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Expiries for Jun24 NY cut 1000ET (Source DTCC)


Ex-Fed Officials On Timing Of The Next Rate Hike

FOREX: Risk returns as Iranian strike impact seen muted
- USD/JPY had a rollercoaster ride overnight as headlines flashed that Iran had
taken retaliatory action against the US after the targeted strike on their top
general last week. Iran launched "tens" of missiles at US-Iraqi military bases
Erbil and western Iraq. Trump was quick to temper any concerns of material
losses, however, clarifying that "all is well!" in a tweet shortly afterward.
Analysts believe the Iranian response will have been measured in an attempt to
avoid material fallout from US forces, but still be seen as having taken action.
USD/JPY sank to touch Y107.65, taking global equities with it, before bouncing
back well ahead of the European open.
- GBP came under pressure alongside the 10am fix, with order related flow likely
the culprit. Over 4,000 futures contracts changed hands around the fix,
equivalent to around Gbp270mln and the best volumes of the day.
- US ADP employment change is the key release today, which comes ahead of this
Friday's nonfarm payrolls release. BoE's Haldane is due to speak as well as
ECB's de Guindos and Fed's Brainard.