OPTIONS: US Options Roundup: May 29 2025
Thursday's US rates/bond options flow included:
- TYN5 112c, sold at '13 in 20k
- SFRU5 97.00c, traded 1.75 in 1.5k.
- SFRH6 95.50/95.00ps, traded 3 in 4k.
- SFRU5 95.87/96.25cs sold at 6.5 in 2.5k.
- SFRU5 96.25/96.00/95.75p fly, sold at 3.75 in 2k.
- SFRU5 95.75/95.25 put spread 3.3K lots blocked at 5.5, looks like a buyer.
- SFRU5 95.87/95.75/95.68/95.56p condor vs SFRZ5 95.62/95.37ps (x4), sold the Condor at 1.75 in 7k.
- SFRZ5 96.00/95.62ps vs 0QZ5 96.25/95.87ps spread, sold the front at 5.5 in 5k (profit taking).
- SFRH6 96.37/97.12cs 2x5, bought the 2 legs for half in 2k.
- 0QM5 96.75c, traded 3 in 2k.
- 0QM5 96.50p, bought for 8 in 7.5k.
- 0QM5 96.75/96.25RR, traded flat in 2k.
- 0QM5 96.75/97.00cs traded 2 in 2k.
- 0QU5 96.50/97.00cs traded 17 in 2k.
- 0QU5 96.37p vs 2QU5 96.31p spread traded half in 1k.
- 0QZ5 96.00/95.75ps traded 4.5 in 7.5k.
- 0QH6 96.75/97.75 cs vs 2QH6 96.50/97.50cs spread, bought the 2yr for 1.25 in 2k.
- 2QM5 96.25p traded 1.5 in 1.5k.
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AUDUSD TECHS: Short-Term Structure Remains Bullish
- RES 4: 0.6550 61.8% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 3: 0.6528 High Nov 29 ‘24
- RES 2: 0.6471 High Dec 9 ‘24
- RES 1: 0.6450 Intraday high
- PRICE: 0.6388 @ 16:25 BST Apr 29
- SUP 1: 0.6344/6307 Low Apr 24 / 50-day EMA
- SUP 2: 0.6181 Low Apr 11
- SUP 3: 0.6116 Low Apr 10
- SUP 4: 0.5915 Low Apr 9 and key support
The trend condition in AUDUSD is unchanged, it remains bullish and the pair is trading at its recent highs. Price has recently breached a key resistance at 0.6409, the Dec 9 ‘24 high. This breach reinforces bullish conditions and signals scope for a continuation higher near-term. Sights are on 0.6471 next, the Dec 9 2024 high. Initial key support to monitor is 0.6307, the 50-day EMA. A clear break of this EMA would be a concern for bulls.
PIPELINE: Corporate Bond Roundup: $9B World Bank 2Pt Lion's Share $23B Supply
- Date $MM Issuer (Priced *, Launch #)
- 04/29 $9B *World Bank $4B 3Y +35, $5B 7Y +55
- 04/29 $5B *KFW 5Y SOFR+42
- 04/29 $2B *ADQ $1B 5Y +85, $1B 10Y +95
- 04/29 $1.75B *Swedish Export Credit 3Y SOFR+45
- 04/29 $1.5B #Las Vega Sands $1B 3Y +200, $500M 5Y +225
- 04/29 $1B *GS Private $400M 3Y +225, $600M 5Y +250
- 04/29 $900M *Tyco Electronics $450M each: +5Y +83, 10Y +97
- 04/29 $800M *Weir Group 5Y +160
- 04/29 $500M *Constellation Brands 5Y +107
- 04/29 $500M *Southwestern Public Service 10Y +115
- 04/29 $Benchmark Bahrain 12Y, 8Y Sukuk investor calls
- Expected Wednesday:
- 04/30 $Benchmark IADB 5Y SOFR+45a
- 04/30 $Benchmark CoE Dev Bank 3Y SOFR+37a
- 04/30 $Benchmark Nordic Investment Bank 5Y SOFR+44a
EURJPY TECHS: Monitoring Support
- RES 4: 165.43 High Nov 8
- RES 3: 164.90 High Dec 30 ‘24 and a key medium-term resistance
- RES 2: 164.55 High Jan 7
- RES 1: 163.76/164.19 High Apr 25 / High Mar 18 and the bull trigger
- PRICE: 162.07 @ 16:24 GMT Apr 29
- SUP 1: 161.41/159.48 50-day EMA / Low Apr 9
- SUP 2: 158.30 Low Apr 7 and key support
- SUP 3: 157.02 76.4% retracement of the Feb 28 - Mar 18 bull cycle
- SUP 4: 155.60 Low Low Mar 4
Short-term weakness in EURJPY appears corrective and the trend condition remains bullish. Last week’s gains reinforce a bullish theme. Key S/T support lies at 158.30, the Apr 7 low. A break of it is required to signal scope for a deeper retracement. This would open 157.02, a Fibonacci retracement. First support to watch is 161.41, the 50-day EMA. Attention is on 164.19, the Mar 18 high and a bull trigger. Clearance of this hurdle would resume the uptrend.
