US TSY FUTURES: FV/US Steepener Blocked, Potentially Stopping Out
Latest block trades lodged at 08:05:01 London/03:05:01 NY:
- FVU5 7.9K lots blocked at 108-00.75, looks like a buyer.
- USU5 2.5K lots blocked at 111-24, looks like a seller.
- Points to FV/US steepener, DV01 ~$340K.
- Looks like it could be exiting a flattener position of the same size that was put on in early hours of London trade on Tuesday. Cash 5s20s curve is ~4bp steeper over that period.
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BOJ: Ueda: Won't Rule Out Any Future MonPol Tools
Ueda's press conference continues to have a limited impact on markets, with USDJPY still little changed on the session. Latest headline flow has seen the Governor say that there is no definitive answer on whether long-term rates can be controlled.
In response to a question on whether a return to YCC was possible, he said that he did not want to rule out any future monetary policy tools.
EQUITIES: US and EU Roll pace update
September is the Front Month for US Equity Futures, but not quite just there for European Indices.
ROLL PACE: The EU roll pce is as of Yesterday, but spread volume dominates in early trade.
US:
- SPX: 57%.
- NDX: 50%.
- DOW: 50%.
EU:
- VGA: 35%.
- DAX: 26% (below Pace).
- FTSE: 48%.
BOJ: Ueda: Close Communication With MOF On Tapering Plans
- "BOJ GOV UEDA: MAINTAINED CLOSE COMMUNICATIONS WITH MOF IN TAPERING PLAN" RTRS
- "BOJ GOV UEDA: OUR DECISION ON FUTURE TAPERING REMOVES ONE UNCERTAINTY FOR GOVT IN TERMS OF BOND ISSUANCE PLANNING" RTRS
A reminder that the MOF is scheduled to hold a meeting with market participants on June 20 (Friday)
