HUF: EURHUF Hits New Weekly High, Key Resistance Within Close Proximity

Secured rates ticked up on Monday Nov 10 (data was published this morning by the NY Fed which alongside rate markets was closed Tuesday due to the Veterans Day holiday).

• SOFR rose 2bp (3.95%) with TGCR up 4bp (3.93%), marking the highest both in absolute terms and relative to the Fed's administered rates (notably IORB which is 3.90%) since Nov 4 when October month-end pressures looked to have been dissipating.
• We also note that takeup of the Fed's Standing Repo Facility came in at $6.05B in this morning's operation, already the highest for a full day since Nov 3.
• Additionally, Treasury bill settlement will raise $14B in new cash today and $23B Thursday, applying some upside pressure to funding rates.
• As such it doesn't look like there will be much relief in rates today.
• Effective Fed funds were unchanged at 3.87% Monday.

REPO REFERENCE RATES (rate, change from prev. day, volume):
* Secured Overnight Financing Rate (SOFR): 3.95%, 0.02%, $3135B
* Broad General Collateral Rate (BGCR): 3.93%, 0.04%, $1234B
* Tri-Party General Collateral Rate (TGCR): 3.93%, 0.04%, $1214B

New York Fed EFFR for prior session (rate, chg from prev day):
* Daily Effective Fed Funds Rate: 3.87%, no change, volume:  $77B
* Daily Overnight Bank Funding Rate: 3.87%, no change, volume:  $161B

The DMO has announced it will be looking to sell GBP4.5bln of the 4.75% Oct-35 Gilt (ISIN: GB00BTXS1K06) at its auction next Wednesday, November 19.

3QM6 96.87c, bought for 13.5 in 2kl.