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Expiries for Nov18 NY cut 1000ET (Source DTCC)


German 2s10s Set For Flattest Close Of Cycle


BLOCK, Midcurve Put Fly

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DOLLAR: DXY sits just 2 pips lower at 99.11. Gold trades ~$0.20/oz lower at
typing, while WTI deals ~$0.60 higher.
- The dollar index climbed to a new YtD high of 99.67 yesterday before taking a
nosedive. The initial upswing was driven by higher U.S. Tsy yields (after a weak
JGB auction spilled over into core FI space) and comments from Fed's Evans, who
said he expects solid growth in U.S. economy. This was before DXY dipped in
reaction to a miss in U.S. ISM m'fing, which printed at the lowest level in 10
years and indicated that contraction in the sector accelerated, even as
projections were for the headline number to come in at the breakeven level of
50.0. The survey was also particularly downbeat on employment. Late doors saw
gyrations on the back of the latest Brexit reports, which moved cable around.
- A fall through the 99.00 mark would invite DXY bears to target the 38.2%
retracement of this month's rally at 98.98. Conversely, yesterday's YtD peak at
99.67 continues to draw bullish attention.
- ADP employment change headlines the U.S. data docket today. Fed's Williams,
Barkin and Harker will provide some fresh Fedspeak.

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