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« Central Bankers, The U.S. Dollar and The Inverse Relationship with Gold | Main | The S&P500 Fall and Its Effect On The Precious Metals Sector »
Thursday
Oct182018

Dollar Libor Jumps To Fresh 10 Year High, Adding To Funding Headwinds



It may be the bete noir of the credit market, but despite the gradual phase out of the infamous manipulated benchmark, Libor remains the reference rate for trillions in floating rate debt instruments, and in a further indication that monetary conditions are tightening aggressively and that funding headwinds are rising, overnight 3M USD Libor rose by 1.94bps to 2.4690% - the biggest one day jump since the end of May - and the highest USD Libor level since 2008.

While some attribute the recent move higher in Libor to recent hawkish rhetoric from Powell, with the latest move following the Fed's minutes, today's move has also pushed the dollar FRA/OIS spread wider by 3bps to 33.5bp level, highest since July, a hint that a fresh dollar shortage may be in the offing.

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 gold is holding its own for now, but US rate hikes still cast a long shadow.....

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