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Debt Ceiling the Focus, With No Data to Distract

FOREX
  • Markets continue to revolve around US matters early Monday, with debt ceiling negotiations and tensions with China top of mind for traders. Ahead of another touted meeting between McCarthy and Biden later today, the greenback sits stronger - although off the best levels of the session - keeping prices within range of the multi-month highs posted last week. For the USD Index, 103.295 marks the next intraday upside level in the USD Index, ahead of 103.373 (61.8% retracement for the Thurs - Monday downleg) ahead of multi-month highs at 103.624.
  • Signs of a shakier footing for US/China relations has also unsettled equities, tipping European markets into a soft early performance. As such, CHF and JPY are also faring better, as core bond yields retreat.
  • Larger options rolling off at today's cut include a sizeable strike at 1.0825-40 in EUR/USD (E2.3bln), with E609mln set to roll off just above at 1.0845-50. Some interest also noted in USD/JPY near current spot rate at Y137.90-05 ($567mln) and below at Y137.50 ($825mln).
  • There are no data releases set to distract markets Monday, keeping focus on a busy calendar of central bank speak. ECB's Vujcic, de Guindos, Holzmann, Lane, Villeroy and de Cos make up a frantic European calendar, while Fed's Bullard, Bostic, Barkin and Daly represent the FOMC.
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