OIL PRODUCTS: India’s Crude Throughput to Dip in Q3: Platts

• EUR/USD: $1.1300-20(E1.5bln), $1.1370-75(E920mln), $1.1400-25(E2.1bln)
• USD/JPY: Y143.90-00($1.1bln), Y144.85-00($805mln)
• AUD/USD: $0.6420(A$771mln), $0.6460(A$529mln)
• USD/CAD: C$1.3695($869mln)

G U5 3.9k at 92.54.

• This is an unwind from the G U5 3.9k at 92.56 before the syndication earlier.

• Fed Funds implied rates are up to 1.5bp lower on the day for 2025 meetings, following a pullback off overnight highs in US equity futures following weakness in China and HK equities.
• US-China talks in London have entered a second day today.
• Cumulative cuts from 4.33% effective: 0bp Jun (next week), 3.5bp Jul, 18bp Sep, 30bp Oct and 46bp Dec.
• The SOFR implied terminal yield of 3.355% (SFRZ6, -2bp) is back closer to ~100bp of cuts having closed Friday at ~90bp of cuts ahead.
• Markets will be on headline watch today with a blank data docket after the earlier release of the NFIB small business survey. US CPI is in focus tomorrow (MNI Preview).