After have a range of 1/2 a tick for the best part of 2 or 3 weeks, last week we finally broke out and moved to the upside, and as you would expect it didn't move just half a tick, it moved liek 3 or 4 prices, making me very annoyed at myself as I took 1/2 tick everywhere. I guess its just in my nature to do that but either way, the patient long holders reaped there rewards.
We have moved quite substantially in the back end of the curve, with Jun15Sep15 moving from 5.5s up to 7.5s, Mar15Jun15 trading from 4.5s to 6.5s and the story is similar along the cuve. If we look at the Jun14 Sep15, which represent the mid part of the curve, we moved from 19s on friday to 29.5 friday evening, which is hug!
I howver was shorting the 3 month spreads the whole move up and the negative rate comment from ECB's Visco saying "if the economy needs further help the ECB will cut the deposit rate to negative territory," gave me my out. Now just sitting back waiting for another push higher hopefully to short again.
The volume has definatly been more biased to the upside as we can see below with big clips going through in both Euribor and Short Sterling.
We have moved quite substantially in the back end of the curve, with Jun15Sep15 moving from 5.5s up to 7.5s, Mar15Jun15 trading from 4.5s to 6.5s and the story is similar along the cuve. If we look at the Jun14 Sep15, which represent the mid part of the curve, we moved from 19s on friday to 29.5 friday evening, which is hug!
I howver was shorting the 3 month spreads the whole move up and the negative rate comment from ECB's Visco saying "if the economy needs further help the ECB will cut the deposit rate to negative territory," gave me my out. Now just sitting back waiting for another push higher hopefully to short again.
The volume has definatly been more biased to the upside as we can see below with big clips going through in both Euribor and Short Sterling.
No comments:
Post a Comment