EMISSIONS: EU End of Day Carbon Summary: EUAs/UKAs Fall W/W Amid US Tariffs
Apr-04 15:27
EUAs/UKAs Dec25 declined by nearly 8% and 2%, the lowest level since mid-Oct 2024 and mid-Mar 2025 r...
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OPTIONS: Expiries for Mar06 NY cut 1000ET (Source DTCC)
Mar-05 15:26
- EUR/USD: $1.0500(€1.8bln), $1.0550(€973mln), $1.0580-00(€1.5bln), $1.0625-30(€855mln), $1.0700-10(€844mln), $1.0845-50(€2.3bln)
- USD/JPY: Y148.00($786mln), Y149.00($511mln), Y149.70-85($620mln)
- USD/CAD: C$1.4400($802mln)
- USD/CNY: Cny7.2000($1.3bln), Cny7.2800($1.4bln)
GILTS: Lower Following U.S. ISM Data, Key Support In Futures Pierced
Mar-05 15:24
Gilts sell off again following the U.S. ISM services survey.
- Key support at 91.79 pierced as the contract bases at 91.74, before recovering to ~91.80. Fresh extension lower would target Fibonacci support at 91.27.
- Yields 8-14bp higher, 10s lead the move, with the next point of upside interest in that benchmark located at the Jan 20 high (4.704%).
STIR: ISM Services Unwinds Dovish ADP Employment Move
Mar-05 15:21
The dovish ADP employment move fades in the wake the higher-than-expected ISM services survey (with both the headline reading and major components topping expectations).
- Fed Funds now price 73.5bp of cuts through December vs. 80.5bp ahead of the data.
- 12bp of cuts priced through May and 29bp showing through June, compared to 14bp & 32bp pre-data.
- Ongoing signs of sticky services inflation present continued background worry for the Fed, but markets have become more attuned to downside economic growth risks in recent weeks.
