UK DATA: Construction PMI still remains around the 40 area
Jan-07 09:33
The construction PMI still pointing to subdued employment in the sector and also noting that input c...
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BONDS: Japanese Investors Remain a Reliable Source Of Gilt Demand
Dec-08 09:30
Japanese demand for Gilts has been steady through the last two years despite ongoing fiscal uncertainty. Japanese investors net purchased JPY418.6bln of Gilts in October, according to Balance of Payments data released overnight, the largest single month of net buying since January 2021.
- The Gilt curve saw a marked shift lower in October, a combination of dovish UK labour market and inflation data, slightly better-than-expected fiscal figures, and cautious optimism ahead of the November Budget. Budget-related news flow drove volatility in Gilts through November, and it will be interesting to see if this curtailed the streak of net purchases from Japanese investors.
- Elsewhere, Japanese investors were net sellers of German and French debt in October. Net sales of German debt were JPY428.5bln, with year-to-date inflows now essentially flat. Meanwhile, the JPY575.7bln of net sales of French debt was the largest since October/November 2024.
- Japanese investors made negligible net purchases of US debt in October, but year-to-date inflows still total almost JPY6.5trln.
EGB OPTIONS: Downside interest via Bund Options
Dec-08 09:26
- RXG6 128.5/127.5/126 broken p fly, bought for 7.5 in 2k.
- RXG6 127.50/126.50ps 1x1.5, bought for 16 in 3k.
FOREX: FX OPTION EXPIRY
Dec-08 09:21
Large expiry in the EUR on Thursday.
Of note:
USDJPY 1.33bn at 155.00 and 1.49bn at 156.00.
AUDUSD 1.2bn at 0.6630/0.6635 (tue).
USDCNY 1.2bn at 7.1088 (wed).
EURUSD 6.51bn at 1.1595/1.1600 (thu).
USDJPY 1.24bn at 156.00 (thu).
- EURUSD: 1.1625 (510mln), 1.1650 (855mln), 1.1670 (587mln).
- USDJPY: 155.00 (1.33bn), 156.00 (1.49bn).
- NZDUSD: 0.5730 (768mln).
