CROSS ASSET: A packed week ahead
Jun-09 11:10
- Cross assets remains within ranges, with most desks clearly on the sidelines looking at Volumes traded in Bond and Rate markets for this time of the day.
- Equities also trade within this week's range, but a clear pick up in Rolls ahead of super packed week.
- In FX, G10 ranges are mostly contained, besides of course for the NOK, the standout, following the Norway Inflation beat this morning.
- For the rest, EURUSD is in a 28 pips range, Cable 34 pips, AUDUSD 31 pips, to mention just a few.
- Next week is absolutely packed, with US CPI (pre Fed) among other notable data across the Globe, plus the Fed, the ECB, the BoJ, and big options expiries on Friday, as well as the need to roll positions into Sep for Equities futures and CME FX, also expiries in US and UK front Rates (SFRM3, SFIM3) in Options.
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STIR: SOFR UPDATE
May-10 11:08
SOFR futures are trading mixed with futures out to early 2025 moderately weaker.
- Front month Jun'24 SOFR futures currently trading -0.015 at 94.90 well after 3M SOFR settled +0.01418 to 5.09811 (+.05938/wk). The balance of White-Red SOFR futures (SFRU3-SFRH5) are currently trading -0.030-0.005, the balance of the strip trading +0.005-0.015.
- Fed funds implied move for the next FOMC on June 14 is +4.2bp, while projected rate cuts for late 2023 continue to inch off last week's highs: November cumulative -41.5bp (-58.7bp last wk) at 4.660%, Dec'23 cumulative -64.3bp (-84.3bp last wk) at 4.432%, while Jan'24 cumulative is running at -87.0bp at 4.205%. Fed Terminal currently at 5.110% in Jul'23 this morning.
MNI: US MBA: MARKET COMPOSITE +6.3% SA THRU MAY 05 WK
May-10 11:00
- MNI: US MBA: MARKET COMPOSITE +6.3% SA THRU MAY 05 WK
US MBA: REFIS +10% SA; PURCH INDEX +5% SA THRU MAY 5 WK
May-10 11:00
- US MBA: REFIS +10% SA; PURCH INDEX +5% SA THRU MAY 5 WK
- US MBA: UNADJ PURCHASE INDEX -32% VS YEAR-EARLIER LEVEL
- US MBA: 30-YR CONFORMING MORTGAGE RATE 6.48% VS 6.50% PREV
