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USDi: Mixed NFP receives a mixed reception by BEs

A mixed November NFP print left BEs mixed and flatters amid a broader risk-off move this session.

USD Swaps: UST bulls win out with NFP; Why is the Fed haw...

A mixed NFP with a disappointing headline but other positive metrics currently sees the UST bulls winning out. DB answers why the Fed is hawkish now.

GBP Swaps: Dec21 parties like it's 1999; Oh me, Omicron

MPC hawk Saunders is having second thoughts (something to do with a global pandemic). Ignoring Covid restrictions, Dec21 is partying like it's 1999.

EUR MTNs: Bank callables; SPIREs

Bank callables and a handful of SPIRE repacks made up the bulk of the week's structured notes.

EUR Swaps: ECB speak digested; 3s6s tests new lows

Bunds are little changed and the curve is a tad flatter after some ECB-speak but before NFPs. In basis, long end 3s6s tested fresh lows.

USD Swaps: Flatter pre-NFP; BofA on 2022 directions

Like a blanket of pure white snow, NFP data has smothered the recent volatility. But will hawks and doves do battle one last time this week?

JPY Swaps: Long-end flattens more; 10y at key level

The long-end of the JPY swap curve flattens more today, and 10-year swaps have reached their key level.

AUD Swaps: 10y given; 3y offers emerge after 2-way interest

AUD rates market is firmer despite losses in the USTs. 10y saw good receiving and 3-year turned better offered after some 2-way interest.

USDi: BEs stop their post-Powell moping and join the party

BEs stopped their post-Powell moping and actively joined today’s robust revival in risk sentiment.

USD Swaps: New flattening lows; SOFR volumes eclipse LIBOR

The UST curve recorded new lows. SOFR volumes rose above LIBOR for the majority of the curve today, a first. JPM examines spread curve vs. rate.

USD Vol: ULC jumps with rate selloff; Caps, wedges, floors

The ULC is well bid to new highs versus the underlying bear steepening. 1y1y 1x2 wedge, 3y 3% caps trade. Sources examine recent 0% 5y floor lifts.

GBP Swaps: Unnerving macro trading; BNPP on 2025 ASW

Headline trading made for an unnerving day as swappers waited with baited breath to discover the true nature of their new master Omicron.

EURi: Inflation bear-steepens as flows diverge

Euro inflation bear-steepened today amid selling of cash breakevens versus demand for long end swaps.

Basis: Dec 13 for next XCCY SOFR First; 2022 eyed

A day of pretty much zero basis-swappable bond issuance nonetheless saw a lot of flow, curve-flattening and big news regards XCCY SOFR First.

Structured Notes: New deals update

Recent structured note activity in USD.

USD Swaps: Risk-on makes another attempt; Low 10y yields ...

Risk-on is making another attempt after failing yesterday and USTs are under bear flattening pressure in tandem. Barclays sees low 10y yields holding.

USD Swaps: Flatter; Extreme short?

The UST curve is flatter and higher ahead of some Fedspeak and the looming jobs data. BNPP's new index finds short positioning at an extreme.

EUR Swaps: 3s6s loses mojo; Pain drives market; BTP spreads

Headline trading has bull-steepened a fragile market. 3s6s is lost without its leaders, and BNPP eyes BTP spreads to Bunds.

CNY Swaps: RRR outlook; 5-year better bid; FX prompts fro...

The PBOC may cut RRR in order to stabilise a possible liquidity strain. 5-year has been better bid and the move in FX has prompted front-end offers.

JPY Swaps: Long-end seen flatter; Uruguay Samurais

Worries over the new coronavirus strain will likely flatten the long-end of the JPY swap curve further. Uruguay sold JPY50bn worth of Samurai bonds.