GILTS: Wednesday Highs & Trade Headlines Limit Rally
Mar-28 15:20
Bulls are unable to push futures and 10-Year yields below respective Wednesday highs and lows, which...
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US TSY OPTIONS: Latest 10Y & 30Y Call Buys
Feb-26 15:15
- +15,000 TYK5 112 calls, 33 ref, appr 40bp out of the money for 6.36%implied vol
- over 7,000 USJ5 119/122 call spds ref 117-09
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.
