RUSSIA: CBR Says RUB Strengthening Fundamentally, Not Only Due to Tight MonPol
Nov-07 08:37
- The Russian ruble is strengthening fundamentally, not only due to tight monetary policy, the CBR said in a summary of its discussions on the key interest rate. Other factors include external and internal restrictions on imports that reduce demand for foreign goods and foreign currency, the contraction of demand for foreign assets due to sanctions and the sale of foreign currency from the National Welfare Fund to finance the budget deficit and investment projects.
- Ukraine Ambassador Olha Stefanishyna said in an interview with Bloomberg that her country is engaged in “positive” talks about buying Tomahawk missiles and other long-range weaponry, even after President Donald Trump signalled he didn’t want to send them to the country. Zelenskyy's push for Tomahawks and other long-range missiles would allow it to hit targets deep within Russian territory.
- Finance Ministry may report October budget balance and data on Wellbeing Fund. Weekly CPI data is due this afternoon while Foreign Ministry spokeswoman Maria Zakharova holds a weekly briefing.
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EURIBOR OPTIONS: A lot of Activity in Options - Latest Trades
Oct-08 08:32
- ERH6 98.00/98.06/98.12/98.18c condor, bought for 0.25 in 4k.
- ERM6 98.31/98.43cs, bought for 1.75 in 10k.
- ERU6 97.93/97.81ps v ERM6 97.87p, bought the ps for half in 3k.
ESM ISSUANCE: RFP issued: Expect a transaction next week
Oct-08 08:28
- “Today ESM has sent a Request for Proposal to a selection of banks from the EFSF/ESM Market Group with regards to an upcoming transaction, subject to market conditions.”
- This likely means a transaction on Mon/Tues next week (14/15 October).
- We pencil in a transaction of around E1.75bln (E1.5-2.0bln).
- The annual funding target was for E7bln and so far there have been 3/10-year EUR issues for E2bln each and a 5-year USD issue for USD2bln.
FOREX: FX OPTION EXPIRY
Oct-08 08:24
Of Note:
EURUSD 1.28bn at 1.1650.
EURUSD 1.7bn at 1.1650 (fri).
AUDUSD 1.1bn at 0.6545/0.6550 (fri).
AUDUSD 1.01bn at 0.6500 (tue).
- EURUSD: 1.1600 (370mln), 1.1625 (325mln), 1.1650 (1.28bn), 1.1660 (250mln), 1.1675 (285mln), 1.1700 (1.21bn).
- USDJPY: 152.00 (308mln).
- USDCAD: 1.3975 (392mln), 1.4000 (300mln).
