EU CREDIT SUPPLY: Cofiroute (DGFP): Allocations

Equities will be set to gap higher after the US halted its strikes on Iran for a second Day.

• Calls: SPX: 7,483.8 (+1.0%); DJIA: 52,607 (+1.3%/+659pts); NDX: 28,517.4 (+1.4%).

ERZ6 97.25/97.31/97.37/97.43c condor, bought for 1.625 up to 1.75 in 7.5k.

Despite no real surprises within the above article, CHF has weakened on the back of it, with the oil price recovery off the lows also weighing at the margin. The bounces have helped both EURCHF and USDCHF erase the majority of the prior Monday declines, although session highs remain intact for now.

• Immediate resistance for USDCHF is the 0.8186 13-month high seen last Friday. A renewed push higher for the pair would target key resistance around 0.8215, where both the top of the bull channel (drawn from the year's lows) and the 38.2% retracement of the 2025-2026 downleg coincide.
• Recapping the headline paragraph from the Bloomberg story: "The Swiss National Bank is set to keep its key interest rate at zero until the end of 2027 before probably starting to raise it, according to people familiar with the thinking inside the central bank."
• While SNB sources reports have not been seen in recent times, the content of the report only represents a moderate dovish tilt against market pricing, with most analysts also expecting an SNB hold over at least the near term.
• In the fixed income space, Z7 SARON future jumps 7 ticks to 99.615, now back at around 99.595. The future remains below the 21 Jul closing level.