MNI: Energy Price Jump To Restrain, Not End PBOC Easing Bias
MNI: Energy Price Jump To Restrain, Not End PBOC Easing Bias
MNI Peru CB Preview – April 2026: Risk of Hawkish Tilt
MNI Peru CB Preview – April 2026: Risk of Hawkish Tilt
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Monitoring The EURJPY Bull Channel Support
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MNI: Energy Price Jump To Restrain, Not End PBOC Easing Bias
MNI Peru CB Preview – April 2026: Risk of Hawkish Tilt
MNI Peru CB Preview – April 2026: Risk of Hawkish Tilt
Monitoring The EURJPY Bull Channel Support
Monitoring The EURJPY Bull Channel Support
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FI Market Analysis
FI Market Analysis
Today, Germany will return to the market, Portugal will hold an auction and Austria its non-competitive round.
April 08, 2026 05:40We look ahead to the data releases that will be important for UK markets through the remainder of the month.
April 07, 2026 06:15Eurozone March headline HICP printed marginally below consensus at 2.52% Y/Y
April 07, 2026 04:54Download Full Report Here: https://media.marketnews.com/MNI_US_Deep_Dive_Issuance_2026_03_14f2887da5.pdf April Sees Tests After Recent Poor Auctions * The final month of the Feb-Apr quarterly issuance calendar sees a total of $371B in coupon issuance, including $26B 5Y TIPS and $30B 2Y FRN. * Below is MNI's expected issuance table - this has remained unchanged since February's Refunding process, though we continue to eye risks tilted toward nominal coupon auction sizes next increasing only in 2027. * In keeping with that expectation, the upcoming May refunding process (May 4 and 6) is expected to keep nominal coupon sizes on hold for yet another quarter. However attention will be paid to any mention of financing strategy for court-ordered IEEPA tariff refunds among other issues. * April's sales begin this afternoon with $58B in 3Y Note (CUSIP: 91282CQJ3), continuing on Wednesday with $39B in 10-Year Note Reopen (CUSIP: 91282CPZ8), and Thursday with $22B in 30-Year Bond Reopen (CUSIP: 912810UR7). These are the final sales of these issues before the new refunding cycle, and given weakness in auctions at the end of March, these will be closely eyed. * Cash Management Buybacks: A table of liquidity buybacks, followed by cash management buybacks, is later in this document. Cash management operations targeting the short end of the curve are focused on and around the tax season in April. These will total $45B in April ($15B on Apr 1, Apr 16 and 22, all consisting of 1M-2Y nominal coupons). * Monthly Auction Review: March's US Treasury coupon auctions displayed notable weakness at the front/belly of the curve. All three of the latest week's auctions (2-,5- and 7-year) tailed, joining the 3- and 10-year tails at the start of the month. See section below for details.
April 07, 2026 04:25FX Market Analysis
FX Market AnalysisEurozone March headline HICP printed marginally below consensus at 2.52% Y/Y
April 07, 2026 04:54The RBNZ is unanimously expected on Bloomberg to leave rates at 2.25% when the MPC announces its decision on 8 April.
April 07, 2026 09:42The RBNZ is unanimously expected on Bloomberg to leave rates at 2.25% when the MPC announces its decision on 8 April.
April 07, 2026 04:13Download Full Report Here: https://media.marketnews.com/US_Employment_Report_Apr2026_450bc23a24.pdf EXECUTIVE SUMMARY: * March's BLS employment report was undoubtedly strong in the main readings, and will have allayed concerns that February's pullback in payrolls portended a renewed leg of weakness in the labor market. * The 178k headline gains in the Establishment survey was the highest since December 2024, easily beating the 70k MNI dealer median, with private payrolls up 186k vs the 75k expected. And the dip in the unemployment rate to a 9-month low 4.26% (consensus 4.4%, 4.44% prior) in the Household Survey suggested that the headline payroll gains were no fluke. * But while this was a better-than-expected report, it comes in the context of significant volatility in month-to-month figures, including major revisions to February's reading (-113k vs -92k, offset by a +34k upside revision to January). And the rebound, while impressively broad across sectors, was still heavily driven by healthcare employment and other sectors that appeared impacted by one-off factors in February. * Stepping back, the 3-month change in payrolls has been a solid if more modest +68k (an 11-month high), with the 6-month average gains rising to 15k from -2k in Feb for the highest since in 6 months. So, an improvement in trends, but not enough to suggest that employment gains are doing anything but treading water. Payrolls have grown by just 0.2% Y/Y. * Indeed while the unemployment rate drop was suggestive of reduced labor market slack, it was flattered by a decline in the size in the labor force as well as falls in the participation and employment-to-population ratios, as well as the weakest response rate in survey history. * Additionally, growth in average hourly wages continued to decline to fresh post-2021 lows on a Y/Y basis and well off post-pandemic highs. * Taken together, the FOMC will probably be relieved that it has another month to assess the fallout from the Middle East war without being unduly concerned about an imminent collapse in the labor market (for which evidence of near-term war impact is so far scant). * The Committee will continue to see a low-hiring, low-firing labor market that is indicative of being roughly in balance, with the underlying data meaning the debate is set to continue over whether it is weakness in labor supply or demand that has the upper hand. * Indicative of this reinforced wait-and-see stance, market-implied Fed rate cuts were pared in the wake of the report, with Fed funds futures currently seeing just 2bp of cuts in 2026 as we head into the holiday weekend, vs around 6bp pre-report.
April 03, 2026 04:01
