EMISSIONS: Aircraft Operators Will Receive 1.3MN Free Allowances
Sep-17 15:10
The EC will distribute 1.3mn free allowances among 53 EU aviation operators for emissions under EU ETS in 2024 to support the uptake of sustainable aviation fuels (SAF), it said.
- Verified emissions from aircraft operators under the EU ETS totalled 62mn tonnes CO2e in 2024, with 17mn EUAs allocated outside of the support system.
- A total of 20mn allowances are set aside for the support system across multiple years, with 2024 marking the first year of application.
- The support system covers all or part of the price difference between fossil kerosene and the eligible SAF on the routes covered by the EU ETS.
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OPTIONS: Expiries for Aug19 NY cut 1000ET (Source DTCC)
Aug-18 15:08
- EUR/USD: $1.1600(E731mln), $1.1620-25(E2.3bln), $1.1650-65(E682mln), $1.1700(E1.3bln)
- USD/JPY: Y148.30-35($709mln)
- AUD/USD: $0.6515(A$745mln)
- USD/CAD: C$1.3750-70($646mln)
US TSY OPTIONS: Large Sep'25 10Y Call Buy
Aug-18 15:05
- +40,000 TYU5 112.5 calls, 2, total volume over 52,700, open interest at 163,678 coming into the session.
- Sep'25 options expire Friday
FOREX: Greenback Pops Into WMR Fix on Volume Spike, Rising Curve
Aug-18 14:58
- Greenback picking up into the WMR fix, helping trigger fresh daily lows across EUR/USD, GBP/USD and new daily highs for USD/CAD and USD/JPY.
- USD strength being driven partly by the run higher in the US curve - but also a sizeable uptick in EUR futures at 1047ET/1547BST. ~1000 contracts traded inside two minutes for a cash equivalent of ~$150mln. While the last few minutes have seen activity pick up, overall volumes on the day are very low: EUR futures are close to 30% below average for this time of day.
- While the USD's benefiting from the higher US curve, it's the opposite for GBP. Which is slipping despite a further backtrack in BOE rate cut pricing for 2025 (year-end implied rates now ~3.85%, or pricing just 12bps of rate cuts over the next three meetings).
- No specific headlines or newsflow behind the USD rally in recent trade - with low volumes and light liquidity the suspected driver. We mentioned earlier today the preference for markets to adopt a more neutral setting into Jackson Hole on Friday - evident in last week's CFTC data showing the net short trimmed off multi-year lows.
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