US: FED Reverse Repo Operation
Jul-03 17:55
RRP usage continues to recede from last Friday's month-end high of $664.570B, the latest read at $425,898B from $443.369B prior. Number of counterparties falls to 70 from 78 prior. Today's usage compares to $327.066B on Monday, April 15 -- the lowest level since mid-May 2021.
NY Federal Reserve/MNI
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PIPELINE: $2.5B National Australia Bank (NAB) 3Pt Debt Launched
Jun-03 17:51
- Date $MM Issuer (Priced *, Launch #)
- 6/3 $2.5B #National Australia Bank (NAB) $900M 3Y +47, $850M 3Y SOFR+62, $750M 10Y +78
- 6/3 $1.5B #Royalty Pharma $500M 5Y +100, $500M 10Y +127, $500M 30Y +152
- 6/3 $1.3B #Burlington Northern Sante Fe 30Y +98
- 6/3 $800M #Hyatt $450M 5Y +95, $350M 10Y +125
- 6/3 $800M #Baltimore Gas WNG $400M 10Y +93, $400M 30Y +110
- 6/3 $750M #Regions Financial 6NC5 +130
- 6/3 $600M #GATX $200M 10Y +130, $400M 30Y +150
- 6/3 $600M #Southwestern Public Service 30Y +150
- 6/3 $550M #NY Life 5Y +62.5 (SOFR leg dropped)
- 6/3 $500M #BGC Group Inc 5Y +220
- 6/3 $500M #Metlife 10Y +95
- 6/3 $Benchmark Nomura 5Y SOFR+39a
- 6/3 $Benchmark Brighthouse 2027 tap +100, 5Y +125
MNI: TEST, PLEASE IGNORE
Jun-03 17:38
- TEST, PLEASE IGNORE
FOREX: Greenback Weakens Following Soft US Data, USDMXN Surges Post Sheinbaum Election
Jun-03 17:36
- Following the weaker-than-expected ISM manufacturing and prices paid data in the US, treasury yields are seen 9bps lower across much of the curve. The main beneficiary of this in FX has been the Japanese yen and the Swiss Franc, while the Canadian dollar underperforms.
- USDJPY sits 0.80% lower on the session and slid just below the 156.00 handle in late trade, nearly a percent below the prior session highs of 157.47. For bears, a stronger reversal would again refocus attention on key support at 154.65, the 50-day EMA, and 153.69, a trendline drawn from the Dec 28 low.
- In similar vein, USDCHF is 0.78% in the red as the Swiss Franc continues its outperformance that was kick started late last week following Hawkish remarks from SNB’s Jordan. We pointed out that moves in both EURCHF & USDCHF appeared corrective at this stage, at least from a technical standpoint, however tomorrow’s key CPI data will likely be the next key driver of short-term CHF sentiment and crucial in forming expectations for the June 20 SNB meeting/decision.
- In emerging markets, all eyes were on the Mexican peso after the victory for president elect, Claudia Sheinbaum. Concerns over MORENA supermajorities in Congress have prompted some sharp peso weakness with USDMXN currently rising 3.6% on the session, and briefly printing a high of 17.7377.
- Swiss CPI kicks off the data docket on Tuesday before US JOLTS data. US focus then turns to ISM Services PMI and to Friday’s employment report. Elsewhere, central bank decisions in Canada and for the ECB are highlights this week.
