PERU: BBVA Note Hedging Value in NDFs Ahead of 2026 Election
Jul-09 13:28
- BBVA point out that the Peruvian Sol was once of the beneficiaries from the surge in copper prices on Tuesday as front-running flows are at least temporarily seen as supportive, while agreeing that ultimately, a copper tariff would be negative for trade flows and the PEN.
- BBVA highlight that overall, USDPEN is trading heavier as it manoeuvres around the lows from July 2023, and further gains for the PEN will likely be hard fought. They see 3x12 and 6x12 forward NDFs as offering good hedging value ahead of next year’s election.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EQUITIES: US Cash Opening Calls
Jun-09 13:27
SPX: 6,011.0 (+0.2%); DJIA: 42,803 (+0.1%/+40pts); NDX: 21,786.7 (+0.1%).
EQUITIES: EU Bank outright Call Buyer
Jun-09 13:13
Longer dated outright EU Bank Call:
- SX7E (20/03/26) 210c, bought for 13.05 and 13.10 in 10k vs 4.8k at 203.90.
EURIBOR OPTIONS: Put Condor Buyer
Jun-09 13:10
ERZ5 98.25/98.1875/98.00/97.75p condor, bought for 1.5 in 5k.
