Daily Market Commentary

February 7, 2019

Treasury futures near highs of the day amid gains for gilts after BOE cut forecasts in latest policy statement. Asia-session gains were extended in early Europe following slide across Italian bonds, and front eurodollars are well bid following plunge in 3-month dollar Libor fix by over 4bp, biggest drop in nearly a decade.

Filings for U.S. unemployment benefits fell by less than expected last week, signaling it may take longer for the labor market to return to its previous trend following the partial government shutdown. Jobless claims declined to 234,000 in the week ended Feb. 2.

India's new central bank chief delivered an unexpected interest rate cut, providing Prime Minister Narendra Modi with the kind of stimulus he needs to stoke economic growth in an election year.

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