EU CONSUMER CYCLICALS: Kering: a revisit to fundamentals

• EUR/USD: Aug14 $1.1590-00(E1.8bln), $1.1625-35(E898mln), $1.1645-50(E1.2bln), $1.1695-00(E4.5bln); Aug15 $1.1590-00(E1.1bln); Aug18 $1.1560(E1.1bln)
• USD/JPY: Aug14 Y147.00-20($1.2bln), Y148.15-30($945mln), Y155.00(Y1.6bln
• GBP/USD: Aug14 $1.2975-00(Gbp1.2bln)
• EUR/GBP: Aug14 Gbp0.8690-05(E1.1bln)
• AUD/USD: Aug14 $0.6600(A$1.3bln)
• USD/CNY: Aug15 Cny7.5000($1.7bln)

Secured rates were a little softer Monday as was broadly expected, with SOFR edging 1bp lower to 4.34%. Other major secured rates and effective Fed funds were unchanged.

• As we noted yesterday, pressure could pick up later in the week on Treasury auction settlements. These include $55B in net cash raised by bills today, and a further $42B on Thursday, followed by $35B in coupon settlements Friday.

REPO REFERENCE RATES (rate, change from prev. day, volume):
* Secured Overnight Financing Rate (SOFR): 4.34%, -0.01%, $2796B
* Broad General Collateral Rate (BGCR): 4.33%, no change, $1173B
* Tri-Party General Collateral Rate (TGCR): 4.33%, no change, $1137B

New York Fed EFFR for prior session (rate, chg from prev day):
* Daily Effective Fed Funds Rate: 4.33%, no change, volume:  $115B
* Daily Overnight Bank Funding Rate: 4.33%, no change, volume:  $263B

Fox Business has published an interview with E.J. Antoni in which the White House's nominee as the next Bureau of Labor Statistics commissioner suggests that the monthly Employment Situation (ie nonfarm payrolls) report should be "suspended": 

• "Until it is corrected, the BLS should suspend issuing the monthly job reports but keep publishing the more accurate, though less timely, quarterly data... Major decision-makers from Wall Street to D.C. rely on these numbers, and a lack of confidence in the data has far-reaching consequences."
• He adds: "How on earth are businesses supposed to plan – or how is the Fed supposed to conduct monetary policy – when they don’t know how many jobs are being added or lost in our economy? It’s a serious problem that needs to be fixed immediately."
• This interview was conducted on Monday, before Antoni's nomination by the President. Though it's notable he "told FOX Business that he doesn’t believe the jobs data was intentionally manipulated, as some have suggested, but instead argues that persistent flaws in the Bureau of Labor Statistics' methodology have gone unaddressed."