EU CREDIT UPDATE: BBG Primary Survey

• +3,300 WNH6 118-01, post time offer at 0916:20ET, DV01 $608,000.
• The 30Y Ultra contract trades 118-08 last, +29

• Following the initial Eurozone inflation releases on Tuesday, EURUSD spent the majority of yesterday’s session grinding steadily lower from the 1.1743 highs, consolidating back below 1.17. A brief extension of weakness saw spot trade down to 1.1673 this morning, with the pair subsequently operating in a very tight 1.1680/95 range ahead of the US ISM Services release.
• Key short-term technical parameters appear well established at 1.1808 and 1.1659.
• JP Morgan have stated the reality is the euro just remains stuck, with no relief on Ukraine progress headlines and the Greenland situation also weighing moderately in the short-term. JPM say that yesterday’s price action was enough to exit tactical longs, not becoming bearish Europe, but acknowledging the current dynamic may be better for higher beta currencies rather than the euro itself.
• The bank adds that euro funded carry is becoming all the more popular as 2026 begins, indicating their larger flows have been sellers this week thus far (NY time zone from both real money and corporates).

SPX: 6,954.3 (+0.1%); DJIA: 49,586 (+0.3%/+124pts); NDX: 25,631.5 (-0.0%).