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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessJ.P.Morgan: Position For Narrowing In FV, UXY & WN Calendar Spreads
Friday saw J.P.Morgan note that they expect “FV, UXY & WN calendar spreads to narrow in the weeks ahead due to a combination of low market liquidity, elevated net commercial longs who will seek to roll before delivery month, and a significant wildcard option in the case of the WN contract. We recommend investors who are long and wish to avoid delivery to sell the calendar spread.”
- “Sell 954 FV calendar spreads at 14.25, and sell an additional 46 FVM2 @ 112-30+. This trade uses a 1000:954 hedge ratio between front and back contracts.”
- “Sell 1000 Ultra UXY calendar spreads at 1-06+. This trade uses a 1:1 hedge ratio between front and back contracts.”
- “Sell 1000 WN calendar spreads at 7.5. This trade uses a 1:1 hedge ratio between front and back contracts.”
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.