NATO: US' Hegseth Signals Backing Of Mooted 3.5%+1.5% Of GDP Def Spend Split
Jun-05 10:37
US Secretary of Defense Pete Hegseth speaking at the NATO ministerial meeting in Brussels. On levels...
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CHF: Weakest in G10 After Schlegel Commentary
May-06 10:37
- The Swiss Franc prints on the bottom of the G10 leaderboard today following Schlegel commentary this morning highlighting it has appreciated 'really a lot', referring to the CHF April move which has seen its REER push through 2024 highs. Schlegel is usually not known for such pronounced commentary on Franc valuations. Domestic sight deposit data recently did not indicate material SNB FX intervention.
- Today's weakness follows yesterday's Swiss April CPI, which came in at 0.0% Y/Y, 0.2pp below consensus (and 0.3pp below the SNB's Q2 forecast). While volatile travel-related services did have a particularly negative impact this time, the overall deceleration did appear broad-based.
- At 0.8259, USDCHF continues to trade below the key 0.8333 resistance, the 2023 low and breakdown point. Initial support stands at the late April lows around 0.8200, before cycle lows at 0.8040.
- Goldman Sachs think "risks are skewed to further CHF appreciation vs both EUR and the Dollar, especially if a recession starts to look imminent".
PIPELINE: Corporate Bond Roundup: Standard Chartered on Tap
May-06 10:36
- Date $MM Issuer (Priced *, Launch #)
- 05/06 $Benchmark Standard Chartered 6NC5 +165a, 6NC5 SOFR
- 05/06 $Benchmark Gold Fields 7Y +210a
- $13.8B Priced Monday
ESM ISSUANCE: 3-month ESM-Bills
May-06 10:32
| Type | 3-month bills |
| Maturity | Aug 7, 2025 |
| Amount | E1.099bln |
| Target | E1.1bln |
| Previous | E1.092bln |
| Avg yield | 2.040% |
| Previous | 2.262% |
| Bid-to-cover | 2.74x |
| Previous | 2.39x |
| Previous date | Apr 01, 2025 |
