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BONDS: Around Session Lows Into NFPs

BONDS
BulletMarketsFixed Income Bullets

Core global FI markets just off session lows heading into the U.S. NFP data, higher oil prices, a lack of meaningfully dovish rhetoric from BoE chief economist Pill and pre-data positioning adjustments seemed to dominate during the London morning.

  • We have already suggested that a ‘dovish’ NFP release presents the greatest risk to Tsy & USD STIR positioning, with risks in the unemployment rate reading seemingly tilted to the upside.
  • Fed funds futures price 34bp of cuts for the November FOMC heading into the data.
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Core global FI markets just off session lows heading into the U.S. NFP data, higher oil prices, a lack of meaningfully dovish rhetoric from BoE chief economist Pill and pre-data positioning adjustments seemed to dominate during the London morning.

  • We have already suggested that a ‘dovish’ NFP release presents the greatest risk to Tsy & USD STIR positioning, with risks in the unemployment rate reading seemingly tilted to the upside.
  • Fed funds futures price 34bp of cuts for the November FOMC heading into the data.