POWER: Polish Front-Month Power Rises

Gilts tracking moves in wider core global FI markets here, trading to fresh session highs before fading.

• Futures trade as high as 92.51, bulls fail to test the resistance cluster at 92.72/73.
• Yields 3.5-6.5bp lower, with the wings of the curve underperforming.
• Key support levels in 10- & 30-Year yields (4.496% & 5.309%) remain untouched.
• Dovish repricing in GBP STIRs holds, SONIA futures 0.5-4.5 higher, BoE-dated OIS showing ~9bp of easing through year-end.
• We have noted the potential for further outperformance in SFIZ6 vs. ERZ6.
• BoE Deputy Governor Breeden will speak twice this evening, although the subject matters of the addresses mean that she is unlikely to provide meaningful comments on monetary policy.
• Monthly GDP and economic activity data is due tomorrow, with BBG survey consensus looking for modest GDP growth (+0.1% M/M)

• EUR/USD: $1.1500-20(E1.5bln), $1.1580-00(E4.0bln), $1.1650-55(E783mln), $1.1700-05(E1.2bln), $1.1735-40(E837mln)
• USD/JPY: Y150.50($729mln), Y151.00($511mln), Y152.00($728mln)
• AUD/USD: $0.6500-20(A$598mln)
• USD/CAD: C$1.3975($946mln)

• BTC (26th Dec) 135k/150k Call Spread, bought for 1575 in 300.

Note that the reports on Bitcoin Option have been downside protection of late.