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Free AccessTsys Pared Gains Ahead Early Close
Futures pared into the early session close -- late chop on inside range session and two-way positioning, month-end flows. Decent volumes: TYU just over 1M. Sep took lead quarterly position while late hour Jun/Sep rolling continued. Large FVU Block earlier (16,036 FVU 123-25.25) helped start the rebound off lower levels about an hour after the open. Yield curves running mixed w/short durations flatter.
Early mixed data but largely leans positive in terms of the recovery in April - and core prices provide a little more ammo for inflation hawks:
- Personal income beats (though downward revision to March); personal spending in line (with upward revision).
- Meanwhile Wholesale Inventories +0.8% M/M beats expectations (of 0.7%), retail inventories on the weak side (-1.6% vs -1.2% exp). And advance goods trade balance shows a slightly smaller deficit than expected (-85.2B vs -92.0B survey), first time the gap narrowed this year.
- This is the highest level since Nov 1973 and the third consecutive increase. May's increase was led by a sharp rise of New Orders (80.0) to the strongest reading since Dec 1983 and Order Backlogs (80.7) which surged to a 70-year high.
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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.