RBA: VIEW: TD Add Nov Cut Into Forecast Profile
Jun-04 08:44
TD Securities note that “given the Bank's confidence on inflation, the weaker headline GDP print supports the case for further RBA easing. Hence, we add another 25bps cut to our profile for November, taking the cash rate to 3.35%. The Bank has signalled it's looking to ease a further two times following the May meeting”.
- They do not “see a strong case for the RBA to ease again as early as July, but this is where the risk lies. The RBA could justify a July cut as taking out insurance”.
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EGB OPTIONS: Large Bund Condor
May-05 08:25
RXM5 132.00/133.50/135.00/136.50c condor, sold at 24.5 in 10k.
JPY: Testing high against the EUR and the Pound
May-05 08:22
- Worth keeping an eye on the Yen (nothing fast nor big), testing session high against the Pound and the EUR.
- The Dollar and the AUD are still lagging, but price action should still be somewhat limited with the Focus on the Fed this Week.
- Small support in USDJPY is seen towards 143.73 (Friday's low) initially, but did trade as low as 142.88 last Thursday.
FOREX: FX OPTION EXPIRY
May-05 08:14
Of note:
EURUSD 1.72b at 1.1300 (could act as magnet).
EURGBP ~1bn at 0.8525.
USDCAD 2.66bn at 1.3865/1.3870 (a bit far).
USDCNY 1.51bn at 7.3000 (tue).
EURUSD 3bn at 1.1390/1.1400 (thu).
USDJPY 1.4bn at 143.00 (thu).
EURUSD 1.3bn at 1.1300 (fri).
USDJPY 1.8bn at 145.00 (fri).
- EURUSD: 1.1285 (1.13bn), 1.1300 (1.72bn).
- EURGBP: 0.8525 (900mln).
- USDJPY: 144.00 (335mln).
- USDCAD: 1.3865 (1.02bn), 1.3870 (1.64bn).
- AUDUSD: 0.6500 (489mln).
