STIR: Latest SOFR Put Structures
May-17 17:45
- +5,000 SFRZ3 94.50 puts, 6.0 vs. 95.54/0.08%
- Block, 5,000 SFRM3 94.75/94.81/94.87 put flys, 0.75 net ref 94.855
- 8,000 SFRM3 94.81/94.87/94.93 put flys, ref 94.855
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US: Schumer Rejects Short-Term Debt Ceiling Increase
Apr-17 17:38
Senate Majority Leader Chuck Schumer (D-NY), speaking to reporters on Capitol Hill, has criticised House Speaker Kevin McCarthy's (R-CA) proposed plan to legislate a short-term one-year debt ceiling extension.
- Schumer maintains that McCarthy hasn't yet presented a budget or formal list of Republican priorities which the White House has stated is a condition of negotiations.
- Schumer: "Amazingly enough, this one really knocks my socks off, one of the few specifics Speaker McCarthy has presented is his terrible idea to kick the can down the road for just one year and undergo the same crisis again. Why would anyone want to undergo this crisis again and again and again."
- Schumer: "President Biden and I are happy to meet with the Speaker when he has something to talk about, a plan. I'm sure most Democratic leaders are willing to meet with him but we first need to see his plan so we can start there and work to avoid catastrophic default."
- Schumer: "The solution here is straightforward, Republicans should work with Democrats in good faith to avoid default together, just as we did under President Trump..."
LOOK AHEAD: Update: Adding Atl Fed Bostic to Tuesday's Calendar
Apr-17 17:34
- US Data/Speaker Calendar (prior, estimate)
- Apr-18 0830 Building Permits (1.55M rev, 1.45M); MoM (15.8% rev, -6.5%)
- Apr-18 0830 Housing Starts (1.45M, 1.40M); MoM (9.8%, -3.5%)
- Apr-18 0830 New York Fed Services Business Activity (-10.1, --)
- Apr-18 1100 Atlanta Fed Pres Bostic interview on CNBC
- Apr-18 1130 US Tsy $34B 52W bill auction
- Apr-18 1300 Fed Gov Bowman discusses digital currency, text, moderated Q&A
GBPUSD TECHS: Corrective Pullback
Apr-17 17:30
- RES 4: 1.2695 2.0% 10-dma envelope
- RES 3: 1.2667 High May 27 2022
- RES 2: 1.2599 High Jun 7 2022
- RES 1: 1.2546 High Apr 14 and the bull trigger
- PRICE: 1.2367 @ 16:27 BST Apr 17
- SUP 1: 1.2362/57 20-day EMA / Low Apr 17
- SUP 2: 1.2275 Low Apr 3
- SUP 3: 1.2246 50-day EMA
- SUP 4: 1.2191 Low Mar 24
GBPUSD remains in an uptrend and the Friday / Monday pullback is - for now - considered corrective. Last week’s climb resulted in a break of 1.2525, the Apr 4 high, confirming a resumption of the uptrend and reinforcing the bullish significance of the recent breach of 1.2448, the Jan 23 high and the top of a broad 3.5 months range. The focus is on 1.2599, the Jun 7 2022 high. On the downside, initial key short-term support is 1.2362, the 20-day EMA.
