Euro$ interest rate futures have steadied
Euro$ interest rate futures have steadied after a little volatility surrounding Fed Powell's speech earlier in the week, with markets on hold heading into the start of the G20 underway presently and Saturday's Trump-Xi dinner. With the Fed perceived as getting cold feet on the normalization pace and possibly closer to a neutral rate, euro$s have been finding some traction in November in line with the rebound on stocks. The March 2018 contract is a half-tick lower near 97.15 (2.85% implied 3-month yield), while the deferreds are 0.5-4.0 ticks higher out the back. The March contract may find some resistance into the 97.17 50% retrace area of the 3-month downleg, while double bottom support arrives at 97.065.