US DATA: Rise In Food Underpins Headline CPI, With Firmer Core PCE Readthrough
Mar-11 14:10
Headline CPI inflation was exactly in line with expectations in February, at 0.27% M/M (0.17% prior)...
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SLOVAKIA AUCTION PREVIEW: On offer next week
Feb-09 14:05
Slovakia has announced it will be looking to sell the following at its auction next Monday, February 16:
- the 3.00% Nov-31 SlovGB (ISIN: SK4000026241)
- the 3.625% Jun-33 SlovGB (ISIN: SK4000023230)
- the 0.375% Apr-36 SlovGB (ISIN: SK4000018958)
- the 3.625% Nov-37 SlovGB (ISIN: SK4000028304)
FRANCE T-BILL AUCTION RESULTS: 13/20/28/50-week BTFs
Feb-09 13:56
| Type | 13-week BTF | 20-week BTF | 28-week BTF | 50-week BTF |
| Maturity | May 13, 2026 | July 1, 2026 | Aug 26, 2026 | Jan 27, 2027 |
| Amount | E3.393bln | E400mln | E1.999bln | E2.2bln |
| Target | E3.0-3.4bln | E0.0-0.4bln | E1.6-2.0bln | E1.8-2.2bln |
| Previous | E3.33bln | E400mln | E2.195bln | E2.185bln |
| Avg yield | 2.004% | 2.008% | 2.031% | 2.038% |
| Previous | 2.007% | 1.985% | 2.036% | 2.058% |
| Bid-to-cover | 3.29x | 5.88x | 5.3x | 4.28x |
| Previous | 3.45x | 6.94x | 4.31x | 4.26x |
| Previous date | Feb 02, 2026 | Sep 22, 2025 | Feb 02, 2026 | Feb 02, 2026 |
CHF: Franc Outperformance Persists, Morgan Stanley Recommend EURCHF Shorts
Feb-09 13:56
- Combined with the broad-based dollar weakness on Monday, relative Swiss Franc outperformance has been notable, prompting EURCHF to trade within close proximity of the recent 0.9140 cycle lows. While there has been some speculation that the latest franc strength might be ringing the alarm bells for the SNB, Morgan Stanley takes a contrasting view and believe further CHF strength is in the pipeline.
- MS state that inflation dynamics differ from 2020 and reduce the case for SNB level defence. They cite that purchasing power parity dynamics point to a lower EURCHF, and they think the SNB is more likely to smooth volatility than defend a level absent disinflation risks. Compared with other common risk hedges, MS suggest EURCHF offers a stable negative correlation to risk and relatively low volatility.
- MS recommend short EURCHF positions, targeting 0.8700. A near-term catalyst would be a clear break below 0.9150 without SNB pushback.
