EURGBP TECHS: Trend Needle Points South

RRP usage jumps to $250.601B this afternoon from $157.537B yesterday. So far this year, usage had fallen to $54.772B last Wednesday, April 16 -- lowest level since April 2021. Conversely, usage had surged to the highest level since December 31, 2024 on Monday, March 31: $399.167B. The number of counterparties climbs to 54 from 37 yesterday.

PIPELINE

USDCAD dips to session lows of 1.3788 after US President Trump says that PM Carney will visit the White House within the next week, after Carney - as Trump put it - said "let's make a deal". Yesterday Carney said post-election that he'd speaking to Trump and the two had agreed to meet soon but this adds to the certainty and suggests Trump is positively disposed to a thawing in relations.

• It's now outperforming most G10 peers, down 0.32% on the day in CAD's favor, and nearing 1.3781 - Apr 21 low (which was the lowest since Oct 2024) and the bear trigger per our tech analyst - beyond there, potential is seen for a move towards 1.3744, a Fibonacci retracement.

• Block, 10,000 SFRM5 95.75/95.93 put spds, 10.5 ref 95.91
• -10,000 2QU5 97.25/97.31 call spds 1.5 ref 96.845
• +3,000 SFRU5 96.50/97.00 call spds 1.75 over 3QU5 96.87/97.25 call spd