EM LATAM CREDIT: "Suzano Raises March Pulp Prices to Asia by $20/Ton" - BBG

ERM5 98.00 / 98.125 / 98.25 call fly, bought for 1.25 in 11.5k

• The latest upside ERM5 option structure this week.
• Calls outnumber puts by 4.5 to 1 today.

• EUR/USD: $1.0295-00(E2.7bln), $1.0400(E1.9bln), $1.0425-40(E2.1bln)
• USD/JPY: Y155.00($1.7bln), Y156.00($987mln), Y156.15-20($561mln), Y156.50-60($734mln)
• GBP/USD: $1.2500(Gbp713mln), $1.2565(Gbp748mln)
• AUD/USD: $0.6200-05(A$1.8bln), $0.6260(A$695mln), $0.6300(A$1.1bln)
• NZD/USD: $0.5660-75(N$1.2bln)
• USD/CAD: C$1.4390-05($1.6bln), C$1.4450($1.1bln)

The Dáil Eireann has adjourned until tomorrow (23 Jan) after a day of political chaos amid efforts to officially confirm Micheál Martin as taoiseach (PM). The process to appoint Martin and then approve his cabinet of ministers was initially viewed to be a fait accompli after Martin's centrist Fianna Fail agreed to a programme for gov't with the conservative Fine Gael, adding the support of nine independent members (TDs) in a confidence and supply agreement.

• However, efforts by the gov't to have the Regional Independent Group and two other independent TDs sit on the opposition benches despite them being in support of the gov't raised objections from opposition parties arguing the gov't was attempting to eat into the opposition's allotment of speaking time in parliament.
• Ceann Comhairle (Speaker) Verona Murphy had to suspend the session on numerous occasions amid chaos on the chamber floor with opposition parties vocally objecting.
• Machinations within the various independent groups in the Dáil could deny some independent TDs that are part of the Regional Independents speaking time, a major blow to their position in gov't.
• This leaves the caretaker gov't in place since the Nov 2024 election still in power and further delays the new gov'ts ability to begin work on major policy action - most notably the impact of Trump admin policies on Ireland's status as a hub for US multinationals.