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Remain mixed

CROSS ASSET
  • Cross assets remains very mixed, with very low Volumes, Bund runs around 40% of average, compared to the large trading session of late.
  • Market colour has mainly been from FM players, and some likely light covers.
  • We have a busy week ahead, packed with speakers and ending the week with the EU CPI on Friday.
  • Most investors sits on the sideline.
  • Low liquidity, is helping exacerbate some of the moves on either side on the ranges.
  • Looking at UK SONIA's back end strip, it is quoted 1 tick wide.
  • Similar flows on the other side of the Pond, with just 450k lots traded in Tnotes.

Turnovers in FX, vs 5 days averages:

  • EUR 40%
  • GBP 41%
  • JPY 44%
  • AUD 54%
  • CAD 35%
  • CHF 39%
  • NZD 50%
  • NOK 16%
  • SEK 39%
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