POWER: Poland's February Hits Fresh All-Time High
Jan-02 15:29
Poland's February climbed sharply to be supported by gains in EU ETS and European coal, with average...
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STIR: Market Still Prices Over 90% Odds Of Dec Cut, No Reaction To ISM
Dec-03 15:26
Little net reaction in the USD short end following the mixed ISM services report, which won’t have changed the picture for the Fed (with elevated inflation and questions surrounding the health of the labor market remaining intact).
- To recap, while the headline index and was firmer-than-expected, the prices paid component (while still elevated at 65.4) came in on the softer side of expectations. Meanwhile, the new orders subindex showed a slower rate of expansion and the employment subindex showed a slightly reduced rate of contraction.
- Fed Funds continue to indicate 23.5bp of easing for this month, 32bp through January, 40bp through March, 48bp through April and 62.5bp through June.
- SOFR futures 0.25-3.0 firmer on the day vs. 0.25-3.5 firmer heading into the ISM release.
- Implied terminal rare pricing 3.025% after threatening to break below 3.00% earlier.
US TSYS: Post ISM Services React
Dec-03 15:04
- Treasuries scale back support after ISM services data - prices paid and new orders lower than expected while the Services index and employ component rise slightly.
- Currently, TYH6 trades 113-01.5 (+5) vs. 113-07 high, initial technical resistance at 113-11/22+ High Dec 1 / High Nov 25. Support below at 112-22 Low Dec 02
- Curves mildly steeper: 2s10s +.312 at 57.753, 5s30s +1.424 at 110.291.
MNI: US ISM NOV SERVICES COMPOSITE INDEX 52.6
Dec-03 15:00
- MNI: US ISM NOV SERVICES COMPOSITE INDEX 52.6
- US ISM NOV SERVICES PRICES 65.4
