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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 ASIA OPEN: Nov Job Gains, Fed Blackout, CPI/PPI Ahead
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MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
Strong Rebound Yld Curves
Yield curves bounced, making new session highs (5s30s 151.036) latter half of Monday trade as duration selling in long end extends new session lows in bonds. Levels nowhere near Thursday's post 7Y auction indigestion when 30YY hit 2.3944% high (currently 2.2183%) levels closer to Fri's midrange.
- Technicals: TYM currently 133-05 +14/32 vs. 133-00 low, well above first support of 132-08, second support 131-31 Feb 25 Low and bear trigger.
- Early support in rates evaporated in lead up to early data (Jan const spend +1.7%; ISM Feb Mfg PMI 60.8 vs Jan 58.7) extended duration sale on release, better selling in 10s-30s with some prop, real$ and central bank selling in 10s-30s floowed, misc acct selling 5s-7s.
- Tsys jump-bid on Fed Gov Brainard comments, notably: BRAINARD: VALUATIONS ELEVATED IN A NUMBER OF ASSET CLASSES, Bbg, fast$ and algo-driven buying.
- Decent pick-up in swappable corporate issuance: $23.55B To Price Monday, $7B GS 6pt jumbo adds to $5.5B issued on Jan 20. Deal-tied paying evident in 10s-30s, payers in 20s second half.
- Sporadic real$ and central bank selling in 10s-30s after better selling from same in first half, generally cautious positioning as new month gets underway and Feb employment this Friday.
- The 2-Yr yield is down 0.4bps at 0.123%, 5-Yr is down 1.6bps at 0.7153%, 10-Yr is up 4.5bps at 1.4496%, and 30-Yr is up 7.5bps at 2.2266%.
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.