FED: US TSY 9Y-10M AUCTION: NON-COMP BIDS $96 MLN FROM $39.000 BLN TOTAL

Per MNI Europe Pi, German bond futures positioning has shifted to Short across the board following the March-June Eurex rolls and expansionary German fiscal developments. 

• In our last update on Feb 24, Schatz had been Flat, but now joins Bobl, Bund, and Buxl in Short territory.
• OAT is Flat, BTP is Long, and Gilt is Flat (all basically unchanged from late Feb).
• While last week's trade was indicative of short-setting across the board, the timing of the contract rolls makes it difficult to draw firm conclusions.
• We'll publish a full Europe Pi update next week.

• EUR/USD: $1.0540-50(1.2bln), $1.0800-15(E752mln), $1.0875(E504mln)
• USD/JPY: Y146.45-65($1.0bln), Y148.70($543mln)
• EUR/GBP: Gbp0.8325-35(E626mln)
• AUD/USD: $0.6300-10(A$946mln), $0.6385(A$2.5bln)
• NZD/USD: $0.5645(N$652mln)
• USD/CAD: C$1.4390-00($943mln), C$1.4470($617mln)

Secured rates softened slightly Friday, with SOFR dipping 1bp to 4.34% per NY Fed data. 

• SOFR's been steady in the 4.33-4.35% area in March, following the usual month-end dynamics in late-February (4.39% Feb 28th).
• Secured rates are generally expected to drift lower, with key dates to watch on Tuesday 11th (cash returning to market due to bill redemptions which should help the downward drift in rates) and Monday 17th (mid-month coupon Treasury auction settlements which could put upward pressure on rates).
• Effective Fed Funds were steady once again at 4.33%.

REPO REFERENCE RATES (rate, change from prev. day, volume):
* Secured Overnight Financing Rate (SOFR): 4.34%, -0.01%, $2477B
* Broad General Collateral Rate (BGCR): 4.33%, -0.01%, $959B
* Tri-Party General Collateral Rate (TGCR): 4.33%, -0.01%, $940B

New York Fed EFFR for prior session (rate, chg from prev day):
* Daily Effective Fed Funds Rate: 4.33%, no change, volume:  $110B
* Daily Overnight Bank Funding Rate: 4.33%, no change, volume:  $284B