HEALTHCARE: Pharma Policy: Politico Article - Potentially Negative
May-08 15:20
* Politico reported earlier that Trump will try to slash drug prices in the US by signing an execu...
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
OPTIONS: Expiries for Apr09 NY cut 1000ET (Source DTCC)
Apr-08 15:18
- EUR/USD: $1.0880(E1.2bln), $1.0900-05(E1.4bln), $1.0950(E551mln)
- USD/JPY: Y147.00($716mln), Y147.40-50($1.2bln)
- EUR/JPY: Y162.75-90(E719mln)
- AUD/USD: $0.5975(A$650mln)
- USD/CAD: C$1.4100($571mln)
LOOK AHEAD: Adding Chicago Fed Goolsbee to Today's Calendar
Apr-08 15:12
- Adding Chicago Fed President Austan Goolsbee to today schedule, Goolsbee will be interviewed on Illinois Public Media "The 21st Show" at 1206ET.
CHINA: USD/CNH Prints a New High on Fix, Fading Equity Rally
Apr-08 15:11
- USD/CNH continues to press higher, with the latest leg higher coming from the turn off highs for equities (itself triggered by the USTR's Greer stating that tariff exemptions will not come through in the near-term) on top of the building expectations for a prolonged trade spat between the US and China who, at present, are placing the most punitive tariffs on each other
- Market moves follow the push higher for the USD/CNY midpoint fix overnight - at 7.2038, the CFETS fix was the highest since Sept'23 and not far off the highest fix on record from late 2022 at 7.2555. The higher fix is a clear signal that the authorities are yet to meaningfully use the counter-cyclical factor rebuff local currency weakness stemming from the Liberation Day announcements last week - which would be a focus on any prolonged weakness for CNY.
- Regional partnerships (or lack thereof) outside of the US remain a big focus, and the call with the EU warning against diverted trade to Europe resulting in product dumping was compounded by comments from the South Korean President, stating that South Korea will not band together with China and Japan to combat Trump's tariffs.
- Goldman Sachs today see selling of USD assets as a potential option for China to defend the currency ahead, and market instability would be a trigger given their focus on maintaining market order. Their latest estimates have USTs accounting for ~40% of official reserves, or $1.1trl.
Trending Top
May-09 15:07
