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Higher Implied Rates, Led By Greens And Blues

US EURODLR FUTURES
  • Eurodollars have moved with longer-dated Tsys to price in higher rates further out the curve, on low volumes.
  • The Dec’22 is down -1.0 ticks, Dec’23 is -1.5 ticks, Dec’24 is -3.0 ticks and Dec’25 is -3.0 ticks.
  • The Dec’22 is off session lows after softer pending home sales data but is still below yesterday’s range at 98.93 and one of the lowest this month.
  • Next levels of interest include Monday’s early low of 98.915 (in very thin markets), after which it would be the lowest since the 98.90 briefly touched after the FOMC Dec decision (retraced to 99.00 by the end of the next day).
  • Further out, the Dec’25 of 98.26 is near weekly lows and close to the lowest since the initial reaction to the FOMC Dec announcement.
  • Next significant triggers could be Omicron-related headlines before tomorrow’s US data for weekly jobless claims and the MNI Chicago PMI for Dec.
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