early close

Juneteenth Holiday Trading Hours June 20th 2022

Juneteenth Holiday Trading Hours 2022 Please be aware of the altered trading hours around Juneteenth Holiday in the US. Several permitted assessed Tryout products are affected. Trading halts have been brought forward to 12pm CT for some products, 13.30pm CT for others (whereas usually we require you to be out out by 3.10pm CT to avoid a rule break and do not permit you to trade again until after 5pm). On Monday make sure you are out of positions at least 15mins prior to the early halt times listed below (the first therefore 11.45am), and in any case out of …

KBC Sunset Market Commentary 17/06/2022 via Trader Talent

Sunset Friday, June 17, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • It has been quite the roller coaster ride the past week. Sometimes it takes months to get to the same number of huge, surprising, market-moving events. From the ECB’s firm commitment to hike policy rates by 25 bps in July and likely accelerate to 50 bps from September, over the renewed US inflation acceleration which prompted a last-minute 75 bps Fed rate hike to the Swiss National Bank’s 50 bps rate hike shocker which leaves ECB policy rate as the lowest in town. Not …

KBC Sunrise Market Commentary 17/06/2022 via Trader Talent

Friday, 17 June 2022 Please click here to read the PDF version Markets •          Trading was extremely volatile yesterday. Sentiment already turned more fragile immediately after the European open, despite a constructive post-Fed close in the US Wednesday. An unexpected rate hike from the Swiss National Bank (SNB) was enough to trigger a new hawkish spin. Especially European yields jumped sharply higher. Several German/EMU yields came close to or even touched new cycle peak levels intraday (e.g. German 10-y 1.92%, EU 10-y swap 2.72%). Moves in US bonds were less aggressive and recent top levels (in yields) stayed out of …

KBC Sunset Market Commentary 16/06/2022 via Trader Talent

Sunset Thursday, June 16, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • This morning, there was hope that chair Powell’s clarification on the Fed’s normalization path could bring some ST consolidation after recent sharp repositioning. Especially Powell’s remark that 75 bps hikes won’t become the new normal gave investors some comfort. Unfortunately, the hope survived for only a few hours. The trigger? For an important part the Swiss National Bank! The SNB unexpectedly raised its policy rate by a staggering 50 bps to -0.25% (cfr. infra). If even Switzerland with still subdued inflation needs to …

KBC Sunrise Market Commentary 16/06/2022 via Trader Talent

Thursday, 16 June 2022 Please  click here  to read the PDF version Markets •          Yesterday didn’t bring the boring intraday countdown that often guides trading going into a Fed decision. After the recent sharp rise in yields and risk sell-off, investors scaled back on recent unidirectional positioning, whatever the outcome of the Fed decision. Yields corrected south. Equities tried a cautious rebound. Early in Europe, the ECB announced an ad hoc meeting to discuss current market conditions. The outcome of the meeting was meager. The ECB reiterated to apply flexibility in the reinvestment of PEPP redemptions. Staff was ordered to …

KBC Sunset Market Commentary 15/06/2022 via Trader Talent

Sunset Wednesday, June 15, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • European markets were put immediately on edge even before the official open. Financial media reported that the ECB would hold an emergency meeting to discuss “current market conditions”. Investors concluded this meant addressing the steep rise in yields/spreads for heavily indebted countries, including Italy. The massive drop in the 10y Italian yield of more than 40 bps ahead of the meeting’s outcome suggested they were expecting something way more than promising “PEPP reinvestment flexibility” announced at the regular meeting last week. In a …

KBC Sunrise Market Commentary 15/06/2022 via Trader Talent

Wednesday, 15 June 2022 Please  click here  to read the PDF version Markets •          Yesterday morning, it looked that especially US bonds were be ripe for a pause after the recent sharp sell-off ahead of today’s Fed policy meeting. In the end though, the established trends remained firmly place. Eco data (German ZEW mixed, US PPI) had limited impact. It was all about assessing CB’s reaction function to recent high inflation. For now, markets assume frontloading to remain the name of the game, at the Fed and the ECB. Markets discount 75 bps Fed hikes for today and next month. …

KBC Sunset Market Commentary 14/06/2022 via Trader Talent

Sunset Tuesday, June 14, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • Sterling isn’t having its best day. Cable touched its lowest level since March 2020 at 1.2064 and is extensively testing final support (1.2081; 76% retracement on 2020/2021 rally) before the March 2020 low at 1.1412. EUR/GBP rallies from 0.8578 at the open to currently 0.8650 (testing September 2021 high at 0.8658). The pair at last manages to take out the tough resistance zone around the 0.86 big figure. EUR/GBP 0.8699/0.8721 (38% retracement on 2020/2022 decline; Apr 2021 high) lines up as the next topside …

KBC Sunrise Market Commentary 14/06/2022 via Trader Talent

Tuesday, 14 June 2022 Please  click here  to read the PDF version Markets •          Last week’s aggressive repositioning simply continued and even intensified yesterday even as there were no data or official central bank communication. Initially, the rise in European yields outpaced the US. Later US bonds were captured in an outright free-fall. Press articles (WSJ) indicated that the Fed could step up the pace of rate hikes to 75 bps (or even more) already at this week’s meeting. Evidently, this is not the standard/preferred procedure outlined in CB ‘forward guidance’. Even so, with 75 bps hikes for this week …

KBC Sunset Market Commentary 13/06/2022 via Trader Talent

Sunset Monday, June 13, 2022 Daily Market Overview Click here to read the PDF-version of this report. Markets • What a way to start the week. The US inflation print published on Friday continued to reverberate through markets. It already began in Asian dealings before traders in the region smoothly passed on the baton to Europe and the US. Bonds again took center stage. Both German Bunds and US Treasuries fell off a cliff at a pace that was even worse than Friday’s for the former and only marginally less intense for the latter. Changes range from 11.3 bps (30y) to 15.9 …