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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.
US TSYS
- Cash Tsys currently see a twist steepening after a mixed overnight that saw only limited support from a Chinese white paper reiterating the country’s stance on Taiwan whilst failing to take the prospect of military action off the table, final German CPI inflation for July coming inline and Transneft getting ready to resume flow via the Druzhba southern leg.
- Moves are limited ahead of US CPI, with MNI’s full preview here, but also with interest in the 10Y auction later.
- 2YY -0.6bps at 3.264%, 5YY +1.2bps at 2.973%, 10YY +1.5bps at 2.792% and 30YY +1.4bps at 3.003%. The combination sees 2s10s pull back modestly from fresh post-2000 lows of almost -50bps yesterday to -46.5bps. BofA wouldn’t rule out the curve flattening another 10-25bps to inversion between 60-85bps “if inflation remains elevated and terminal is priced to 4% or higher (about a 50bps shock)”.
- TYU2 trades unchanged at 119-15+ after a mixed session on modestly below low seasonal volumes. It continues to trade near recent lows, eyeing trendline support at 119-11+ drawn from the Jun 16 low, with the 50-day EMA at 119-07+.
- Data: US CPI and Real Av Earnings (0830ET), Wholesale Inventories/Trade Sales (1000ET), Mthly Budget Statement (1400ET).
- Fedspeak: Chicago Fed Evans, mon-poli/eco-outlook, Drake Univ event (1100ET), MN Fed Kashkari on inflation, Aspen Eco Strategy Grp (1400ET).
- Bond issuance: US Tsy $35B 10Y note auction (91282CFF3) – 1300ET
- Bill issuance: US Tsy $30B 119-day bill CMB auction – 1130ET
Source: Bloomberg
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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