Euro (EUR)
USDi: BEs sulk lower into month-end close
BEs quickly sulk lower into the month-end close as a meager index extension, rallying nominals and a rudderless risk tone lent little support.
EUR Vol: Vol levels ebbing away as world gets a grip
As coronavirus infection indicators start to dip, so does vol. Traders describe the flows as the vol market descends from Mount Fear.
EUR Swaps: Bull-flattening; Recovery positions
Extensions and risk off helped the euro curve bull-flatten out to 10y. Banks look at the likely impact of the proposed EU Recovery Fund.
USDi: BEs ignore dip in risk-tone; Focus turns to month-e...
BEs ignored the shifting risk tone today, forging higher as the backdrop deteriorated. Attention now shift to month-end flows tomorrow.
EURi: Momentum returns; IOTAs tighten
German CPI data and the morning’s re-pricing by the market of May Eurozone HICP by 10bps have combined to give inflation a much-needed boost
Basis Swaps: USD on a roll in busy issuance market
After a quiet start to the week, both sides of the Atlantic are seeing strong issuance, with USD supply from non-domestic issuers booming.
EUR Swaps: Bund ASW; More tightening ahead?
Bund asset swaps were a talking point in lunchtime trading as news of grants and loans from the EU’s ERF continue to keep spreads tight.
EUR New Issues: Fast pace continues
Yesterday's fast pace of EUR bond issuance continued today with new offerings emerging from BASF, Credit Agricole, Axa and Bpi, among others.
USDi: BEs guided higher by macro backdrop
BEs were guided higher by macro backdrop today when compared to late day levels yesterday, though volumes and conviction remained low, sources report.
EUR Vol: Fast money swoops on expiries; Vega puzzlement
Fast money have pounced on a steep expiry curve. Vega puzzles some.