STIR: Repo Reference Rates
Jan-02 13:06
- Secured Overnight Financing Rate (SOFR): 4.49% (+0.12), volume: $2.474T
- Broad General Collateral Rate (BGCR): 4.45% (+0.10), volume: $812B
- Tri-Party General Collateral Rate (TGCR): 4.45% (+0.10), volume: $778B
- (rate, volume levels reflect prior session)
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GILT PAOF RESULTS: GBP562.5mln of the 4.375% Jul-54 Gilt sold.
Dec-03 13:03
- GBP562.5mln had been available.
- This leaves GBP23.829bln of the gilt on issue.
STIR: Dec'24 SOFR Rate Cut Play in Action
Dec-03 12:56
- Relatively cheap short-term upside rate cut play that expires next week Friday - before the FOMC policy annc on December 18:
- +14,000 SFRZ4 95.68/95.75 call spds, 0.5 ref 95.605/0.06%
- Incidentally, Block buyer a few minutes later:
- +4,000 SFRZ4 95.585 (+0.030), turned the post-time offer at 0736:33ET bid.
FOREX: USDJPY Holds Short-Term Support, Bear Cycle Dominates Ahead of NFP
Dec-03 12:49
- The USDJPY selloff extended late yesterday, with USDJPY sinking through 149.50 to print a new 6-week low. The move was particularly notable given the broader dollar strength seen across currency markets.
- Monday’s session low of 149.08 closely matched support at the Oct 21 low print and was enough to prompt a solid 120 pip bounce overnight. Spot has since slipped back below 150.00, keeping the technical bear cycle intact. On the downside, 148.17 support is next, the 50% retracement of the Sep 16/Nov 15 rally.
- Prior breakdown points on the chart provide the clearest resistance levels, that being 150.50 and 151.34, with the latter matching with the 50-day EMA.
- With divergent monetary policy paths clearly weighing on USDJPY in recent weeks, this week’s US employment report remains the key focus, especially following the October NFP reading coming in far weaker than expected with payrolls growth of just 12k.
- In Japan, Friday’s release of wage data as well as the upcoming Tankan survey (Dec 13) remain key for the BoJ's bias into its December rate decision.
