FED: US TSY 17W AUCTION: NON-COMP BIDS $475 MLN FROM $69.000 BLN TOTAL
Oct-22 15:15
* US TSY 17W AUCTION: NON-COMP BIDS $475 MLN FROM $69.000 BLN TOTAL...
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FED: US TSY 26W AUCTION: NON-COMP BIDS $1.423 BLN FROM $73.000 BLN TOTAL
Sep-22 15:15
- US TSY 26W AUCTION: NON-COMP BIDS $1.423 BLN FROM $73.000 BLN TOTAL
FED: US TSY 13W AUCTION: NON-COMP BIDS $1.905 BLN FROM $82.000 BLN TOTAL
Sep-22 15:15
- US TSY 13W AUCTION: NON-COMP BIDS $1.905 BLN FROM $82.000 BLN TOTAL
SEK: Trading As A High Beta Euro Ahead Of Tomorrow's Riksbank Decision
Sep-22 15:04
- SEK outperforms the G10 basket this morning, seemingly trading as a high beta Euro with no obvious tailwinds from the equity/risk sentiment or rate differential channels. Focus of course remains on tomorrow’s Riksbank decision, which is a very close call between a hold and a 25bp cut. MNI preview here
- EURSEK overnight implied ATM vols are at the highest since June, pushing the breakeven on an ATM straddle expiring at tomorrow’s NY cut to 40 pips.
- The Government formally announced its 2026 budget today, which contains SEK80bln of unfunded policies to help stimulate household consumption and employment. While the confirmation of the expansionary budget may be lending light support to SEK today, we caution that most of the policies were already announced in the run-up to today’s announcement.
- The key focus ahead of tomorrow’s Riksbank decision will be on the fiscal multipliers embedded within the September MPR projections.
- JP Morgan believe the Riksbank decision “presents tactically dovish risks for SEK”, but “remain bullish and would fade a kneejerk sell-off as (1) beyond the near-term, SEK should benefit from FX market focus on fiscal differentiation, yield compression, and growth relief from cuts, and (2) while only 8bps are priced for next week, there is a cumulative full cut priced by 1Q’25 and if this is merely frontloading, it can blunt the reaction". As such, they continue to hold a short EUR/Scandi basket trade.
