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Pound under pressure. Equity rolls dominate

CROSS ASSET
  • Fairly subdued volumes (below averages) across the board.
  • Bund, Treasuries and even the shorter end, like Euribor, Eurodollar and short sterling are seeing little action.
  • Curves are flat with RM on the sideline, as the Globe gears up for the FOMC tomorrow.
  • In FX, USD is in the green against all G10 and EMs, as Equity fades from their best early levels
  • Pound continues to collapse, on the EU legal action, in the red against all G10 and EMs
  • In terms of volumes, all the action is in equity rolls, where most of the front contract is spread related

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