CHILE: Santander Still Sees Further 25bp BCCh Rate Cut This Year
Aug-13 17:28
- Santander says that today’s BCCh minutes were in line with their projections and confirm that the IPoM scenario – which considered two interest rate cuts in 2025 and two more in 2026 – remains in effect.
- Santander notes that the July CPI inflation figure, which showed a rebound in underlying components for the second consecutive month, could prompt a somewhat more cautious stance from the Board.
- However, in Santander’s view, there is still room for a second interest rate cut in October or December this year, which would allow the Board to close the year with an MPR of 4.5%.
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US: FED Reverse Repo Operation
Jul-14 17:18
RRP usage rises to $217.841B this afternoon from $181.637B Friday, total number of counterparties at 45. Usage had fallen to $54.772B on Wednesday, April 16 -- lowest level since April 2021 - compares to yesterday's (July 1) $460.731B highest usage since December 31.
SOFR OPTIONS: Green Dec/Blue Dec Conditional Curve Steepep
Jul-14 17:10
- +10,000 2QZ5 97.00/97.50 call spds vs. 3QZ5 96.75/97.25 call spd, 0.0 net/steepener
EURUSD TECHS: Corrective Cycle Still In Play
Jul-14 17:00
- RES 4: 1.1982 2.0% 10-dma envelope
- RES 3: 1.1923 2.000 proj of the Feb 28 - Mar 18 - 27 price swing
- RES 2: 1.1851 High Sep 10 2021
- RES 1: 1.1765/1829 High Jul 08 / 01 and the bull trigger
- PRICE: 1.1691 @ 15:48 BST Jul 14
- SUP 1: 1.1660/51 20-day EMA / Intraday low
- SUP 2: 1.1575 Low Jul 24
- SUP 3: 1.1495-day EMA
- SUP 4: 1.1446 Low Jun 19
A corrective cycle in EURUSD remains intact. The primary trend condition is bullish with moving average studies continuing to highlight a dominant uptrend. Support to watch is 1.1660, the 20-day EMA. It has been pierced, a clear break of it would signal scope for a deeper retracement, potentially towards the 50-day EMA at 1.1495. For bulls, a resumption of gains would signal scope for a climb to 1.1851, the Sep 10 2021 high.
