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CANADA GIVING UKRAINE CAD650 MILLION OVER 3 YEARS

FED'S DALY SAYS PATIENCE IS A PRUDENT STRATEGY RIGHT NOW

MNI BRIEF: ECB “Can’t Rule Out Cuts” On Latest Info - De Cos

EZ/UK T-Bill Calendar: Germany And France To Issue On Monday

MNI: US SEP FLASH S&P MANUF PMI 48.9 (FCST 48.2); AUG 47.9

MNI: CANADIAN JUL RETAIL SALES +0.3%; SALES EX-AUTOS/PARTS +1.0%

MNI BRIEF: Canada Shows No Progress Closing Housing Shortfall

MNI BRIEF: Highlights From BOC Governor Macklem Speech

MNI BRIEF: Finance Minister Calls BOC Pause 'Welcome Relief'

Modest Twist Steepening Of The Curve, Narrow Ranges In Play

US TSYS
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Tsys tick away from early session lows alongside Bunds, as participants assess the previously flagged hawkish ECB sources piece from RTRS and softer than expected UK GDP data.

  • The RTRS sources piece biased Tsys a little cheaper in the NY-Asia handover, although the move was limited, with TYZ3 sticking to the contained range established earlier in the session.
  • TYZ3 managed a shallow look below Tuesday’s low as Europe filtered in, but the move was very limited and failed to test initial technical support.
  • TYZ3 last trades just shy of the top of its 0-03+ range, last -0-04.
  • Cash Tsys run 0.5bp richer to 0.5bp cheaper, twist steepening.
  • FOMC-dated OIS pricing is little changed on the day, unwinding any modest upticks linked to the ECB sources story. Terminal policy rate pricing still shows at 5.45% come December, before 32bp of cuts are seen through June ’24.
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Tsys tick away from early session lows alongside Bunds, as participants assess the previously flagged hawkish ECB sources piece from RTRS and softer than expected UK GDP data.

  • The RTRS sources piece biased Tsys a little cheaper in the NY-Asia handover, although the move was limited, with TYZ3 sticking to the contained range established earlier in the session.
  • TYZ3 managed a shallow look below Tuesday’s low as Europe filtered in, but the move was very limited and failed to test initial technical support.
  • TYZ3 last trades just shy of the top of its 0-03+ range, last -0-04.
  • Cash Tsys run 0.5bp richer to 0.5bp cheaper, twist steepening.
  • FOMC-dated OIS pricing is little changed on the day, unwinding any modest upticks linked to the ECB sources story. Terminal policy rate pricing still shows at 5.45% come December, before 32bp of cuts are seen through June ’24.