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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 AccessMNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday
MNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
Tsy Futures Firmer, Wide Range After Surprise Attack on Israel
- Cash Tsys closed for Columbus day holiday, however, normal trading hours for Globex (FI, FX and EQ). Tsys futures running firmer, near the middle of a wide overnight range after gapping late Sunday following the weekend surprise attacks by Hamas on Israel, Israel declaring war on the group. Cross asset: oil gapped higher overnight, WTI currently +2.80 at 85.59.
- Despite the bounce in Tsy futures, a bear trend remains intact. Last week’s fresh cycle lows confirm a resumption of the downtrend and maintain the price sequence of lower lows and lower highs. Dec'23 10Y futures currently trade 107-08 (+13.5) below initial resistance of 107-14 (High Oct 3), firm resistance is seen at 108-12, the 20-day EMA.
- No data, but scheduled Fed speakers include Dallas Fed Logan Speaks on US Outlook, Monetary Policy (text, Q&A) at 0900, followed by Fed VC Barr American Bankers Assn Conference (text, Q&A) at 0915ET. This afternoon, Fed Board of Gov Jefferson speaks at NABE conference (text, Q&A) at 1330ET.
- Repricing rate hike chances: Friday's employment data, nearly twice the amount of jobs gained (+336k) than expected (+170k), quashed hopes of softer policy ahead. Rate hike projections into early 2024 moderating on this morning's rally.: November at 22.2% (30.5% late Fri) w/ implied rate change of +5.6bp to 5.384%, December cumulative of 9.9bp (12.4bp late Fri) at 5.428%, January 2024 8.4bp (11.9bp Fri) at 5.413%. Fed terminal slips to 5.425% in Jan'24.
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.