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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 POLITICAL RISK - Trump Announces Raft Of Key Nominations
BRIEF: EU-Mercosur Deal In Final Negotiations - EC
MNI BRIEF: Limited Economic Impact Of French Crisis - EC
Twist Steeper Ahead Of Stacked Docket
- Cash Tsys have twist steepened with most of the curve trading modestly richer with only 20s and onwards cheaper. The front-end outperforms, with 2Y yields at ~4.825% for back close to yesterday’s lows early in the FOMC press conference before some retracement into the close.
- Today sees a heavy docket with important data releases after Powell’s focus on data dependency, the ECB decision and press conference, sizeable earnings releases both pre- and after-market, 7Y supply after small tails for 2s and 5s earlier this morning plus further hefty bill issuance. That’s all before the BoJ decision overnight.
- 2YY -2.7bp at 4.825%, 5YY -2.3bp at 4.094%, 10YY -0.4bp at 3.865% and 30YY +1.1bp at 3.946%.
- TYU3 trades 3+ ticks higher at 112-01 on typical but still subdued volumes of ~250k ahead of a stacked docket. An earlier high of 112-07 remained within resistance at 112-17+ (Jul 24 high) whilst lifting further off support at 111-17+ (Jul 25 low).
- Data: GDP/PCE Q2 1st release (0830ET), Prelim durable goods Jun (0830ET), Weekly jobless claims (0830ET), Trade balance Jun (0830ET), Wholesale and retail inventories Jun prelim/Jun (0830ET), Pending home sales Jun (1000ET), 1100ET Kansas City Fed mfg Jul (1100ET).
- Note/bond issuance: US Tsy $35B 7Y Note auction (91282CHR5) – 1300ET
- Bill issuance: US Tsy $70B 4W, $60B 8W Bill auctions – 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.