Archive for June, 2015
Tuesday, June 9th, 2015
Via the good folks at Bloomberg:
RATES: ‘Modestly Less Short’ in Latest JPM Survey
2015-06-09 12:23:51.113 GMT
By Robert Elson
(Bloomberg) -- The JPMorgan Treasury Client Survey for the
week ended June 8 vs weeks ended June 1, May 26
* Longs 9 vs 9 vs 11
* Neutrals 52 vs 50 vs 65
* Shorts 39 vs ...
Posted in Uncategorized | Comments Off on JPM Duration Survey
Tuesday, June 9th, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
* 9:00am: NFIB Small Business Optimism, May, est. 97.2 (prior
96.9)
* 10:00am: Wholesale Inventories, April, est. 0.2% (prior
0.1%)
*
* Wholesale Trade Sales, April, est. 0.6% (est. -0.2%)
* 10:00am: JOLTS Job Openings, April, est. 5.044m (prior
4.994m)
* Central Banks
*
* 10:50pm: Reserve Bank of Australia’s Stevens ...
Posted in Uncategorized | Comments Off on What to Watch Today
Tuesday, June 9th, 2015
Via Bloomberg:
IG CREDIT: Client Flows Led Trading; Issuance May Be Heavy
2015-06-09 10:06:24.771 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $11.2b vs $11.9b Friday, $13.5b the previous Monday.
* 10-DMA $15.1b
* 144a trading added $1.8b of IG volume vs $1.4b Friday, $1.8b
last Monday
* Most active issues longer ...
Posted in Uncategorized | Comments Off on Corporate Bond Trading Yesterday
Tuesday, June 9th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Dollar Trying to Stabilize after Giving Back Jobs-Inspired Gains
The losses the US dollar suffered yesterday were extended into Asia today. The dollar has stabilized in Europe. Short-term technical indicators warn against expecting deep retracement today. Support for the euro is seen near $1.12. ...
Posted in Uncategorized | Comments Off on FX
Tuesday, June 9th, 2015
Dealers report modest activity overnight. Japanese based end users bought 7 year sector spread product.
Fast money bought Long Bonds against 5s and 7s.
Asian commercial banks were sellers in the 3 year sector and buyers in the 5 year sector.
Posted in Uncategorized | Comments Off on Overnight Flows
Tuesday, June 9th, 2015
Via Kit Juckes at SocGen:
<http://www.sgresearch.com/r/?id=hded7adb,12ee69e0,12ee69e1&p1=136122&p2=15a4647d09803cc87c4d9d6ed1c98ac0>
Words, words, words, I'm so sick of words...to paraphrase Freddy Eynsford-Hill. Which I realise is a dangerous thought for someone scribbling jibberish. But President Obama either did, or didn't say that further dollar strength could be a problem. Either way, the mere thought that he might ...
Posted in Uncategorized | Comments Off on Early Morning Musings on FX
Tuesday, June 9th, 2015
This is an interesting to me opinion piece in the WSJ which describes the mechanics of the tightening process. The Federal Reserve has stated that one of its main tools in the coming cycle will be adjustments to the rate it pays on excess reserves. The article's author, Ben Steil, ...
Posted in Uncategorized | Comments Off on Monetary Policy Mechanics
Monday, June 8th, 2015
Via Merrill Lynch Research;
More indigestion. For next week we expect a pick-up in high grade supply to $30-40bn, from $23bn this week, a good portion of which is M&A related, and thus insensitive to market conditions. Although dealers have made some progress (~$2bn) bringing down balance sheets in high grade ...
Posted in Uncategorized | Comments Off on Eclectic Topics Via Merrill Lynch
Monday, June 8th, 2015
In legend and folk lore King Canute is the Danish King who commanded the incoming tide to halt but the tide inexorably continued its march. King Canute rebuked his advisers and counselled them that such an act was beyond the abilities of an earthly ruler.
The leaders of the G7 nations ...
Posted in Uncategorized | Comments Off on Modern Day King Canutes
Monday, June 8th, 2015
This is an excerpt from the CRCT Capital end of day note:
Monday’s session started off with a subdued volume profile and that dynamic carried through into the close. After peaking early with cash trading at 86%, flows slowed throughout the day to end a just 55% of the 10-day moving-average ...
Posted in Uncategorized | Comments Off on Slow Day