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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: Weak 30Y Reopen, ECB Forward Guidance Weighing
MNI ASIA MARKETS ANALYSIS: Tsys Reverse Early Data Driven Gain
MNI US Inflation Insight: Softer Housing Helps Ensure Dec Cut
Twist Flatter Ahead Of A Data Deluge Including ISM Services
- Treasuries have seen a reasonable twist flattening, as the front-end reverses yesterday’s rally despite lower oil prices (perhaps better reflecting the stronger JOLTS openings, plus arguably sizeable bill issuance today) but the longer end follows most EGBs slightly richer on French political developments.
- Today sees a particularly heavy data docket ahead of Independence Day closures.
- Cash yields sit between 2bp higher (2s) and 1.5bp lower (30s), with 2s10s at -33bps (-2.3bps). The latter is off yesterday’s high of -27.4bps which marked the highest since early May having swung strongly from a YTD low of -50.8bps in late June.
- TYU4 is unchanged at 109-15, within yesterday’s range, on somewhat more typical volumes of 270k after heavy overnight sessions in recent days.
- The bear threat remains within support at 109-02+ (Jul 1 low) stopping just short of a key support at 109-00+ (Jun 10 low).
- Data: Weekly MBA mortgages (0700ET), Challenger Job cuts Jun (0730ET), ADP employment Jun (0815ET), Weekly jobless claims (0830ET), Trade balance (0830ET), S&P Global US Services/Composite PMI Jun final (0945ET), ISM services Jun (1000ET), Factory orders May (1000ET)
- Fedspeak: Williams in r* panel in Sintra (1200ET, text + Q&A), FOMC Minutes (1400ET)
- Bills issuance: US Tsy $85B 4W, $80B 8W (1000ET), US Tsy $60B 17W (1130ET)
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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.