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(H3) Extends Bounce Off Lows


Pierces The 50-Day EMA


Risk Buoyed Ahead Fed Blackout


Chris Hipkins Named To Succeed Jacinda Ardern As PM


Remains Above Support At The 20-Day EMA

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Post-LIBOR Settle Update: Modest Bid Post Benchmark Gain


Lead quarterly Dec'22 (EDZ2) at 95.14 (0.010) after latest 3M LIBOR set' climbs +0.02157 to new 14Y high of 3.94071% (+0.03200/wk).

  • Modest bounce does little to change chances of 75bp hike at Nov FOMC, while the balance of Whites through Greens (EDH3-EDU5) +0.015-0.020, Blues-Golds (EDZ5-EDU7) steady to +0.015.
  • Current inversions: Mar'23/Jun'23 -0.025; Dec'22/Red Dec'23 at -0.200, Mar'23/Red Mar'24 at -0.475, Jun'23/Red Jun'24 at -0.630. Inversion flattens out with Blue Dec'25/Mar'26 both trading 96.15.
  • Monday's Columbus day bank holiday hampered liquidity w/ trade volume limited to Globex. Mixed flow as decent downside put insurance buying outpaced sporadic call trades as chances of 75bp rate hike in November continued to firm.

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