US NATGAS: Baker Hughes Rigs Error: Data Not Updated On Website
Jul-10 17:11
The above headers we sourced through Bloomberg, which typically populate the latest week's rig count...
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US TSYS/SUPPLY: Review 10Y Auction: Finally Stopped Through
Jun-10 17:10
- Treasury futures hold mildly weaker (TYU6 -2.5 at 109-04.5) after the $39B 10Y note auction re-open (91282CQQ7) finally stopped through - breaking a 4-tail streak: drawing 4.538% high yield vs. 4.540% WI; 2.27x bid-to-cover vs. 2.44x 5-auction average.
- Peripheral stats: indirect take-up climbs over March high of 74.45% t0 78.21%; direct bidder take-up falls to 12.32% - well below a 5-auction average of 21.47%; primary dealer take-up to 9.46% vs. 11.98% prior.
- The next 10Y auction is tentatively scheduled for July 8.
FOREX: Very Contained Price Action Following US Inflation Data
Jun-10 17:06
- While the May US CPI report was fairly in-line overall, another weak core goods print has tilted the greenback into negative territory on Wednesday, with the DXY initially settling around 25 pips off the prior session highs around 99.75.
- Given the short-term bullish sentiment for the dollar, positioning dynamics might have assisted the moderate pullback today, sentiment was short-lived as Trump’s latest rhetoric surrounding hitting Iran hard weighed on risk and boosted the USD index back to unchanged levels.
- A similar lack of conviction was present for CAD as the BOC kept rates unchanged but leaned a touch dovish. The BOC appears to be increasingly wary of the growth vs inflation dilemma it finds itself in, with multiple looming risks stemming from the Mideast conflict and US trade negotiations. USDCAD remains around 35 pips shy of a key resistance point at 1.3967, the Mar 31 high, with bullish conditions still intact.
- GBPUSD price action was notable as greenback dynamics allowed GBPUSD to edge to a new weekly high of 1.3423. This extended the recovery to just shy of 1% from key support around the 1.33 mark, a level that was respected on Monday, however spot has since moderated back to 1.3390 ahead of the APAC crossover. EURGBP continues to hover above key medium-term support at 0.8610.
- Following EURUSD’s recent breach of 1.16 and subsequent rebound from 1.15 lows, the pair resides at 1.1550 ahead of tomorrow’s ECB decision, where the GC is expected to hike by 25bps. US PPI is also on the data calendar.
IRAN: US Tsy Sec Bessent Says Will Not Tolerate ANy Support of Iranian Military
Jun-10 17:05
- US Treasury Secretary Bessent via x.com:
- "Through Economic Fury, the Treasury Department is disrupting the foreign procurement networks that support the Iranian military’s efforts to acquire weapons. Treasury has frozen the Iranian regime’s assets, severely disrupted its economy, and dismantled the Iranian war machine. Treasury will not tolerate any support of the Iranian military."
