US Dollar (USD)

USD Swaps: Steepening back in driver’s seat; Spreads nudg...

The UST steepening hit a new high for 5s30s while equities saw some new highs. Swap spreads lifted wider, and sources see FIG issuance on the wane

USDi: $15bn Jan31 TIPS but a molehill for inflationistas

Today’s $15bn Jan31 TIPS auction was but a little molehill for bullish inflationistas who continued to chase BEs higher this session.

USD Vol: Wedges active; 10y20y bid

The 2x3 2y1y wedge traded in good size today and perhaps reflects growing interest to buy 2x3 CFS vol. 1y1y, 1x2 CFS also dealt. 10y20y sees buying.

USD Swaps: Bear steepening; 10y TIPS on deck; LDI demand ...

USTs are bear steepening as stocks make new all-time highs. $15bn 10y TIPS hit the auction block ahead. SocGen looks at LDI demand for USTs.

Basis: EUR on back foot as USD supply takes over

With the ECB meeting stopping traffic and the SURE supply lurking, USD seized the opportunity to corner most of the cross-border market today.

USD Swaps: Steeper after data, ECB; Taper talk; More call...

The UST curve is steeper after the data and the ECB. Banks examine taper risk and timing. Another slug of USD callables prints.

USD Swaps: Mammoth FIG issuance fails to make a dent

GS' $5.5bn 3-part and MS' $7.5bn 3-part did not make an impression on swap spreads as spreads continued to foster a decent bid. SOFR/FF slips in.

USDi: BEs continue winning streak; 10y TIPS supply eyed

BEs extended on the reflation rally of 2021 as the presidential baton was passed amid a buoyant risk-tone. Attention shifts to the 10y TIPS auction.

USD Vol: Gamma slips; Vega holds, better bid

Little realized volatility has hit down gamma today. Despite more ZCs, vega is holding in, and is better bid. Deutsche likes 1x2 curve caps.

USD Swaps: Dump Trump rally; 20y UST auction preview; Blo...

Equities are up as Trump heads for the exits while UST yields are little changed. SocGen previews 20y UST auction. Bloomberg launches BSBY Index.