EGB OPTIONS: Schatz Call Ladder

NOK outperforms after confirmation of Norges Bank becoming a net NOK buyer across January, despite the announced purchase amounts being smaller than expected. For EURNOK, the 11.75 Dec 24 low would be the next level to watch on the downside - but while light krone strength is apparent in EURNOK and NOKSEK, yesterday's ranges in both crosses remain intact for now though.

• SEK is also on the firmer side but overall trades within recent ranges after the Riksbank December minutes portray a Board that is very content with the current policy setting. The overall view on inflation is relaxed, with most members still more cognizant of weaker-than-desired underlying pressures despite signs of an economic recovery.
• AUD hovers around the 0.6707 September 17 high after breaking above the key level last week but failing to generate material upside traction since then. Analysts generally remain supportive of; to the upside, the 0.6800 handle closely coincides with the July 2024 high and multiple closes last August, while to the downside the 20-day EMA intersects at 0.6650.
• USDCNH is breaking lower this morning, printing below 6.99 for the first time since September last year. Authorities may act to slow any acceleration in the downtrend, but the outlook for CNY remains positive, with markets almost uniformly looking for USDCNY further below 7.00 in 2026.
• Moves in offshore Yuan follow the clear break below 7.00 in USDCNY overnight, despite a higher-than-expected fix. The fixing error stayed elevated but slightly tighter than yesterday's fix. This provided only temporary relief, however, with the downtrend in USDCNH, USDCNY resuming on reported FX selling by both corporate names and Chinese exporters.
• EU leaders are currently discussing the situation around Ukraine following Ukrainian President Volodymyr Zelenskyy's meeting with US President Donald Trump on 28 December. Given the key question around territorial concessions remains unresolved, there is little movement in any ceasefire concerns to be expected in the near future. On US data, weekly Redbook retail sales, the FHFA home price index for October, and MNI Chicago PMI are scheduled ahead of the FOMC minutes.

SFIZ6 96.90/97.00 call spread vs. 96.30/20 put spread paper paid 0.75 for the call spread vs. 96.65 (13% delta) on 3K.

Click here to access the indicative 2026 sovereign rating review schedules across the five most prominent rating agencies (Fitch, Moody's, S&P, Morningstar DBRS & Scope Ratings).

• Note that the schedules are indicative only and ratings can be reviewed on an ad-hoc basis.
• Rating agencies may also adjust their schedules during the year.