BONDS: Broader base selling
Feb-24 13:24
- It's been a one way direction for Govies since 07.20GMT.
- EGBs and Treasuries continue to falls and making new lows, and US 2yr (TUH3) makes new record contract low for this expiry.
- Small support in Bund moves up to 134.16, but the key area remains at the 2.574% Yield.
- Gilt support is at the 101.37 area, which equates to 3.65%, but the next key support is seen at 100.76 = 3.70% in Yield.
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OPTIONS: Expiries for Jan25 NY Cut 1000ET (Source DTCC)
Jan-25 13:05
- EUR/USD: $1.0600-05(E739mln), $1.0900(E549mln)
- USD/JPY: Y129.55($819mln), Y129.90-00($768mln), Y132.00-25($706mln)
- EUR/JPY: Y139.55(E781mln)
- USD/CAD: C$1.3350($520mln), C$1.3375($1.4bln)
CANADA: [RPT] MNI BoC Preview: Watching Guidance For A Final Hike
Jan-25 13:02
Re-upping our preview for today’s BoC decision at 1000ET. https://marketnews.com/mni-boc-preview-jan-23-watching-guidance-for-an-expected-final-hike
- It is broadly expected to opt for a final 25bp hike to 4.5% but 5 of 27 analysts call for no change and OIS pricing has nudged lower to ~19bps from low 20s last week.
- Barring a decision surprise, which certainly can’t be ruled out, we watch whether guidance leans to pausing or leaving the door open to further hikes.
STIR: SOFR Option Roundup: Shift to Calls
Jan-25 12:45
Shift to better low delta call and call spds after more consistent put trade last few sessions. Checking direction on latest micro-curve (Red Jun/Blue Jun) call spd block:
- Block/screen, 7,500 OQM3 97.25/3QM3 97.75 call spd, 1.5 short Jun over
- Block, 5,000 SFRZ3 97.00/97.50 call spds, 3.0 vs. 95.665/0.05%
- Block, 5,000 SFRJ3 95.25/95.37 call spds, 1.75 vs. 95.09/0.11%
- 2,500 SFRK3 95.18/95.31/95.50 call trees
- 2,000 SFRH3 96.75/97.50/98.00 broken call flys ref 96.15
- Block/screen, 19,500 SFRZ3 96.25/97.00/97.50 broken call flys, 6.5 vs. 95.59/0.10%
- 1,250 SFRK3 95.25/95.31 call spds vs. SFRN3 95.06/95.18/95.25/95.37 call condors
- 1,250 SFRN3 95.06/95.18/95.31/95.50 call condors ref 95.265
- 3,000 SFRM3 95.12/OQM3 96.12 call spds
