EM LATAM CREDIT: Grupo Nutresa: USD1bn Tap 5s/10s - Neutral

Renewed losses for the dollar push through with the WMR fix cleared. EUR/USD making headway above 1.17 at typing, while GBP/USD tops 1.3500.

• Drivers here remain the same - the bull flatter US curve anticipating the nearing deadlines for reciprocal tariff deals and expected EU retaliation against US trade measures. Nonetheless, this USD fade is coming on lighter-than-usual volumes: EUR and GBP futures have seen cumulative activity ~20% below average for this time of day, with the Japanese market holiday likely a contributor here.
• Equities are proving resilient, however, with the USD weakening as the e-mini S&P faded, and weakening further still as equities rallied after the cash open.
• Also of note, USD/CNH has now shown through the uptrendline drawn off the early July low and is set for a strong negative close. This opens 7.1687 support ahead of 7.1657.

• US TSY 13W AUCTION: NON-COMP BIDS $2.259 BLN FROM $82.000 BLN TOTAL

• US TSY 26W AUCTION: NON-COMP BIDS $1.982 BLN FROM $73.000 BLN TOTAL