INR: USDINR Extending Weekly Advance as Crude Rally Continues
Jun-19 08:32
USDINR has risen a further 0.4% today, extending this week's advance to almost 1% and placing the pa...
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OPTIONS: Larger FX Option Pipeline
May-20 08:31
- EUR/USD: May21 $1.1140-50(E1.3bln), $1.1250(E1.1bln), $1.1390-05(E2.1bln); May22 $1.1175(E1.9bln); May23 $1.1145-50(E1.1bln), $1.1180-85(E1.1bln), $1.1300(E1.0bln), $1.1330-50(E1.3bln), $1.1400(E1.1bln)
- USD/JPY: May23 Y144.00($1.4bln), Y145.00($1.9bln)
- GBP/USD: May22 $1.3260-70(Gbp1.5bln)
- USD/CAD: May22 C$1.4050($1.3bln); May23 C$1.4000-15($1.2bln)
GILT SYNDICATION: 5.375% Jan-56 gilt: Update
May-20 08:30
- Guidance unchanged: 4.25% Dec-55 gilt (GB00BT7J0241) + 1.75bp/2.25bp
- Size: GBP benchmark (MNI expects GBP5.5-8.5bln)
- Books in excess of GBP57bln (inc JLM interest of GBP3.75bln)
- ISIN: GB00BT7J0241
- JLMs: BNP Paribas, BofA Securities, Deutsche Bank, Goldman Sachs International Bank (B&D / DM) and Santander
- Settlement: 21 May 2025 (T+1)
- Maturity: 31 January 2056
- Coupon: 5.375%. Short first
- Timing: Books open, today's business (MNI expects books to close at 10:00BST)
From market source / MNI colour
BOE: Summary of Pill's opening remarks
May-20 08:30
- He sees May as a skip, but seems to still broadly support quarterly cuts.
- He thinks that the MPC started cutting too early - remember that he voted against the first cut in August 2024 (along with Mann, Greene and Haskel). He partly sees as his vote for a skip to make up for that.
- He again used the word "cautious" rather than "careful". This has become a buzzword with the MPC and is a stronger word than "careful".
- He still believes that disinflation is in process, but that there has been greater intrinsic inflation persistence - and this has changed the character of disinflation.
- He notes that the MPC has consistently underestimated inflation persistence, wage growth and the inflationary cost push shocks.
- He doesn't think there has been enough data yet to assess whether there has been a structural break in inflation persistence.
