Free Trial

Sizeable Trimming In BAX Inversion

CANADA
  • BAX futures holding a sizeable trimming of cuts today, with the front Jun’23 -0.03, Dec’23 -0.11 and Jun’24 -0.15.
  • Were it to close now, the BAM3/Z3 time spread of -0.29 would be the smallest inversion since the start of US banking woes.
  • That compares with a latest high of +0.045 seen just beforehand on Mar 8, and only positive for two days with the last time it was positive in Apr/May’22.
  • A reasonable move in the BAZ3/M4 on the day but at -0.665 it’s only back to levels seen last week, with the much larger adjustment through the banking crisis coming in 2023 rates.


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.