INR: USD/INR Extends Recovery Following Failed Breach of 85.00

Of note:

EURUSD 1.14bn at 1.0850.

USDJPY 1.4bn at 149.00/149.10.

EURUSD 1.28bn at 1.0900 (tue).

EURUSD 3bn at 1.0800/1.0820 (thu).

EURUSD 1.43bn at 1.0800 (fri).

• EURUSD: 1.0800 (986mln), 1.0850 (1.14bn), 1.0900 (267mln).
• USDJPY: 149.00 (405mln), 149.05 (280mln), 149.10 (798mln), 149.50 (350mln), 150.00 (661mln).
• AUDUSD: 0.6350 (316mln).
• AUDNZD: 1.0940 (301mln).

"The REPUBLIC OF FRANCE has mandated BNP PARIBAS, CITI, CREDIT AGRICOLE CIB, J.P. MORGAN, MORGAN STANLEY and SOCIETE GENERALE to act as Joint Lead Managers on an upcoming reopening of the FRTR 0.95 07/25/43 (ISIN: FR001400QCA1) linked to the European harmonised index of consumer prices (excluding tobacco). The transaction will be launched by syndication in the near future, subject to market conditions." From market source

The 0.95% Jul-43 OATei was launched via syndication in May 2024 for E4bln from books of E30bln, It was also reopened via auction last month. We look for a E3-4bln transaction size tomorrow. We also think that theis reduces the probability of a new OATei later this year, although a 30-year launch in H2 can't be ruled out.

EURIBOR FIX - EMMI/Bloomberg

• EUR001W 2.3860 -0.0180
• EUR001M 2.3400 -0.0340
• EUR003M 2.3670 -0.0190
• EUR006M 2.3990 -0.0050
• EUR012M 2.3660 -0.0050