EMISSIONS: German Council Passes Resolution To Support Steel Decarbonisation
The German Federal Council has passed a resolution urging the Federal Government to implement the EU...
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LOOK AHEAD: Wednesday Data Calendar: CPI, Tsy 10Y Auction Re-Open
- US Data/Speaker Calendar (prior, estimate)
- 11-Jun 0700 MBA Mortgage Applications (-3.9%, --)
- 11-Jun 0830 CPI MoM (0.2%, 0.2%), YoY (2.3%, 2.4%)
- 11-Jun 0830 CPI Ex Food and Energy MoM (0.2%, 0.3%), YoY (2.8%, 2.9%)
- 11-Jun 0830 CPI Index NSA (320.795, 321.732)
- 11-Jun 0830 CPI Core Index SA (326.430, 327.319)
- 11-Jun 0830 Real Avg Hourly Earning YoY (1.5% rev, --)
- 11-Jun 0830 Real Avg Weekly Earnings YoY (1.8% rev, --)
- 11-Jun 1130 US Tsy $60B 17W bill auction
- 11-Jun 1300 US Tsy $39B 10Y Note re-open (91282CNC1)
- 11-Jun 1400 Federal Budget Balance ($258.4B, -$314.0B)
- Source: Bloomberg Finance L.P. / MNI
STIR: Short Setting Dominated In Front Of SOFR Strip On Tuesday
OI data suggests that net short setting dominated through the SOFR reds on Tuesday (5/8 contracts in that area saw relatively heavy net shorts added), before a mix of net long setting and short cover came to the fore in SSFRZ7 through SFRZ8
| 10-Jun-25 | 09-Jun-25 | Daily OI Change |
| Daily OI Change In Packs |
SFRH5 | 1,067,243 | 1,068,096 | -853 | Whites | +27,563 |
SFRM5 | 1,432,476 | 1,431,730 | +746 | Reds | +117,169 |
SFRU5 | 1,169,347 | 1,153,856 | +15,491 | Greens | -3,970 |
SFRZ5 | 1,144,414 | 1,132,235 | +12,179 | Blues | +1,014 |
SFRH6 | 914,573 | 867,533 | +47,040 |
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SFRM6 | 862,434 | 827,191 | +35,243 |
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SFRU6 | 787,983 | 750,132 | +37,851 |
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SFRZ6 | 861,686 | 864,651 | -2,965 |
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SFRH7 | 660,039 | 676,524 | -16,485 |
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SFRM7 | 600,624 | 590,189 | +10,435 |
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SFRU7 | 426,208 | 422,239 | +3,969 |
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SFRZ7 | 404,689 | 406,578 | -1,889 |
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SFRH8 | 305,079 | 302,377 | +2,702 |
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SFRM8 | 218,742 | 219,274 | -532 |
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SFRU8 | 169,586 | 168,860 | +726 |
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SFRZ8 | 169,072 | 170,954 | -1,882 |
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OUTLOOK: Price Signal Summary - S&P E-Minis Trend Needle Points North
- In the equity space, the trend condition in S&P E-Minis remains bullish and the contract has again traded to a fresh cycle high, today. The recent break of 5993.50, the May 20 high and a bull trigger, highlights a resumption of the uptrend and maintains a price sequence of higher highs and higher lows. Sights are on 6057.00 next, the Mar 3 high. Key support to watch lies at 5808.04, the 50-day EMA.
- EUROSTOXX 50 futures continue to trade at their recent highs. The trend condition is bullish - moving average studies are in a bull-mode position, highlighting a clear dominant uptrend. Sights are on 5516.00, the Mar 3 high and the key bull trigger. Clearance of this level would strengthen the bull theme. Key support to watch lies at 5291.25, the 50-day EMA. A clear break of this average would signal a possible reversal.
