STIR FUTURES: BLOCK: Sep'25 SOFR Scale Seller
Total 40,000 SFRU5 sold over last 30 minutes from 95.9075 to 95.91, latest cross of 20k at 95.91 at ...
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US TSY FUTURES: BLOCK: Sep'25 2Y/5Y Flattener
- Flattener crossed at 0822:56ET
- -6,300 TUU5 104-00, post time bid
- +5,400 FVU5 109-03.75, buy through 109-03.5 post time offer
BONDS: Cross-Asset Moves & Macro Eyed As Resistance Points Tested
Weakness in crude oil has factored into the recovery from lows in core global FI markets, with Friday’s weak U.S. data and the potential for a dovish Trump appointee as Fed Governor seemingly providing further counter to the Asia-early London weakness.
- Macro news has been on the lighter side since London trade got underway
- Bunds the outperformer vs. U.S. Tsys and gilts at the 10-Year point, while the recovery from Friday’s lows in equities leaves EGB peripheral spreads vs. Bunds tighter.
- Fibonacci resistance in gilt futures located just above today’s high (92.72), while upside interest in TY futures comes in at the July 1/bull trigger (112-12+).
- Tsy, Bund & gilt curves bull flatten, reversing the early bear steepening.
CROSS ASSET: Bund is leading Broader Bonds higher
The German Bund makes an attempt at 130.21, Friday's high, the Yield dips below 2.65%.
In terms of pure Technical, next resistance in Futures is further out, up to 130.76 (22nd July high).
For the 10yr Yield, Today reference 130.17:
- 2.600% = 130.59.
- 2.585% = 130.74 (22nd July low).
UK Gilt is getting dragged higher, and some big lifts goes through in US Treasuries.
USDJPY continues to push lower, taking its cue from the price action in Yields.
