US CREDIT UPDATE: Constellation Brands (STZ): 3Q26 Results

• Hong Kong to Sell HK$63.845 Billion 91-Day Bills
• Hong Kong to Sell HK$14 Billion 182-Day Bills
• Thailand to Sell THB10 bn of 2045 Bonds
• Thailand to Sell THB30bn of 2030 Bonds
• Indonesia To Sell 2049 Sukuk Bonds (PBS038)
• Indonesia To Sell 2028 Sukuk Bonds (PBS030)
• Indonesia To Sell 2030 Sukuk Bonds (PBS040)
• Indonesia To Sell 32D Sukuk Bills (SPNS12012026)
• Indonesia To Sell 2039 Sukuk Bonds (PBS034)
• Indonesia To Sell 2041 Sukuk Bonds (PBS039)
• Indonesia To Sell 242D Sukuk Bills (SPNS10082026)
• Indonesia To Sell 172D Sukuk Bills (SPNS01062026)
• MAS to Sell S$2 Billion 252-Day Bills on Dec. 9
• MAS to Sell S$14 Billion 28-Day Bills on Dec. 9
• MAS to Sell S$22.3 Billion 84-Day Bills on Dec. 9
• Philippines To Sell PHP 7.5Bln 182D Bills (PH0000060477)
• Philippines To Sell PHP 7.0Bln 91D Bills (PH0000060048)
• Philippines To Sell PHP 7.5Bln 364D Bills (PH0000061525)
• Bank Indonesia to Sell 182D SVBI Bills
• Bank Indonesia to Sell 32D SVBI Bills
• Bank Indonesia to Sell 90D SVBI Bills
• Bank Indonesia to Sell 365D SVBI Bills
• Bank Indonesia to Sell 274D SVBI Bills

source:  Bloomberg Finance LP / MNI

The overnight range was 155.17 - 155.99, Asia is currently trading around 155.95. The pair bounced strongly off the 155.00 area yesterday and remained very well supported on dips. The move was supported by the sell-off in treasuries which has seen yields move quite a bit higher as we approach the FOMC. The market is pricing in the fact that the Yen move looks likely to force the BOJ into action in December. This has stalled the upward momentum and could keep it contained in the short-term but I suspect the market will still look for opportunities to express a long USD at the right levels. Technically USD/JPY is still in an uptrend, the first big support back toward the 153-155 area has held on very well upon first examination. In today's Asian session the market will be watching to see if there is any follow-through on this price action. First support on the day is back toward 155.30-50, looking for a test of 156.20-40, a break of which would open up a move back to the 157.00 area.

• MNI POLICY: BOJ Unshaken By JGB Volatility. Bank of Japan officials see no need to intervene in the JGB market, even though they expect volatility to persist, and attribute the recent rise in yields to market assessments of the economic and inflation outlook as well as future policy moves, MNI understands.
• (Bloomberg) - “Japan lifted a tsunami warning, AFP reported, after initially issuing alerts for Aomori, Hokkaido and Iwate following a magnitude-7.6 quake off the northeast coast.”
• Options : Close significant option expiries for NY cut, based on DTCC data: 155.50($589m), 157.00($425m). Upcoming Close Strikes : 155.00($1.1b Dec 12), 156.00($1.77b Dec 11), 159.00($1.4b Dec 12) - BBG.
• The USD/JPY Average True Range(ATR) for the last 10 Trading days: 104 Points
• Data/Event : Money Stock M2/M3, Machine Tool Orders YoY

Fig 1 : USD/JPY Spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P