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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessPost-LIBOR Settle Update: 50Bp Hikes in Fall Gaining
Lead quarterly EDM2 trading mildly weaker at 98.2325 (-0.0025) after latest 3M LIBOR set' climbs to new 2Y high of 1.62600% (+0.01529 and +0.02814 for wk).
- Carry-over weakness out the strip as markets reprice chances of additional rate hikes out the curve (odds of additional 50bp in Fall gaining). Balance of Whites (EDU2-EDH3) currently trading -0.010-0.030, Reds through Greens (EDM3-EDH5) -0.045-0.035, Blues through Golds (EDM5-EDM7) -0.030-0.020.
- Inversion holds to front Reds: low mkt measure of confidence in Fed managing a soft landing/avoiding recession has extended: Red Sep (EDU3) currently trading 96.80 vs. Red Jun (EDM3) at 96.705. Inversion starts to flatten out (dis-invert) around Blue Jun'25-Sep'25 trading 97.125.
- Tues' option roundup: Prospect of higher inflation lasting longer than estimated weighed on global rates markets Tuesday as markets back to pricing in more rate hikes this year.
- In turn, Eurodollar and Tsy option flow revolved around better downside, rate-hike insurance buying via outright puts and put spds.
- Salient Eurodollar option trade revolved around June midcurve options (uses mid-2023 futures as underlying, but expires at same time as front June options): short June 96.00/96.50 put spds at 2.5 and short Jun 96.50 puts outright. Near-term hike insurance: option block buy of 6,000 July 97.1297.43 2x1 put spds at 6.0 while paper partially funded buying August 97.12/97.50 put spds with sale of 97.68 calls for net debit of 3.5.
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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.