Key Takeaways with Craig

US Equity prices traded mixed for most of the day and finished that way, as the Dow was up slightly, the S&P 500 down slightly and the Nasdaq was down by about .75%.  Implied volatility, even in CME’s E-mini Nasdaq-100 options ticked lower.  Meanwhile, US Treasury yields were lower by about 3.5 basis points through 10 Years and down by about 5 basis points at the 30-Year. 

Gold futures prices rose again on Wednesday and continue to trade at or near all-time high levels.  CVOL in Gold options has come off of recent highs, but remains above the levels we saw during January and February of this year.  

Turning our attention to an asset class we haven’t written about as much lately, most major foreign currencies gained relative to the US Dollar in CME’s FX markets.  Meanwhile, CVOL in many of CME’s FX options markets is trading at or near 2-Year lows.  As you can see in the top graph below, the CVOL level in the aggregate G5 is trading at the lowest level we’ve seen in at least 2 years.  The lower graph, which depicts the 5 individual currencies that make up the G5 aggregate, illustrates that each of those currencies, with the exception of the Japanese Yen is also trading near 2-year low levels.  

Today's Future Price Action

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