PERU: August CPI Rises Above Surveyed Median Estimates
Sep-01 11:25
- Reuters have reported that Peru consumer prices rise 0.38% in August. This does mark a very moderate slowdown from the 0.39% rise seen in the previous month but is above the surveyed median forecast of 0.24%. This should lead the annual figure to still decelerate from 5.88% Y/y, but not quite to the expected value of 5.43%. For reference, the next BCRP decision falls on September 14.
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OPTIONS: Expiries for Aug02 NY cut 1000ET (Source DTCC)
Aug-02 11:23
- EUR/USD: $1.0975-90(E1.4bln), $1.1050-65(E810mln)
- USD/JPY: Y141.50($875mln), Y142.40-50($588mln), Y143.00($590mln), Y145.50($601mln)
- AUD/USD: $0.6660(A$580mln), $0.6850-70(A$1.0bln)
STIR: Fed Rate Cuts Build Again Following Fitch Downgrade, Dovish Bostic
Aug-02 11:17
- Fed Funds implied rates have pushed lower today, not so much for near-term meetings which continue to expect a modest amount of additional tightening, but more so with a build in cut expectations into 2H24 especially.
- Cumulative hike from 5.33% effective: +4bp Sep (unch), +8.5bp Nov to 5.41% terminal (-1bp).
- Cuts from Nov terminal: 4.5bp to Dec’23 (unch), 58bp to Jun’24 (from 53bp yesterday close), 129bp to Dec’24 (from 122bp) with the latter two the highest since Jul 26.
- A dovish Bostic (’24 voter) late yesterday: significant reduction in inflation breadth and economy evolving in wage consistent with orderly slowing, don’t expect rate hike will be necessary in September. Don’t see rate cut until 2H24 at the earliest.
EGB OPTIONS: Bund option package
Aug-02 11:01
- RXU3 134/136cs 1x1.5 sold in 5k (closing) vs RXU3 133.50/135.50/137.50c fly bought in 5k (new posie), paid 3.5 for the fly.
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