Wednesday, April 13, 2016

Despite IMF Developments Still Haven Unfriendly

Decent open interest gains (save 2yr) across the U.S.F.I. Futures curve on moderate volume as continue modest declines create slightly more distance from a rally top that extended to the base of the Feb 11th bearish reverse.

Market participants are starting to talk/wonder if the recent gains in metals and oil point to better global growth prospects than laid out by IMF just yesterday.

Global supply weigh on prices as well while overnight news of China’s Export jump and this morning’s reported better than expected earnings support global equity prices and drive traders away from haven assets.

It was almost exactly a year ago today when the Bund led global rates higher (chart(s) below).

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