OPTIONS: Slew Of Sonia Call Structure Buying After CPI, Labour Reports

Jul-17 16:52

Thursday's Europe rates/bond options flow included:

ERZ5 98.125/98.25/98.375 call fly paper paid 3.5 on 8K and 3K
SFIQ5 95.95/95.90 put spread 12.5K given at 0.25
SFIZ5 96.25/96.50/96.75 1x3x2 call fly, bought for 3.25 in 5k, now bought for 15k all day
SFIZ5 96.30/96.55/96.80 1x3x2 call fly paid 3.0 on 11K
SFIZ5 96.40/96.60 call spread vs. 5.6k SFIZ5 96.30 puts net paid -0.125 for the call spread - package 11.2K
SFIH6 96.60/97.00 1x1.25 call spread paper paid 4.5 on 7.5K
SFIH6 96.55/96.65 call spread vs. SFIH6 96.20/96.10 put spread paper paid 1.5 for the package on 10K, buying the call spread

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Jun-17 16:45

Jun-17 16:41

Bloomberg reports that “two family-owned businesses are asking the US Supreme Court to consider striking down President Donald Trump’s most sweeping tariffs, putting a high-stakes fight with worldwide economic implications before the justices for the first time.
The request, which stems from a lawsuit filed in Washington by two educational-toy makers, seeks to put the case on an expedited track with the possibility of a definitive Supreme Court ruling by the end of the year. A federal appeals court in a separate case has said the tariffs could stay in effect until that panel hears arguments July 31.”
White House administration officials have previously expressed confidence in the success of the appeal against the original trade court's ruling (for example, here).

Jun-17 16:33

Still well off this morning post-data knee-jerk highs, Treasury futures are rising again after Pres Trump's latest social media posts regarding Iran, raising chances of deeper involvement in the war between Israel and Iran.
Tsy Sep'25 10Y futures trades +8.5 at 110-24 vs. 111-00 high, below key resistance and its recent high of 111-14+, a Fibonacci retracement and the Jun 5 high. Clearance of this hurdle would be bullish and highlight a stronger reversal. This would open 111-30, a Fibonacci retracement.
Curves flatter, 2s10s -2.064 at 45.495, 5s30s -1.234 at 90.812. 10Y yield at 4.4027% vs. 4.3770% low.
Cross assets ignoring the pick up in geopol risk: Stocks weaker but well off low - (SPX eminis -14.25 at 6075.25), Gold mildly lower at 3380.00, Bbg US$ index climbing again: 1205.80 +3.21.

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