PHILIPPINES: Senate Adjourns, Delaying Duterte's Impeachment Trial Until June
Feb-06 09:50
The Senate adjourned its meeting and went on a four-month recess without discussing the articles of ...
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FOREX: FX OPTION EXPIRY
Jan-07 09:48
A Decent one in the EUR for next Monday that could build up, or not.
Of note:
EURUSD 1.2bn at 1.0420/1.0425.
EURGBP 1.4bn at 0.8300 (wed).
USDJPY 1.5bn at 157.50 (wed).
EURUSD 1.35bn at 1.0400 (fri).
EURUSD 4.56bn at 1.0475/1.0480 (mon).
- EURUSD: 1.0350 (618mln), 1.0375 (805mln), 1.0420 (388mln), 1.0425 (832mln), 1.0500 (854mln).
- USDCNY: 7.3055 (793mln).
SPAIN T-BILL AUCTION RESULTS: 6/12-month letras
Jan-07 09:41
| Type | 6-month letras | 12-month letras |
| Maturity | Jul 4, 2025 | Jan 9, 2026 |
| Amount | E2.026bln | E4.179bln |
| Target | E5.5-6.5bln | Shared |
| Previous | E1.984bln | E2.8bln |
| Avg yield | 2.535% | 2.367% |
| Previous | 2.552% | 2.207% |
| Bid-to-cover | 1.75x | 1.37x |
| Previous | 1.71x | 1.86x |
| Previous date | Dec 03, 2024 | Dec 03, 2024 |
GILTS: 30-Year Gilt Yields Hit Highest Since '98
Jan-07 09:36
30-Year gilt yields hit the highest level seen since ’98, printing 5.211%.
- 5.25% presents the next logical upside target.
- Very old (1998) broken support on the monthly chart, located at 5.255%, could also act as resistance.
- Fiscal/issuance risks a key driver here, while a tentative/cautious BoE cutting cycle and stickier inflation factor into higher yields across the curve.
- Presence of today's 30-Year supply also a factor intraday
- Higher yields increase the risks to Chancellor Reeves already limited fiscal headroom, boosting odds of further tax hikes (which would act as a growth impediment).
Fig. 1: UK 30-Year Gilt Yield
Source: MNI - Market News/Bloomberg
