CANADA: Reciprocol Canadian Tariffs To Come Into Effect On Thursday

SX5E (17th Apr) 5325/5125ps vs (16th May) 5750c, bought the ps for 38.7 in ~17.5k.

• FRBNY EFFR for prior session:
  • Daily Effective Fed Funds Rate: 4.33% (+0.00), volume: $107B
  • Daily Overnight Bank Funding Rate: 4.33% (+0.00), volume: $286B
• Earlier Repo Reference Rates
  • Secured Overnight Financing Rate (SOFR): 4.35% (-0.01), volume: $2.336T
  • Broad General Collateral Rate (BGCR): 4.34% (+0.00), volume: $929B
  • Tri-Party General Collateral Rate (TCR): 4.34% (+0.00), volume: $901B
  • (rate, volume levels reflect prior session)

• Overall Volumes are below averages in Government Bonds on both sides of the Atlantic, but there has been some pick up in demand in the past 10 minutes or so.
• TYA is bought in 10k cumulative volumes, FVA 5k, USA 2k and in Europe, Schatz and Bund in 5k respectively.
• We already noted on the Bund open that the German contract was already trading at pre NFP level, and that the initial resistance is still unchanged at 133.86.
• For the US Tnotes (TYH5), the contract would need a test to 109.18 to trade at pre NFP levels now trading at 109.09.