FOREX: FX OPTION EXPIRY - Large in the EUR on Friday
Aug-28 07:58
Large expiry in the EUR for Friday, this has been building up and could act as a magnet ahead of Fri...
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SONIA: Futures up to 2 ticks lower this morning
Jul-29 07:52
- SONIA futures are generally a little lower (up to 2 ticks) this morning.
- The BRC shop price index released overnight was a little on the stronger side for July and showed continued food price increases of 0.4%M/M to bring the Y/Y rate up from 3.7% to 4.0% while non-food prices continues to move away from their lows increasing to -1.0%Y/Y from -1.2%Y/Y.
- This morning's domestic focus will be on consumer credit and M4 data but it is likely that SONIA futures will be more driver by external factors today.
- Next week's MPC meeting remains 90% priced for a 25bp cut with 45bp of cuts priced this year (from 46bp yesterday). Looking 1-year ahead there is 69bp priced by the July 2026 MPC meeting (71bp yesterday).
- Note there are no more scheduled MPC speakers ahead of next week's rate decision (which will be accompanied by an MPR and press conference)
USD: Cable Targets 1.3300
Jul-29 07:48
- Not much change in FX, it's a continued one way direction for the Dollar, at a new intraday high against the JPY, AUD, CAD, MXN, SEK, SGD, ZAR, TWD.
- The Pound is not the worst performer, the SEK is, but Cable is now eyeing a test through 1.3300.
- Few Desks are favouring further downside on Rate play, hold for the Fed vs cuts from the BoE.
- Aside from the 1.3300 figure, there isn't much in terms of support at current levels, and downside momentum through that area would open to 1.3245 Low May 19.
US: Trump Post on North Sea Oil
Jul-29 07:45
Donald J. Trump
@realDonaldTrump
North Sea Oil is a TREASURE CHEST for the United Kingdom. The taxes are so high, however, that it makes no sense. They have essentially told drillers and oil companies that, “we don’t want you.” Incentivize the drillers, FAST. A VAST FORTUNE TO BE MADE for the UK, and far lower energy costs for the people!
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Aug-28 14:50
