STIR: Repo Reference Rates
Aug-23 12:02
- Secured Overnight Financing Rate (SOFR): 5.31% (+0.00), volume: $2.037T
- Broad General Collateral Rate (BGCR): 5.31% (+0.01), volume: $783B
- Tri-Party General Collateral Rate (TGCR): 5.31% (+0.01), volume: $761B
- (rate, volume levels reflect prior session)
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GILT PAOF RESULTS: GBP325.249mln of the 4.375% Jul-54 Gilt sold
Jul-24 12:02
A total of GBP562.5mln had been available.
This leaves GBP15.456bln of the gilt in issue.
FOREX: Greenback Follows Yields Lower, Working Further in Favour of GBP, JPY
Jul-24 11:54
- The fade in the USD into the NY crossover begins to pick up pace, with GBP/USD reversing the day's initial losses to print a new daily high at 1.2915 as markets continue to chew through a small part of yesterday's, and the overnight, losses. The latest move also prompts a fresh wave of selling across both USD/JPY and USD/CHF - both of which trades particularly heavy as the carry trade dynamics evident in recent months continue to unwind.
- Yields are proving to be supportive of the USD weakness, with the 10y yield returned back toward the day's lowest levels in tandem.
- 153.60 marks next key support for USD/JPY ahead, the mid-May low. A break and close below here opens 151.86 the post-April intervention lows in the pair. Futures volumes and activity in JPY futures are particularly healthy - JPY futures volumes sit near 40% ahead of average for this time of day. Flash US PMI numbers, and the BoC decision, provide the next flashpoints for activity - with wholesale inventories data unlikely to move the needle.
GERMANY: dpa-Next Elections Set For 28 Sep 2025
Jul-24 11:43
As an addendum to our previous bullt (see 'GERMANY: Scholz-I Will Run As Chancellor To Become Chancellor Again', 1235BST), German wire dpa is reporting that Germany is set to hold the national elections (discussed in the bullet) on Sunday 28 September 2025 according to a decision by the Cabinet.
