Daily Market Notes
The Only Expiry Board We Can Read Is Yesterday's. The Fed Moved Spot Past Every Strike On It.
Six slots of "no expiry board for today" and this morning we finally have one to read — yesterday's. Its three named strikes were USD/JPY 155.00, EUR/USD 1.1595 and AUD/USD 0.7130, and the Fed has since put spot 114, 134 and 40 pips away from them. A pin is a property of distance, not of size, and a first-order policy flow flattens it. Plus: the orders index dates yesterday's article "3 hours ago" when the body says 04:59 UTC on the 16th, the fourth metadata fault we have logged on this publisher.