MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 2 Mar
MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 2 Mar
MNI US Macro Weekly: Risk-Off Before Data Resumes In Earnest
MNI US Macro Weekly: Risk-Off Before Data Resumes In Earnest
Silver Unwinds Its Overbought Condition
Silver Unwinds Its Overbought Condition
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MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 2 Mar
MNI US Macro Weekly: Risk-Off Before Data Resumes In Earnest
MNI US Macro Weekly: Risk-Off Before Data Resumes In Earnest
Silver Unwinds Its Overbought Condition
Silver Unwinds Its Overbought Condition
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FI Market Analysis
FI Market Analysis
Today, Italy will hold a 5/10-year BTP / CCTeu auction and Belgium the ordinary non-competitive OLO round.
February 26, 2026 06:42Germany will be looking to hold a long-term Bund auction today and Italy a supplementary auction round for BTP-ST/BTPei.
February 25, 2026 06:40The EFSF and Spain are both likely to hold a syndication and Italy an auction today.
February 24, 2026 07:00Download Full Document Here: https://media.marketnews.com/MNI_P23022026_f035ce3c8f.pdf * Long positioning appears have exhausted itself as of mid-February, and has started to retrace slightly as we near the Eurex futures roll. Vs 1 structural short and 4 longs in our last biweekly update, there are now 2 shorts and 3 longs. * Trade in the latest week was mixed. * Note that Eurex last trade/first notice is on Mar 6, with the Gilt roll already underway. * GERMANY: German positioning remains mixed. Bobl structural positioning has moved back to merely long from ""very long"" in our previous update, with Schatz remaining long. Bund remains unchanged at flat. Buxl has shifted to short compared with ""very short"" in our previous update. The latest's week trade showed shorts set in Schatz and Bobl, and short covering in Bund and Buxl. * OAT: OAT structural positioning remains short, same as in our bi-weekly update. However, last week's trade was indicative of long-setting. * GILT: Gilt structural "very long" positioning has pared back to "flat". However, the signal is tricky to discern as the quarterly roll has started (March contract goes first notice on Thursday). * BTP: BTP structural positioning remains in very long territory. Trade indicative of long-setting was seen last week.
February 23, 2026 05:02FX Market Analysis
FX Market AnalysisEXECUTIVE SUMMARY: * The RBNZ left rates on hold, as widely expected. The accompanying statement and updated forecast profile, particularly in terms of the OCR track, were not as hawkish as market pricing. Notably the RBNZ projection for the Q4 OCR (average) is 2.38% against a pre market pricing outcome of around 2.64% (for year end) per OIS markets. * RBNZ Governor Breman stated that with excess capacity, economic growth can be stronger in the near term without generating inflation pressures. She said that policy can stay accommodative before gradually tightening. A hike won't be delivered until the central bank sees stronger growth and firmer core inflation pressures. * The market has 29bps of tightening priced by year-end versus 39bps prior to yesterday's decision. Notably, market pricing remains 12-22bps firmer than levels seen prior to November's RBNZ decision. FOR THE FULL PUBLICATION PLEASE USE THE FOLLOWING LINK:RBNZ Review - Feb 2026.pdf: https://media.marketnews.com/RBNZ_Review_Feb_2026_6c3f7507c1.pdf
February 19, 2026 03:18Download Full Report Here: https://media.marketnews.com/Fed_Minutes_Preview_Jan2026_6afe548849.pdf Our preview of the January FOMC meeting minutes (out Feb 18 at 2pm ET) includes what to watch for upon release; MNI's FOMC Hawk-Dove Spectrum; analyst expectations; and key highlights of FOMC participant commentary since the meeting.
February 17, 2026 09:24EXECUTIVE SUMMARY: * At tomorrow's RBNZ meeting the central bank is widely expected to keep rates on hold. The Bloomberg survey of sell-side economists shows all 22 economists see the policy rate being held at 2.25%. Our strong bias is also for no change tomorrow. If realized, this will leave the focus firmly on the outlook, particular on the RBNZ's new OCR path. The other focus point will be gauging new RBNZ Governor Breman's tone, as this will be her first rate setting meeting in charge. * The RBNZ will also likely be cautious around sounding too hawkish around the outlook, which the market will likely judge via the implied OCR outlook path. We would be surprised if the OCR path is more hawkish than current market pricing, which implies a policy rate near 2.65% by year's end (versus the current rate of 2.25%). The NZD TWI is up over 4% from Nov 2025 lows, while local rates have also risen. A further material tightening of financial conditions could put the economic recovery in jeopardy. This is also where Breman's tone is likely to be watched closely in terms of keeping the policy outlook flexible. FOR THE FULL PUBLICATION PLEASE USE THE FOLLOWING LINK:RBNZ Preview - Feb 2026.pdf: https://media.marketnews.com/RBNZ_Preview_Feb_2026_2056d416c2.pdf
February 17, 2026 02:35Both headline and core CPI were softer than expected with 2026 price resets but core PCE estimates mostly look robust
February 16, 2026 05:04
