FOREX: Steadier finish for FX as Rates Stabilise, Equities Improve
Oct-09 15:32
* Weaker-than-expected Canadian jobs data worked against the CAD into the Friday close. Net change...
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FED: US TSY 17W BILL AUCTION: HIGH 3.895%(ALLOT 37.41%)
Sep-09 15:32
- US TSY 17W BILL AUCTION: HIGH 3.895%(ALLOT 37.41%)
- US TSY 17W BILL AUCTION: DEALERS TAKE 48.08% OF COMPETITIVES
- US TSY 17W BILL AUCTION: DIRECTS TAKE 8.21% OF COMPETITIVES
- US TSY 17W BILL AUCTION: INDIRECTS TAKE 43.70% OF COMPETITIVES
- US TSY 17W BILL AUCTION: BID/CVR 2.73
US TSYS: Treasury Updates Full Buyback Schedule, Retains Long-end Flexibility
Sep-09 15:23
Like clockwork, Treasury have now updated the buyback schedule here
Long-end operations specified to be at least $4bln (in line with August 19 announcement guidance), retaining flexibility on size. Tomorrow's operation $6bln as announced today.
US TSYS: Markets Disappointed By Long-end Buyback Announcement
Sep-09 15:18
- The market reaction to tomorrow’s 10-20Y liquidity support buyback announcement is one of disappointment. The 2s10s curve has steepened ~3bps to ~42.5bps, with outright 10-year yields up to a fresh session high of 4.85%.10- and 30-year swap spreads have also narrowed to session lows, though remain comfortably above pre-August 19 announcement levels.
- The $6bln announced by Treasury (up from $2bln at the August refunding and above the $4bln minimum set out last month) was broadly in the range of some expectations we had seen, but still hasn’t been enough to appease markets amid continued pressure in global rates markets.
- Treasury doesn’t look to have provided any further materials such as an updated buyback schedule, suggesting flexibility will be retained for the size of future long-end liquidity support operations. The next longer-term operation, for 20-30Ys, is scheduled for September 24th (announcement Sept 23rd).
- Results for the 10-20Y buyback operation will be released at 1400ET tomorrow. Focus will be on whether Treasury buys back the full $6bln amount and the magnitude of total offers it receives.
