EUR: Another FX Exchange traded Option

• Treasuries are mildly firmer ahead of today’s geopol-focused session with Oval Office meetings with Trump, Zelenskyy and EU leaders.
• It’s a quiet docket otherwise although a recently notably dovish Bowman is also set to speak on Bloomberg TV.
• Cash yields are 1-2bp lower on the day, paring some of Friday’s slow-to-build post-data losses.  
• 5s30s sits at 108bps having on Friday pushed to a fresh ytd high of 109.4bp.
• TYU5 trades at 111-25 (+05+) to help the late Friday lift off lows of 111-17+, amidst light cumulative volumes of 230k.
• Resistance is seen at 112-15+ (Aug 5 high), having come close with 112-14 before Thursday's PPI report, whilst support is seen at 110-19+ (Jul 24 low).
• Data: NY Fed services Aug (0830ET), NAHB index Aug (1000ET)
• Fedspeak: Bowman on Bloomberg TV (1245ET) – see STIR bullet
• Bill issuance: US Tsy $82B 13W & $73B 26W bill auctions (1130ET)
• Politics (timing as per politico): Trump and Zelenskyy only at 1315ET before Trump, Zelenskyy and EU leaders at 1500ET.

SFIX5 96.20/96.15/96.05 put ladder Vs. SFIZ5 96.00 puts paper paid 0.75 for the put ladder on 2.25K.

OI data points to net short setting dominating in most contracts through the greens during Friday’s downtick in SOFR futures, before net long cover became slightly more prominent in the blues.

• The largest outright positioning swings came via net short setting in the late whites/early reds.