EM LATAM CREDIT: Colombia Proposals to the US

• Italy will look to sell E6.5bln of the new 6-month Mar 31, 2026 BOT at its auction on Thursday 25 September.
• As we noted earlier - it seemed like it was a typo on the original MEF press release which stated that the auction was on Friday 26 September. The MEF has now sent a correction so the auction will be held on the originally scheduled Thursday 25 September.

White House Press Secretary Karoline Leavitt is shortly due to deliver her first press conference since September 9. LIVESTREAM

• On Friday, President Donald Trump signed a proclamation that adds a $100,000 fee for new applicants for H-1B visas, which allow foreign workers, like software engineers, access to the US labour market.
• The New York Times notes, “immigration hard-liners and far-right activists have long argued that the visa allows companies to replace American workers with foreign ones. The issue has divided even [Trump’s] supporters, and the president’s own stance on the program has shifted over time.”
• Later this afternoon, at 16:00 ET 21:00 BST, Trump will be joined by HHS Secretary Robert F. Kennedy Jr and other senior health officials in the Oval Office to make a ‘medical and scientific’ announcement. The announcement is expected to claim a link between autism and the use of Tylenol during pregnancy. Trump said in a speech at a memorial service for conservative activist Charlie Kirk on Sunday, “I think you’re going to find it to be amazing. I think we found an answer to autism.”
• At 17:30 ET 22:30 BST, Trump will depart the White House for New York City, where he will deliver remarks at the United Nations General Assembly tomorrow.

• The USD index tracks around 0.25% lower on Monday, easing from the overnight peak that saw the index print a fresh recovery high at 97.82. Markets are trading with a subdued tone amid a lighter economic calendar to start the week, with central bank speakers providing little to boost volatility.
• The EUR outperforms, rising around 0.35% against the dollar to 1.1785. Large option expiries for EURUSD between the 1.17/18 mark might define the short-term range, following the post-Fed volatility last week that saw the pair reverse from 1.1919 cycle highs. Support to watch is 1.1667. the 50-day EMA.
• Last Thursday’s advance for EURJPY resulted in a breach of 173.97 resistance, the Jul 28 high and bull trigger. The cross has been consolidating above 174.00 for much of the session, bolstering the medium-term uptrend. Sights are on 174.86 next, a Fibonacci projection, before the 2024 highs which reside at 175.43, a key medium-term resistance.
• SEK outperforms the G10 basket Monday, seemingly trading as a high beta Euro with no obvious tailwinds from the equity/risk sentiment or rate differential channels. Focus of course remains on tomorrow's Riksbank decision, which is a very close call between a hold and a 25bp cut.
• For NZDUSD, the sharp reversal from 0.6000 to current spot levels renews the focus on a significant pivot point at 0.5800, which coincides with the 50% retracement of the year’s range. Below 0.5800, 0.5728 and 0.5636 would be the most obvious targets for a deeper selloff.
• Eurozone and US flash PMIs for September and the Riksbank decision highlight Tuesday’s calendar.