NORGES BANK: Heightened June Cut Expectations Keeps Focus On May Guidance
We haven't seen an obvious domestic driver for this week's ~10bp narrowing in the 2-year NOK-EUR swa...
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OPTIONS: Expiries for Mar25 NY cut 1000ET (Source DTCC)
- EUR/USD: $1.0850(E1.2bln), $1.0900(E1.2bln)
- GBP/USD: $1.2835(Gbp578mln)
- AUD/USD: $0.6255-65(A$674mln), $0.6350-60(A$1.1bln)
- USD/CAD: C$1.4550($631mln)
GERMAN AUCTION RESULTS: 2.40% Apr-30 Bobl
| 2.40% Apr-30 Bobl | Previous | |
| ISIN | DE000BU25042 | |
| Total sold | E4.5bln | E4.5bln |
| Allotted | E3.431bln | E3.505bln |
| Avg yield | 2.44% | 2.15% |
| Bid-to-offer | 1.43x | 1.32x |
| Bid-to-cover | 1.87x | 1.69x |
| Average Price | 99.78 | 101.19 |
| Low acc. Price | 99.77 | 101.18 |
| Pre-auction mid | 99.756 | 101.170 |
| Previous date | 04-Mar-25 |
STIR: Short Setting Seen In Most SOFR Futures On Monday
OI data points to net short setting in most SOFR futures on Monday, as contracts ticked lower.
- Pockets of net long cover were seen through the blues, but the short setting dominated in net pack terms.
| 24-Mar-25 | 21-Mar-25 | Daily OI Change |
| Daily OI Change In Packs |
SFRH5 | 1,172,603 | 1,170,751 | +1,852 | Whites | +18,404 |
SFRM5 | 1,264,746 | 1,270,574 | -5,828 | Reds | +16,006 |
SFRU5 | 960,188 | 954,364 | +5,824 | Greens | +3,843 |
SFRZ5 | 1,080,454 | 1,063,898 | +16,556 | Blues | +3,816 |
SFRH6 | 644,917 | 655,494 | -10,577 |
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SFRM6 | 660,055 | 665,787 | -5,732 |
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SFRU6 | 622,531 | 619,840 | +2,691 |
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SFRZ6 | 826,778 | 797,154 | +29,624 |
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SFRH7 | 502,285 | 509,106 | -6,821 |
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SFRM7 | 490,757 | 486,591 | +4,166 |
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SFRU7 | 320,578 | 319,608 | +970 |
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SFRZ7 | 410,330 | 404,802 | +5,528 |
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SFRH8 | 222,833 | 224,380 | -1,547 |
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SFRM8 | 190,887 | 188,525 | +2,362 |
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SFRU8 | 131,654 | 130,560 | +1,094 |
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SFRZ8 | 138,568 | 136,661 | +1,907 |
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