BELGIUM T-BILL AUCTION PREVIEW: On offer next week
Mar-07 13:19
Belgium has announced it will be looking forward to sell a combined E2.4-2.8bln of the following TCs at its auction next Tuesday, March 11:
- An indicative E0.8bln of the 4-month Jul 10, 2025 TC
- An indicative E1.8bln of the new 12-month Mar 12, 2026 TC
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EURIBOR OPTIONS: Call spread vs put spread
Feb-05 13:13
ERZ5 98.37/98.50cs vs 97.62/97.50ps, bought the cs for 1.5 in 5k.
US TSY FUTURES: BLOCK: March'25 5Y Sale
Feb-05 13:12
- -5,000 FVJ5 106-24, sell through 106-24.25 post time bid at 0708:00ET, DV01 $198,000. The 5Y contract trades 106-25.25 last (+7) heading into the ADP employ data.
JPY: Expanded Downside Range Raises Likelihood of Test on Dec Low
Feb-05 13:09
- We noted this morning that the convincing break of support in USD/JPY has expanded the near-term downside range. The 152.55 Fib has held at first asking, with more meaningful support below at 151.81, the Dec 12 low.
- As a result, the front-end of the USD/JPY risk reversals curve has shifted lower, with the 3-month tenor touching 1.5 points in favour of puts for the first time since mid-November.
- This shift, alongside the build in Sept'25 BoJ rate hike expectations (now almost fully priced, up from ~50% priced at end-January) has pressed higher the implied odds of USD/JPY touching early December lows of 148.65 before the end of March, now standing at 1-in-2 from 1-in-3 at the end of last week.
- This contract captures both the next Fed and BoJ decisions (March 19th) as well as the proposed, delayed installation of tariffs on Canadian and Mexican imports.
