RUSSIA: Putin Notes Special Relations With N. Korea
Sep-03 07:25
- At a meeting with North Korea’s Kim Jong Un in Beijing, President Vladimir Putin said relations between Russia and North Korea have special quality now. Kim said North Korea will do everything to help Russia and called for strengthening cooperation between the two nations.
- Three of the four development scenarios in the CBR’s monetary policy guidelines published Tuesday presume monetary policy will remain tight. In the baseline scenario, inflation is expected to be 6-7% this year and slow to the targeted 4% in 2026, with the key interest rate staying in the double digits all of next year and dropping to 7.5-8.5% by 2027.
- Russia’s services PMI rose to 50.0 in August from 48.6 in July (Est: 48.0), while the composite measure rose to 49.1 from 47.8 – the third consecutive month of expansion. Weekly CPI data is due in the afternoon.
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EGB OPTIONS: Bund Put Fly Buyer
Aug-04 07:24
RXU5 128.5/127.5/126.5p fly, bought for 11 in 6.5k.
GILTS: A slightly lower Open versus the Calls
Aug-04 07:19
- Gilt saw a slightly lower open vs the calls, this was driven by the tick lower in EGBs on the higher Equity Cash Open.
- Gilt futures was expected to somewhat outperforms, but it is so far sitting flat against the German 10yr on the spread.
- Respective initial support and resistance, stand at 91.86 20-day EMA , and 92.69 (Friday's high).
CHF: The Swissy extends losses, SMI is down some 2%
Aug-04 07:11
- USDCHF takes another small leg higher, a function of the Fall in the Swiss Index, SMI opened some 2% lower after coming back from a holiday, the Index has caught up following the Swiss tariff announcement.
- As noted earlier, while the CHF is the worst performer in G10 against the Dollar, USDCHF would need a rally all the way to 0.8161 to reverse Friday's NFP sell Off, the cross could now be eyeing a test to the 0.8100 handle.
