Archive for June, 2015
Wednesday, June 3rd, 2015
The carnage continues in the Treasury market with 10s making new yield highs for the year. The folks with whom I converse actually have reported better buying by real money accounts and one market maker of Long Bonds says that real money has substantial interest in Long Bonds behind 3.10. ...
Posted in Uncategorized | Comments Off on Carnage Continues
Wednesday, June 3rd, 2015
The Federal Reserve bank of Atlanta has updated its Q2 GDP forecast and with the inclusion of the trade balance date released this morning they have raised their forecast to 1.1 percent from 0.8 percent previously.
Via the Federal Reserve Bank of Atlanta:
Latest forecast — June 3, 2015
The GDPNow model forecast ...
Posted in Uncategorized | Comments Off on Atlanta Fed GDP Update
Wednesday, June 3rd, 2015
Manufacturing is a strange word. It is derived from the latin words manus for hand and facere to make. So literally it means to make by hand which is the precise opposite of how we use it.
Anyway here is some commentary from Millan Mulraine at TDSecurities on ISM non manufacturing ...
Posted in Uncategorized | Comments Off on Non manufacturing ISM
Wednesday, June 3rd, 2015
The writer is a market maker who wishes to remain anonymous. As always his commentary is thought provoking and insightful.
Via a fully paid up subscriber:
Technical damage has been done. The recent sell off has pushed global rates markets through key support levels leaving a lot riding on the data and ...
Posted in Uncategorized | 1 Comment »
Wednesday, June 3rd, 2015
The wild ride continues in the Treasury market as 10 year yields approach the highest levels of the year around 2.35 percent. The belly of the curve has taken a pummeling with 2s 5s 10s out to 32.4 basis points. At month end Friday I closed that spread at 23.8. ...
Posted in Uncategorized | Comments Off on Treasury market Update
Wednesday, June 3rd, 2015
Via Stephen Stanley at Amherst Pierpont Securities :
The trade balance in April narrowed sharply, improving by almost $10 billion to -$40.9 billion, reversing most of the spike seen in March. These data confirm my suspicion that the bulk of the deterioration seen in March represented the unwind of the West ...
Posted in Uncategorized | Comments Off on Trade balance Analysis
Wednesday, June 3rd, 2015
Via a fully paid up subscriber:
Euro Working Group Said to Delay Call to Allow for Greece Talks 06:48
Euro-area finance ministry officials delayed a planned conference call by 24 hours until Thursday to allow more time for Greek aid negotiations, two officials familiar with the talks said.
• Call rescheduled for 5:15 ...
Posted in Uncategorized | Comments Off on Greece Headlines
Wednesday, June 3rd, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
* 7:00am: MBA Mortgage Applications, May 29 (prior -1.6%)
* 8:15am: ADP Employment Change, May, est. 200k (prior 169k)
* 8:30am: Trade Balance, April, est. -$44b (prior -$51.4b)
Benchmark revisions
* 9:45am: Markit US Composite PMI, May final (prior 56.1)
*
* Markit US Services PMI, May ...
Posted in Uncategorized | Comments Off on What to Watch for Today
Wednesday, June 3rd, 2015
Via Bloomberg:
IG CREDIT: Highest Volume Since Feb. 11; 3 Set to Price
2015-06-03 10:28:46.518 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $18.5b vs $13.5b Monday, $12.7b last Tuesday. Secondary
IG trading highest since $20.4b on Feb. 11.
* 10-DMA $14.8b
* 144a trading added $3.1b of IG volume vs ...
Posted in Uncategorized | Comments Off on Corporate Bond Trading Yesterday
Wednesday, June 3rd, 2015
Via Marc Chandler at Brown Brothers:
Getting Blood from a Turnip: Potential Greek Deal Overshadows ECB Meeting
The US dollar is recouping some of yesterday's outsized losses. The euro was unable to extend yesterday's push toward $1.12, perhaps with the help of some fragile stability in the German bund after yesterday's ...
Posted in Uncategorized | Comments Off on FX