FOREX: USD Rally Backed Up by Yields, But Conviction Low into Fed Meeting
* The USD rallied against all others Friday as markets backtracked a small part of the spell of we...
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JGBS: Rakuten Bank Stepping Back From JGB Buying
From a little earlier this afternoon "Rakuten Bank to Refrain From JGB Buying as More Rate Hikes Seen" Bloomberg
From the story: "Rakuten Bank Ltd. will likely hold back from actively buying Japanese government bonds until the central bank raises interest rates again, in the latest sign that an uncertain policy outlook is weighing on investor sentiment."
"The lender, a unit of Japan’s e-commerce giant Rakuten Group Inc., has seen its total deposits almost triple from five years ago to ¥11.7 trillion ($79 billion) at the end of June, as its online banking services attract more customers. While the deposits are dwarfed by those of Japan’s biggest lenders, Rakuten Bank’s fast-growing cash pool is pushing it to look for investments".
Comes against a backdrop of ongoing concerns around JGB liquidity and structural demand. Yesterday, the 10-year JGB went untraded for the first time in two years.
FED: US TSY 17W BILL AUCTION: HIGH 4.050%(ALLOT 41.13%)
- US TSY 17W BILL AUCTION: HIGH 4.050%(ALLOT 41.13%)
- US TSY 17W BILL AUCTION: DEALERS TAKE 28.74% OF COMPETITIVES
- US TSY 17W BILL AUCTION: DIRECTS TAKE 5.29% OF COMPETITIVES
- US TSY 17W BILL AUCTION: INDIRECTS TAKE 65.98% OF COMPETITIVES
- US TSY 17W BILL AUCTION: BID/CVR 3.50
OPTIONS: Larger FX Option Pipeline
- EUR/USD: Aug15 $1.1590-10(E1.3bln); Aug18 $1.1560(E1.1bln); Aug19 $1.1620-25(E1.7bln)
- USD/CAD: Aug15 C$1.3910($995mln)
- USD/CNY: Aug15 Cny7.5000($1.7bln)
