CAD: USD/CAD Slips on "Extremely Productive" Trump-Carney Call
Mar-28 15:14
Trump posts on Truth Social: "I just finished speaking with Prime Minister Mark Carney, of Canada. I...
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STIR: Large June'25 SOFR Call Spread Buying, Midcurve Skew Play Block
Feb-26 15:12
- +50,000 SFRM5 96.18/96.62 call spds .62 on legs
- Block, 5,000 2QM5 96.50/96.75 call spds vs. 95.50/95.75 put spds, 4.0 net/calls over at 0957:20ET
JPY: USD/JPY Re-Correlates With Stocks, Resistance Seen Scant
Feb-26 15:11
- Best volumes of the US and European sessions go through on the latest move in USD/JPY, although participation was seen stronger during Tokyo trade. Nonetheless, the pair edges to a new daily high - a move that goes someway to pausing the bearish phase that kicked off on the break of Y151.00 to the downside.
- A close above 148.57 today would confirm an end to the run of lower lows in the pair - which will raise questions about the possibility of a sustainable bounce in prices in the near-term. The recovery off lows for the pair has mirrored the corrective bounce in equities - particularly in the US, suggesting and return lower for the e-mini S&P could hinder any further recovery.
- We note USD/JPY has often been in demand in the early hours of the Asia-Pac session in recent weeks - particularly when following a sharper phase of selling in US hours. With the price now ~125 pips above yesterday's lows, markets will be watching for any continuation of this trend, particularly as resistance is seen scant into 150.74, the high from Feb 21.
US TSYS: Post-New Home Sales
Feb-26 15:07
- Brief two-way flow as Treasuries maintain mildly weaker levels after lower than expected New Home sales for January, but large up-revisions to prior.
- The Mar'25 10Y contract trades 110-14.5 (-2), well inside technicals: resistance at 110-21 (High Feb 25), support below at 110-00 (High Feb 7 and a recent breakout point).
- Curves flatter: 2s10s -1.972 at 17.692; 5s30s -1.583 at 40.802.
- Cross asset: stocks moderately bid (SPX eminis +35.50 at 6005.25); Gold weaker (-11.71 at 2903.27), Crude steady (WTI at 68.93), Bbg US$ index firmer, near highs at 1288.39 (+3.71).
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