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USDCAD TECHS

Circling Major Support

US TSYS SUMMARY

Stocks and Rates Near Session Highs Late

AUDUSD TECHS

Tepid Bounce

LATAM

OUTLOOK: WEEK AHEAD

US EURODLR OPTIONS

Nice Mark for Early Put Buyer

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Weaker stocks adding impetus to new duration highs in Tsys, yield curves bull flattening, decent volumes for this time in the session and after a slow start w/Asia out through Wednesday, TYM1 near 950k. CBOE vol index on the move: VIX 20.78 +2.47 high.
  • Support Impetus speculation: not risk-off but dealers in short base reduction mode with similar moves Monday (looking for confirmation if gap-bid continues tomorrow).
  • With job-gains mean-estimate for Fri's NFP closing in on 1M, speculation that prop, fast$ and dealers scaling back net short positions not that far off -- with Tsy and MBS inventories scaling back since February.
  • Blocks and stops exacerbating the current moves with cross asset hedging weighing on equities.