SEK: Nomura Go Short USD/SEK, Target 9.00
Aug-08 15:36
Nomura recommend shorting USD/SEK, targeting a move to 9.00. USDSEK is currently at 9.5690. Initial support is the July 23 low at 9.4761, which shields 9.3792, the June 12 low.
- “Flash inflation data remained notably above the Riksbank’s forecasts, both CPIF and ex-energy. After a blip in several activity indicators in mid-Q2, economic momentum also appears to be resuming. This all supports our view that the Riksbank’s rate-cutting cycle is likely over, while market pricing points towards a further cut this year”.
- “More certainty in global trade dynamics relative to recent months and a potential shift in US focus towards Russia-Ukraine should also both be beneficial to SEK”.
- “USD/SEK has shown a high sensitivity to US rates in recent months and should benefit from more dovish Fed rhetoric or any further signs of weakening US economic momentum”.
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FED: US TSY 17W BILL AUCTION: HIGH 4.230%(ALLOT 69.56%)
Jul-09 15:32
- US TSY 17W BILL AUCTION: HIGH 4.230%(ALLOT 69.56%)
- US TSY 17W BILL AUCTION: DEALERS TAKE 34.08% OF COMPETITIVES
- US TSY 17W BILL AUCTION: DIRECTS TAKE 5.59% OF COMPETITIVES
- US TSY 17W BILL AUCTION: INDIRECTS TAKE 60.33% OF COMPETITIVES
- US TSY 17W BILL AUCTION: BID/CVR 3.03
PIPELINE: Corporate Bond Roundup: NTT Finance 7Pt on Tap
Jul-09 15:27
- Date $MM Issuer (Priced *, Launch #)
- 07/09 $Benchmark NTT Finance Corp: 2Y +105, 3Y +115, 3Y SOFR, 5Y +130, 5Y SOFR, 7Y +140, 10Y +150
- 07/09 $Benchmark Gulfstream Natural GasSystem 10Y +155a
- 07/09 $Benchmark Romania +5Y +225, +10Y +270a
- 07/09 $Benchmark Viper Energy 5Y +135, 10Y +170a
- 07/09 $Benchmark Western-Southern 3Y +90a
- $7.4B Priced Tuesday
FED: FOMC June Minutes Preview And Instant Answers
Jul-09 15:22
The minutes of the June 17-18 FOMC meeting (released at 2pm ET) should underline the Committee's patience in making its next rate move amid heightened tariff-related economic uncertainty - our preview to the Minutes full PDF is here.
Also a reminder, we have a few Instant Answers questions - answers will be published immediately upon the release of the Minutes:
- Did any participant mention a potential scenario where rates would need to rise from current levels?
- Did staff or participants discuss the idea of lowering the ON RRP rate relative to the fed funds rate?
- Did any participant mention changing the IORB rate independently of changes to the fed funds rate?
