HYBRIDS: BP: Refinancing Perps

In tandem with the move in Treasuries, USD snaps lower on the inflation print - tripped new daily lows for the greenback - in GBP/USD in particular this has prompted a new weekly high and a test at the 50-dma of 1.3502. Clearance above this level would further reverse the downleg off the late July high and put markets near 3% off the early August low.

• Core services excl OER & primary rents ('supercore'): 0.479% M/M after 0.212%. Latest 3mth av of 0.251%
• Core services excl all shelter: 0.538% M/M after 0.361%. Latest 3mth av of 0.318%
• Limited analyst estimates for ex OER & rents had averaged 0.30% M/M, ranging from 0.2 to 0.42
• Core goods inflation looks to have come in softer however at 0.21% M/M vs analyst expectations of ~0.4% - we'll revert on this shortly. 

• A 10 ticks jump higher for the US Tnotes, the YoY CPI comes 1 tenth below consensus, although CPI Ex Food and Energy YoY comes 1 tenth higher.
• Our Data team is going through the details, and for now the moves are still somewhat limited, with the initial resistance of 112.09+ untested, printed a 112.06 high.