LATAM FX: CLP Continues to Outperform Peers Post CPI
Feb-12 14:16
- MXN has come under some modest pressure following the stronger-than-expected US CPI data and associated greenback strength, but the move remains well contained and USDMXN continues to sit around the middle of its relatively tight 20.50/70 recent range. Notably, MXNJPY has extended its session advance to 1.05% in recent trade.
- After an initial spike higher, USDBRL has also pared gains and is unchanged on the session as BCB Governor Galipolo continues to make comments. Most recently he has stated that it is very important that we do not make changes in direction too abruptly.
- Most notably, USDCLP remains lower on the session, immediately shrugging off the firmer US data, and prints session lows at typing. This is most likely in reaction to the hawkish leaning BCCh minutes.
- USDCLP has fallen back below the 960 level, narrowing the gap to three-month lows at 956.55, with scope for an extension towards 940.35, the 61.8% retracement of the upleg between Sep 27 ‘24 - Jan 3.
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STIR: More SOFR Put Trade
Jan-13 14:14
Better put flow continues even as underlying futures pare losses. Note large Jun'25 strangle buyer:
- 5,000 SFRJ5 95.50/95.56 put spds ref 95.83
- +10,000 SFRM5 95.56/96.12 strangle, 12.00 ref 95.83
- -10,000 SFRU5 95.37/95.56 put spds vs 5,000 SFRM5 95.62/95.87 put spds, 5.75-6
- -15,000 SFRU5 95.18/95.43 put spds v SFRZ5 95.87/96.06 put spds, 7.5-7.25
- -4,000 SFRZ5 95.18 puts 0.5 over 96.12/96.62 call spds vs 95.88/0.38%
- +4,000 SFRZ5 95.25 puts, 13.5 vs. 95.88/0.25%
SLOVAKIA AUCTION PREVIEW: On offer next week
Jan-13 14:08
ARDAL has announced it will be looking to sell the following SlovGBs at its auction next Monday, January 20:
- the 3.00% Feb-28 SlovGB (ISIN: SK4000024683)
- the 3.625% Jun-33 SlovGB (ISIN: SK4000023230)
- the 3.75% Mar-34 SlovGB (ISIN: SK4000024865)
- the 4.00% Feb-43 SlovGB (ISIN: SK4000022547)
STIR: Effective Fed Funds Rate
Jan-13 14:04
FRBNY EFFR for prior session:
- Daily Effective Fed Funds Rate: 4.33% (+0.00), volume: $102B
- Daily Overnight Bank Funding Rate: 4.33% (+0.00), volume: $302B
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