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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 AccessVIEW: ANZ note that "the amount of.....>
AUSSIE BONDS: VIEW: ANZ note that "the amount of surplus ES balances is still
very high. Also, as the gov't spends money, this results in an increase in ES
balances. While the settlement of the ACGB Dec '30 led to a sharp fall in ES
balances, the policies that the borrowing is funding will lead to an increase in
balances over time. Therefore, it is better to see the RBA's actions as a step
back from day-to-day liquidity management. This makes sense when the ES system
is in a state of perpetual abundant liquidity. Markets took a different view,
seemingly thinking that the inaction indicated a pullback in RBA support for
funding markets. Bills/OIS widened & shorter-dated IRS sold off on Friday. Any
further sell-off in front-end IRS or widening in Bills/OIS should be faded in
our view. Even if surplus ES balances were to decline further, the factors
propelling Bills/OIS into -ve territory remain. Banks are very well funded,
helped by the combo of massive deposit inflows & the availability of the TFF.
This means that the supply of bills will remain low near-term, keeping Bills/OIS
low. In order for Bills/OIS to widen or front-end IRS to sell off in a sustained
way we would require some sort of shock. We see this as very unlikely."
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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.