CANADA DATA: No Further Progress In CFIB Inflationary Pressures In July
Jul-27 11:34
- Released at 0600ET, the CFIB small business barometer inched up from 54.0 to 54.2 in July.
- There was no further progress in price and wage intentions after recently declining, especially prices, to 3.3% and 2.9% respectively over the next year.
- Labor shortages remain a key impediment to sales/production and have been trending higher recently, with the lack of skilled labor quoted by 51% of respondents and un/semi-skilled labor by 37%.
Source: CFIB
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EUR: Creeping Market-Implied ECB Rates Drags Single Currency Higher
Jun-27 11:28
- A little more on the EUR move across European hours - EUR/USD is now testing 1.0950 and EUR/GBP has topped 0.86 with the single currency stronger against all others in G10.
- Modest strength comes alongside the creep higher in ECB market-implied policy expectations: ECB-dated OIS terminal pricing has now edged back to 4.00% in deposit rate terms as Kazaks, Simkus retained a hawkish bias.
- In futures space, participation has been somewhat low - cumulative EUR futures volumes sit just below average for this time of day, with relatively little uptick in activity following the opening Sintra remarks from ECB's Lagarde - despite her somewhat hawkish overtones.
- Focus for EURUSD turns to 1.0959 initially ahead of 1.0973 - the 76.4% retracement for the Thurs-Fri leg lower from last week.
STIR: Early SOFR Option Roundup
Jun-27 11:25
- Modest summer volumes rotating around downside put structures overnight, underlying futures mildly weaker as projected 25bp rate hike atone of the next four meetings persist. Salient SOFR Options:
- 1,000 SFRV3 94.12/94.37/94.50/94.62 put condors
- 1,000 SFRN3 94.50/94.56/94.62/94.68 put condors
- 1,000 SFRZ3 94.50/94.62/94.75/94.87 put condors ref 94.765
- 1,000 SFRN3 94.56/94.62/94.68 put trees, 3.0 ref 94.655
- 1,000 OQN3 95.57/96.00/96.12 call flys, ref 95.885
- Block, 2,000 SFRU3 94.75/95.00 put spds, 20.5 ref 94.66
MNI EXCLUSIVE: PBOC To Act If Yuan Falls Fast - Trader, Advisor
Jun-27 11:23
MNI looks at the outlook for the yuan -- on MNI Policy MainWire now, for more details please contact sales@marketnews.com.
