US Dollar (USD)
USD Swaps: The Kashkari clutch; No Fed pivot until payrol...
Kashkari has clutched on to the Fed’s hawkish message today, leaving USTs lower again. BofA sees no pivot until negative NFP print.
USD Swaps: Dollar direction needs confidence about rates ...
Treasuries are little-changed across the curve ahead of NFPs tomorrow. Banks look at the link between the dollar and peak rates.
USD Swaps: Swap spreads widen; USTs, equities waver
Equities, spreads and USTs came off the lows this afternoon but then wavered. Sources examine the state of the spread market. BofA sees USTs hampered.
USDi: Risk sentiment bounces back but BEs don’t amid buye...
While risk sentiment bounced back from an early stumble, BEs never joined amid a lack of buyers today.
USD Vol: Vol shifts back higher; Noisy, chaotic
Vols are back higher today, led by gamma in the belly of the curve. Price action remains noisy, chaotic. BofA sees vol stuck between stress and Fed.
USD Swaps: Daly dashes pivot hopes; Congested dealer bala...
Hopes of a dovish pivot are being dialed back today with some pushback from Daly. Barclays looks at secured funding market and balance sheets.
USD Swaps: Spreads edge in as deals build; HF gains; Exte...
Spreads are edging tighter as the new issue list starts to fill, including deals from Enel and PIF. Stocks and USTs are in the red, led by the belly.
USD Swaps: UST belly leads small rally; Spreads in; SLR t...
Swap spreads narrowed as much as 3.5bps and sources cite overhang from CB sellers as well as LDI receiving in the back end. Bowman SLR small talk.
USDi: BEs keep a good thing going as ugly month-end fades...
BEs built on yesterday’s already heady gains as another uber-risk-on day as last week’s poor month-end performance fades.
USD Vol: Vols fall lower amid UST choppiness
Implieds are lower across the surface. Interbank activity saw more flows. Deutsche finds the recent vol and market conditions extraordinary.