MNI: SNB CUTS POLICY RATE BY 25BPS TO 1.5%

MNI BRIEF: BOJ February Real Export Index Falls 4.0% M/M

MNI BRIEF: China Fiscal Policy To Enhance Employment Support

MNI: PBOC Sets Yuan Parity Lower At 7.0942 Thurs; -4.52% Y/Y

MNI: PBOC Drains Net CNY1 Bln Via OMO Thurs; Rates Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

MNI: GERMANY MAR FLASH MANUFACTURING PMI 41.6 (FCST 43.0); FEB 42.5

March Flash PMI: Demand Weakness Reduces Inflationary Pressure

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Post-LIBOR Settle Update: New Benchmark High

US EURODLR FUTURES

Lead quarterly EDU2 trades -0.005 at 96.6475 after latest 3M LIBOR set' climbs +0.01871 to new 14-year high of 2.96057% (+0.03900/wk).

  • Balance of Whites through Greens (EDZ2-EDM5) trade steady to -0.025, Blues through Golds (EDU4-EDM7) +0.005-0.015, Golds outperforming.
  • Markets still leaning towards 50bp as more likely than 75bp at next FOMC on Sep 21, but well aware of amount of time and data between now and then. Jully FOMC minutes release tomorrow may give additional clarity.
  • In the meantime, inversions near yesterday's levels: Dec'22/Mar'23 currently flat, Mar'23/Jun'23 -0.090; calendar spds: EDZ2/EDZ3 at -0.520 vs. -0.715 a week ago, EDH3/EDH4 at -0.720 vs. -0.820. Inversion flattens out in Blues Mar'26/Jun'26 trading flat to +0.005.
  • Fixed income option accounts took the opportunity to buy more downside put positions at cheaper levels Monday as underlying futures remained strong in late trade. Eurodollar and it's soon to replace SOFR options saw better put fly and condor option plays on the day while Treasury option volumes lagged.
  • Salient trade: 10,000 SFRZ2 95.87/96.00/96.25/96.37 put condors, 3.5 vs. 97.50 calls at 3.25; 40,000 Sep Eurodollar 96.12/96.50/96.87 put flys, 19.25 vs. 96.65/0.68% and 20,000 Sep 95.50/96.25/97.00 put flys, 34.5 vs. 96.6475/0.98%.

BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

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.