USD: /GOLD: Greenback Back Towards Highs After Import Price Data, Gold Lower
Jul-17 12:54
The aforementioned import price data also lends some background support to the broader USD. * Still...
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
UK: BOE: June Instant Answer questions
Jun-17 12:53
The following at the questions for the June Bank of England MPC meeting Instant Answers. The results are due at midday Thursday
1. Was the Bank Rate changed, and if so by how much?
2. Number of members voting for unchanged rate?
3. Number of members voting for 25bp hike?
4. Number of members voting for other rate decision?
NB: On questions 2-4 we will name the dissenters (and the direction / magnitude of dissent)
NB: On questions 2-4 we will name the dissenters (and the direction / magnitude of dissent)
5. Did the MPC statement explicitly push back on market pricing of interest rate hikes?
6. Did the MPC again say "Financial conditions have tightened since the conflict began, which will help to reduce inflation over time"?
7. Did the MPC say it stands ready to act as necessary to ensure that CPI inflation remains on track to meet the 2% target in the medium term?
8. Did the MPC again say "there is a risk of material second-round effects in price and wage-setting, which policy would need to lean against,"?
9. Did the MPC again say "the labour market continues to loosen, and a weakening economy could contain inflationary pressures”?
10. Did the MPC statement have any reference to reduced prospects of indirect / second round effects given recent developments in the Middle East?
11. Did the MPC explicitly say they stand ready to act at the July/next meeting, or similar?
12. Were there any additional phrases or sentences added to the guidance paragraphs?
13. Did any members state that their decision was “finely balanced” at this meeting?
14. Did any members explicitly say they stand ready to act at the July/next meeting?
US TSYS: Paring Pre-Retail Sale Losses Despite A Solid Report
Jun-17 12:52
- There was limited initial reaction to a solid retail sales report (both overall sales and control group surprised higher), although the net move has been a slight firming despite the beat which has continued to extend.
- It takes Treasuries a little further away from session lows seen ahead of the release.
- TYU6 trades at 109-28 (still -02 on the day) off a low of 109-24 seen around 0800ET and then again in a snap reaction at 0830ET.
- Resistance remains in focus here, with a notable collection at 110-00/110-00+. A clear break of this hurdle would undermine the bear theme and signal scope for a stronger recovery, with next resistance seen at 110-14 (Fibo retrace of Mar 2 – May 19 bear leg).
- SOFR futures meanwhile have pared some additional losses that were supported by the report, currently 1-2 ticks lower looking to end-2028.
- SFRM7 (where the peak implied yield has recently resided) is unchanged from levels one minute ahead of the release at 96.040 having dipped to 96.030 just before and then again after the release.
- Fed Funds futures continue to have a cumulative ~20bp of hikes priced for end-2026 whilst it’s close between fully pricing a 25bp hike in Jan or Mar 2027, currently the latter with 27.5bps.
US TSY FUTURES: UXY Blocked
Jun-17 12:48
Latest block trade lodged at 08:39:00 NY/13:39:00 London:
- UXYU6 3.5K lots blocked at 112-09, looks like a buyer.
