STIR: Further Modestly Dovish Reaction To ISM Services Miss
Feb-05 15:30
- Fed Funds implied rates have eased a little lower on the softer than expected ISM services report for January, currently 0.5-2.5bp lower, with some limit considering the large declines seen over the past two days.
- The ISM report included a firm pullback in the prices paid component but it followed an outsized increase in December (the survey estimate on Bloomberg only had three analysts) and as we note in our 1014ET bullet, adverse weather conditions were highlighted by many respondents.
- Cumulative cuts from 4.33% effective: 5bp Mar, 12.5bp May, 23bp May, 30bp Jul and 50bp Dec.
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Historical bullets
BOBL: Block trade
Jan-06 15:18
Bobl Block trade, suggest seller:
- OEH5 8.5k at 117.16.
EQUITIES: Huge Stoxx600 Option
Jan-06 15:12
- SXXP (21st March) 500p, trades for 6.8 and 6.7 inb 56.5k.
- SXXP (20th June) 500p, trades for 14.5 in 26.8k.
JPY: Exchange traded Option
Jan-06 15:11
JPYUSD (7th Feb) 58.00p sold at 0.035 in 2.7k.
