FOREX: FX OPTION EXPIRY - Large Expiry in EURUSD
Feb-20 09:06
Of Note:
EURUSD 10.75bn between 1.0400/1.0450 (should act as magnet).
AUDUSD 2.55bn between 0.6325/0.6400.
USDCNY 1.92bn at 7.2500.
EURUSD 2.13bn at 1.0400 (fri).
EURUSD 7.56bn between 1.0400/1.0470 (mon).
EURUSD 5.66bn between 1.0400/1.0450 (wed).
- EURUSD: 1.0400 (1.08bn), 1.0405 (943mln), 1.0410 (1.21bn), 1.0415 (392mln), 1.0420 (1.18bn), 1.0428 (384mln), 1.0430 (2.81bn), 1.0435 (612mln), 1.0440 (549mln), 1.0450 (1.59bn), 1.0500 (645mln).
- GBPUSD: 1.2520 (932mln).
- USDJPY: 151.00 (514mln).
- AUDUSD: 0.6300 (417mln), 0.6325 (549mln), 0.6350 (719mln), 0.6375 (858mln), 0.6400 (422mln).
- USDCNY: 7.2500 (1.92bn).
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Historical bullets
GILT SYNDICATION: 4.375% Jan-40 gilt: Books open
Jan-21 09:04
- Guidance: 4.25% Sep-39 gilt +4.00/+4.25bps
- Size: GBP Benchmark (MNI expect GBP5.0-6.5bln)
- Expected Settlement Date: 22-January-2025 (T+1)
- ISIN: GB00BQC82D08
- Joint Leads: DB (B&D / DM) / JPM / MS / Nomura / RBC CM
- Timing: Books open, today’s business
From market source
EGBS: Spreads To Bunds Marginally Wider
Jan-21 08:58
Trump’s apparent focus on imposing tariffs on Mexico & Canada in the coming weeks helps promote some modest EGB spread widening to Bunds today, although the major 10-Year cross-market differentials are within 1bp of yesterday’s closing level.
- Bund futures have pulled back from overnight highs, limiting the spread widening as the risk-off moves fade from extremes.
- 10-Year BTP/Bunds closed below 110bp, with cycle closing lows located at 106.4bp.
- Meanwhile, 10-Year OAT/Bunds last ~77.5bp, with French political and fiscal risks helping keep that spread above 75bp.
- Supply pressure is set to come via the French and Lithuanian syndications, with German green supply also scheduled.
USD: EUR and the Pound are testing their intraday lows
Jan-21 08:50
- The EUR and the Pound are falling back to where they fell Overnight post Trump's Tariffs headline, both EURUSD and Cable are back to their overnight intraday lows.
- Not Yet seeing any broader moves versus G10s at least.
- Small support in Cable comes at 1.2222, and a push all the way down to ~1.2186 would reverse Yesterday's WSJ story on Tariffs.
- EURUSD would need to drift to 1.0320 to reverse that move.
