Free Trial
SOUTH KOREA

September Trade Figures Due Tomorrow

EUROZONE ISSUANCE

EGB Supply For W/C Sept 26, 2022

BTP TECHS

(Z2) Bearish Outlook

EUROZONE T-BILL ISSUANCE

W/C Sept 26, 2022

EURJPY TECHS

Bull Cycle Extends

RATINGS

Moody’s On Italy Headlines On Friday

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Post-LIBOR Settle Update: Forward Hike Guidance Eases

US EURODLR FUTURES

Lead quarterly EDU2 trades +0.020 at 96.585 after latest 3M LIBOR set' recedes -0.01671 to 2.76629% (+0.02872/wk).

  • Rate hike expectations of 75bp next week holding steady while forward guidance through year end adds to Thursday's moderation w/ balance of Whites (EDZ2-EDM3) trades +0.060-0.100, Reds through Golds (EDU3-EDM7) +0.125-0.085, Gold lagging.
  • Front end inversion rebounds: Dec'22/Mar'23 at -0.210 vs. -0.140 yesterday. Most inverted calendar spds: EDZ2/EDZ3 at -0.735, EDH3/EDH4 at -0.645. Inversion starts to flatten out in Green Jun'25 vs. Blue Sep trading +0.020.
  • Thursday roundup: chances of more aggressive rate hikes in the latter half of the year started to fade as data turns weak. Tsys held near session highs after initially selling off after the ECB hiked 50bp. Brief post-ECB hike sell-off in Tsys saw 30YY hit 3.2035% high. Tsys bounced on weak US data soon after: weekly jobless claims higher than expected at 251k vs. 240k, continuing claims 1.384M vs. 1.340M est, sharp miss on Philly Fed Mfg index at -12.3 vs. 0.8 est.
  • Carry-over weakness this morning after France and Germany mfg PMIs both missed expectations, contractionary sub-50 reads at 49.6 and 49.2 respectively. Trading desk speculate the ECB would likely have hiked 25bp instead of 50bp if the French and German PMIs had come out prior to rate annc.
209 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

Lead quarterly EDU2 trades +0.020 at 96.585 after latest 3M LIBOR set' recedes -0.01671 to 2.76629% (+0.02872/wk).

  • Rate hike expectations of 75bp next week holding steady while forward guidance through year end adds to Thursday's moderation w/ balance of Whites (EDZ2-EDM3) trades +0.060-0.100, Reds through Golds (EDU3-EDM7) +0.125-0.085, Gold lagging.
  • Front end inversion rebounds: Dec'22/Mar'23 at -0.210 vs. -0.140 yesterday. Most inverted calendar spds: EDZ2/EDZ3 at -0.735, EDH3/EDH4 at -0.645. Inversion starts to flatten out in Green Jun'25 vs. Blue Sep trading +0.020.
  • Thursday roundup: chances of more aggressive rate hikes in the latter half of the year started to fade as data turns weak. Tsys held near session highs after initially selling off after the ECB hiked 50bp. Brief post-ECB hike sell-off in Tsys saw 30YY hit 3.2035% high. Tsys bounced on weak US data soon after: weekly jobless claims higher than expected at 251k vs. 240k, continuing claims 1.384M vs. 1.340M est, sharp miss on Philly Fed Mfg index at -12.3 vs. 0.8 est.
  • Carry-over weakness this morning after France and Germany mfg PMIs both missed expectations, contractionary sub-50 reads at 49.6 and 49.2 respectively. Trading desk speculate the ECB would likely have hiked 25bp instead of 50bp if the French and German PMIs had come out prior to rate annc.