OPTIONS: Larger FX Option Pipeline
Sep-02 16:28
* EUR/USD: Sep04 $1.1500(E1.4bln), $1.1525(E1.4bln), $1.1570-75(E1.3bln), $1.1600(E2.0bln), $1.164...
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SOFR OPTIONS: Midmorning SOFR Options: Mixed, Projected Rate Hikes Near Steady
Aug-03 16:18
- Midmorning SOFR options look mixed with underlying futures still bid/off post data lows. Attn firmly on lower crude (WTI -5.02 at $79.65/bbl) after Pres Trump held off on striking Iran over weekend (again) pledging a Hormuz Strait deal is close while Iran denies any such deal. Projected rate hike pricing has bounced off morning lows to near late Friday levels (*): Sep'26 at +16.8bp (+16.7bp), Oct'26 at 24.4bp (24bp), Dec'26 36.1bp (+35.9bp), Jan'27 40.1bp (41.5bp).
- 5,000 SFRZ6 96.18/96.31 call spds ref 95.93
- +5,000 2QU6 96.06 calls, 7.5 vs. 95.945/0.36%
- +3,000 SFRZ6 95.81/96.31 strangle, 15-15.25 vs. 95.95
- +2,000 SFRU6 96.12/96.25/96.37 call flys, 3.75 ref 96.125
- -3,000 SFRQ6 95.97 puts, cab ref 96.125
- +5,000 SFRH7 95.87/96.25 2x1 put spds, 4.5 ref 95.85
US TSY OPTIONS: Flurry of Bond, Ultra-Bond Puts
Aug-03 15:51
- +10,000 USV6 106 puts, 54 ref 108-21
- Block, 8,000 USX6 106 puts, 1-12 ref 108-21 at 1145:57ET
- 4,500 WNU6 110 puts, 57
IRAN: Pakistani Mediators Head To Iran Amid Cautious Optimism For Hormuz Deal
Aug-03 15:32
Raz Zimmt, director of the Iran programme at Israel's Institute for National Security Studies think tank, reports on X that there has been a flurry of diplomatic activity regarding Iran in the past couple of hours: "The Pakistani Interior Minister is expected to visit Tehran; Reports indicate that Pakistan is preparing to send official invitations to Abbas Araghchi and Mohammad Bagher Ghalibaf to visit Pakistan; Foreign Minister Araghchi held phone calls with his Omani and Pakistani counterparts."
- The reports appear to indicate that diplomacy is advancing towards a deal between Iran and Oman on managing the Strait of Hormuz, despite formal denials from Tehran.
- Earlier Reuters reported that Iranian Foreign Ministry spokesperson Esmail Baghaei said 'no negotiations with the United States were taking place and no meetings were scheduled. Iran had no plans to host foreign delegations or send negotiators abroad in the coming days.'
- According to Reuters, Baghaei added that 'all Iranian negotiators were currently in the country, apart from Foreign Minister Abbas Araqchi, who was on a religious pilgrimage in Iraq. The only talks under way, he said, were discussions with Oman over management of the Strait of Hormuz.'
