LATAM FX: Price Signal Summary – USDCLP Bear Leg Extends
Feb-12 14:42
* USDMXN is in consolidation mode and continues to trade below the Feb 3 high. The trend structure...
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STIR: Around 45bp Of BoE Cuts Still Priced Through Year-End
Jan-13 14:37
Stabilisation away from session lows also evident in GBP STIRs as the day progresses, leaving 44bp of cuts priced through year-end and SONIA futures little changed to -4.5 on the day.
- UK headline flow limited since PM Starmer’s comments that underscored the government’s desire to stick to the fiscal rules and generate growth, while underscoring its willingness to make difficult spending decisions.
- We will hear from BoE’s Breeden again on Tuesday, but as is the case with most of her speeches, there is unlikely to be much on monpol.
- More focus will be placed on comments from dovish dissenter Taylor later in the week, as well as Wednesday’s CPI data.
EQUITIES: US Opening calls
Jan-13 14:25
US Cash open is set for a steady, stable start with futures mostly trading in a holding pattern for the past 2hours ahead of a very busy Week.
- Calls: SPX: 5,791.0 (-0.6%); DJIA: 41,917 (-0.1%/-22pts); NDX: 20,645.5 (-1.0%).
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%
