EGB OPTIONS: Bund Broken Put Fly

Norges Bank May FX transactions - light NOK buying for the second consecutive month, but shouldnt have a meaningful impact on spot FX: "In May 2025, the daily net sales of foreign exchange for these purposes will amount to NOK 76 million. The net amount arises from Norges Bank needing to purchase foreign currency equivalent to 50 million NOK per day on behalf of the state while simultaneously needing to sell foreign currency equivalent to 126 million NOK per day to fund the transfer of dividends to the government".

The Q1 Bank Lending Survey also released: 

• "Household and corporate credit demand increased somewhat in 2025 Q1. Banks reported some easing of credit standards related to first-home mortgages as a result of changes to the Lending Regulations".
• "Corporate lending rates have fallen somewhat more than expected, while lending spreads narrowed slightly. Banks reported a fairly strong increase in competition for corporate loans and a slight increase in competition for residential mortgages".
• "Banks expect broadly unchanged household and corporate demand in Q2"
• The survey follows this morning's March credit data, which ticked up to 3.8% Y/Y vs 3.6% prior.

• MNI: BADEN WUERT APR CPI +0.5% M/M, +2.4% Y/Y

• MNI: GERMANY NRW APR CPI +0.4% M/M, +1.8% Y/Y