STIR: US Front Rates Underperform, Fedspeak To Resume After Divided FOMC Remarks

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EUR selling pressure helps tip EUR/USD, EUR/JPY and EUR/GBP through to new daily lows. Little headline flow or news to trigger the phase of EUR weakness here, although it does coincide with Bund futures creeping back to flat on the day, as mentioned above. Gov shutdown risks and the BoJ Tankan survey have been the primary drivers so far today, but the latest phase of EUR weakness stands out somewhat - but looks largely flow driven at this stage.

• Futures markets show a decent pick-up in interest in EUR selling 1118BST, which marked some of the best activity of the session so far, even including the price action across the PMI and HICP releases. Over 3k EUR Z5 futures contracts traded into the session low for a cash equivalent of just below E500mln.
• The fade in price tips spot toward some of the more sizeable options interest rolling off at today's cut, with E2.4bln expiring between $1.1700-10 today.

SFIM6 96.60/96.80 call spread paper paid 3.5 on 8.6K. Desks note paper bought 9K at the same price on Tuesday.