EM LATAM CREDIT: Republic of Argentina (ARGENT; Caa3pos/CCC/CCC): Israel Trip
“Javier Milei suspended his trip to Israel” – Ambito
Neutral for bond prices
• Crucial events taking place in Argentina that likely necessitated the cancelling of the trip but also Israel’s launching of large-scale attacks on Hamas in Gaza may have played a role.
• Retirees in Argentina are reportedly planning a big protest today supported by university students, professors, and social organizations.
• The Blue Dollar ARS FX rate has been depreciating to its worst levels since last August 2024 and the government has spent nearly USD750mn of precious international reserves in the past three days to defend it.
• The Congress will be debating the decree which President Milei signed authorizing him to contract a new funding program with the IMF.
• Even with approval there still has reportedly been anxiety about FX regime changes the IMF might have proposed in the agreement.
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EUR: EURGBP falls to a one Week low
- EURGBP falls to a 1 Week low, lowest since the 10th Feb, now looking to test the 0.8300 figure, while initial support is seen at 0.8297, the 4th Feb low.
- EURUSD is also on the move, but nothing fast, 1 pip at a time.
- Next small support is seen at 1.0447.
MNI: FOREIGN HOLDINGS OF CANADA SECURITIES +14.4B CAD IN DEC
- MNI: FOREIGN HOLDINGS OF CANADA SECURITIES +14.4B CAD IN DEC
- CANADIAN HOLDINGS OF FOREIGN SECURITIES +3.8B CAD IN DEC
EQUITIES: Estoxx Call Spread
SX5E (21st Mar) 5600/5700cs sold at 30 in 4k.
