US TSYS: Repo Reference Rates
Oct-07 12:07
- Secured Overnight Financing Rate (SOFR): 3.05%, $985B
- Broad General Collateral Rate (BGCR): 3.00%, $399B
- Tri-Party General Collateral Rate (TGCR): 3.00%, $375B
- (rate, volume levels reflect prior session)
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US EURODLR FUTURES: EDZ2 Nudging Close To Cycle Lows On 75bp Hike Expectations
Sep-07 12:04
- Front Eurodollars keep half of the move lower on the WSJ's Timiraos piece leaning to a 75bp rather than 50bp increase at the Sep 21 FOMC as they nudge close to cycle lows ahead of the Jun 15 FOMC (EDZ2 currently 95.840 vs low 95.775).
- In implied yield space, EDZ2 +2.5bp and EDZ3 -2bp sees modest inversion on the day but clearly doesn’t impact the higher for longer theme that has continued to build since Jackson Hole – see chart.
- Fed Funds implied hikes showing 70.5bps for the Sep FOMC, up from 67bps as the US came in.
GILT PAOF RESULTS: GBP687.500mln of the Jan-32 gilt sold
Sep-07 12:02
- A total of GBP687.5mln had been available.
- This leaves GBP20.59bln of the gilt in issue.
EURJPY TECHS: Impulsive Rally Extends
Sep-07 11:56
- RES 4: 145.00 Psychologicals round number
- RES 3: 144.28 High Jun 28 and key resistance
- RES 2: 143.85 1.764 proj of the Aug 2 - 10 - 16 price swing
- RES 1: 143.38 Intraday high
- PRICE: 143.31 @ 12:55 BST Sep 7
- SUP 1: 141.37/139.56 Intraday low / Low Sep 6
- SUP 2: 138.69/27 Low Sep 5 / 50-day EMA
- SUP 3: 137.03 Low Aug 29
- SUP 4: 136.02 Low Aug 25
EURJPY continues to climb as the Yen stays offered. This week’s impulsive gains reinforce current bullish conditions and the move higher maintains a positive price sequence of higher highs and higher lows. The cross has cleared resistance at 142.32, the Jul 21 high. The break opens 144.28, the Jun 28 high and the next major resistance. Firm trend support is seen at the 20-day EMA. The average intersects at 138.44.
