At-a-Glance
Key Takeaways with Craig
US Equity prices came out of the gate strong this morning, but by late afternoon trading were mixed and little changed on the day. Implied volatility in CME’s Equity Index options was also little changed today and remains at multi-year lows.
However, even though equity price movement has been rather muted lately, other CME Group markets have been particularly more active.
- US Treasury yields were lower again today with the Micro 2-Year Treasury future down another nearly 8 basis points and the 10-Year down by about 5.5 bps. The options have been active too, as CVOL in the 2-Year options is up by about 24% and the 10-Year up by 12% since Friday. This is shown in the CVOL graph below.
- Gold futures prices were higher again today and are up by about 7% since November 10th. CVOL in CME’s Gold options continued higher today and is trading slightly above the 1-year average, which includes the heightened volatility in the aftermath of the Silicon Valley Bank failure.
- While CME FX CVOL levels remain below the 1-year average, the G5 aggregate CVOL is up by about 11.5% since this past Friday.
With one trading day left in the month, the US equity markets continue to maintain large monthly price gains but tomorrow will bring the markets the latest PCE price index reading, widely believed to be the Federal Reserve’s preferred inflation gauge.
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