessSteadily Richer Ahead Of Payrolls
- Cash Treasuries trade firmer after Independence Day, steadily rallying since the Asia open with the front end pushing towards Wednesday’s highs and the longer end through respective highs.
- Cash yields sit 2-3bp lower, led by the belly, whilst 2s10s at -34.6bps broadly consolidates Wednesday's flattening having previously lurched 23bp higher in the space of a week to -27.4bps
- TYU4 has climbed to 110-04 to match Wednesday’s high, where it's met some resistance ahead of payrolls. Initial firm resistance is seen at 110-16 (Jun 28 high) but the bear threat is still present with support at 109-02+ (Jul 1 low) just above the key support at 109-00+ (Jun 10 low).
- J.P.Morgan warn that Tsy yield reaction to NFP surprises during the July 4 week are around 90% larger than what is seen on a typical NFP Friday (based on historical data, assessing fixed magnitudes of surprise), best explained by liquidity impairment.
- Data: Payrolls (0830ET) – see the MNI Preview here.
- Fedspeak: Monetary Policy Report (historically 1100ET)
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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.