OPTIONS: Expiries for Jan30 NY cut 1000ET (Source DTCC)
Jan-30 10:34
- EUR/USD: $1.0350-55(E2.7bln), $1.0365-75(E1.6bln), $1.0400-05(E1.1bln), $1.0425-40(E1.3bln), $1.0450-70(E2.0bln)
- USD/CAD: C$1.4490-00($1.7bln)
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FOREX: USD/CNH High Puts Price in Range of Record Levels
Dec-31 10:34
- Price action Tuesday has been muted, with market closures across Europe keeping volumes low, and participation thin.
- USD/CNH has drawn interest - The offshore CNH slipped further: USD/CNH had already accelerated upside on the break of the mid-December high, which also coincided with the local onshore close. USD/CNH now well clear of 7.3500 and, importantly, has now topped 7.3682, the Sep 2023 high. This makes 7.3749 the next upside target, above which would mark a record high.
- China's December PMI data came and went with little fanfare: the composite PMI picked up to 52.2 from 50.8 previously thanks to the outperforming non-manufacturing sector.
- Datapoints are few and far between - with just the house price index for October and Dallas Fed Services Activity set to cross.
EUROZONE ISSUANCE: 13-Week GTB
Dec-31 10:29
| Type | 13-week GTB |
| Maturity | Apr 4, 2025 |
| Amount | E500mln |
| Target | E500mln |
| Previous | E500mln |
| Avg yield | 3.00% |
| Previous | 2.63% |
| Bid-to-cover | 1.44x |
| Previous | 2.12x |
| Previous date | Oct 30, 2024 |
BONDS: A wide trading range for Gilt
Dec-31 10:20
- A wide 40 ticks trading range for the Gilt contract, lower liquidity has helped exacerbate some of two way move, initially sold off on the Open, but has recovered towards its intraday high ahead of the Early close during the early Morning session.
- UK markets will be closing at 12.15GMT ahead of the New Year, and the timing for the closing Window in Gilt should be at 12:13-12:15 (GMT).
- Technically, the first resistance is seen further out, up 93.09, but market moves will likely stay limited with most Desks on the sidelines.
- US Treasuries and Tnotes have stayed within the Overnight ranges, just a 6 ticks range for TYH5 so far today.
- Immediate resistance for the US 10yr Bond futures is still at 109.08+, only managed a 109.06 high today.
