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(Z2) Sell-Rallies Theme Intact


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Eurodollar/Tsy Option Roundup


Tuesday's better upside call buying fading the sell-off in underlying futures that saw 30YY top 3% (3.016%; 3.0285% during Asia hours) - had the right idea anticipating Wednesday's rally as underlying futures bounced off lows after the Bank of Japan offered to conduct an unlimited purchase of Japanese Government Bonds (JGBs).

  • (BOJ offered to conduct an unlimited purchase of Japanese Government Bonds (JGBs) at a fixed rate from April 21 to April 26 to prevent the 10-year JGB yield from rising above 0.25%, an upper limit of the preferred minus-plus 0.25% range.)
  • Some trading desks citing surge in industrial production and housing starts that recession fears are overblown, and looking for longer futures to continue to rebound. Wrap: curves bull flattened Wednesday as short end remained under pressure -- pricing in two to three 50bp hikes over the next three FOMC meetings.
  • Eurodollar put buying out to September expirys saw moderate volumes while 3Y midcurves saw decent buying in 3Y midcurve calls on the day. Treasury options saw more consistent buying in 10Y calls on the day.

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