Source: Bloomber Finance L.P.
Measure Level Δ DoD
5yr UST 4.08% -4bp
10yr UST 4.48% -3bp
5s-10s UST 39.2 +1bp
WTI Crude 65.3 +0.7
Gold 3329 +18.6
Bonds (CBBT) Z-Sprd Δ DoD
ARGENT 3 1/2 07/09/41 881bp -2bp
BRAZIL 6 1/8 03/15/34 258bp +0bp
BRAZIL 7 1/8 05/13/54 357bp +1bp
COLOM 8 11/14/35 414bp +3bp
COLOM 8 3/8 11/07/54 503bp +4bp
ELSALV 7.65 06/15/35 430bp +1bp
MEX 6 7/8 05/13/37 264bp -1bp
MEX 7 3/8 05/13/55 327bp -1bp
CHILE 5.65 01/13/37 146bp +3bp
PANAMA 6.4 02/14/35 323bp +1bp
CSNABZ 5 7/8 04/08/32 571bp -2bp
MRFGBZ 3.95 01/29/31 275bp +3bp
PEMEX 7.69 01/23/50 640bp +4bp
CDEL 6.33 01/13/35 206bp +1bp
SUZANO 3 1/8 01/15/32 190bp +2bp
FX Level Δ DoD
USDBRL 5.56 +0.00
USDCLP 936.79 +1.91
USDMXN 19.0 -0.07
USDCOP 4144.30 +27.86
USDPEN 3.63 -0.02
CDS Level Δ DoD
Mexico 113 (2)
Brazil 157 (2)
Colombia 236 1
Chile 55 (1)
CDX EM 97.22 0.05
CDX EM IG 101.14 0.05
CDX EM HY 93.16 0.08
Main stories recap:
Comments
· U.S. equities advanced marginally while U.S. Treasury yields fell a couple of bps as tariff talks continued with China.
· Crucial CPI data scheduled for Wednesday and the monthly bond auction refunding this week of 3s, 10s and 30 year bonds could cause some near term volatility in the coming days.
· EM Asia secondary market benchmark USD bond spreads were quoted widening up to 10 bps while CEEMEA spreads moved in a -10/+10 bps range.
· LATAM spreads were generally mixed with some Brazil corporate bonds of Raizen, Braskem and Brava Energia tightening 5-15bps while others like Suzano, Vale and Marfrig widened 2 bps.
· In Mexico, Pemex bonds widened 3-5bps while Liverpool and Mex sovereigns tightened a couple.
· Colombia bonds widened 3-7bps after the finance minister announced late Friday that the government would no longer attempt to adhere to the fiscal rule and that debt would increase.
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USDCAD has recovered from its recent lows. Despite the recovery, the trend condition remains bearish and short-term gains are considered corrective. A fresh cycle low on Tuesday reinforces the bearish theme. Potential is seen for a move towards 1.3744, a Fibonacci retracement. Note that moving average studies are in a bear mode position, highlighting a dominant downtrend. Key resistance is seen at 1.4041, the 50-day EMA.