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US 10YR FUTURE TECHS

(Z1)‌‌ Bearish Follow Through

OPTIONS

Expiries for Sep29 NY cut 1000ET (Source DTCC)

EGB OPTIONS

Bund Nov Put Condor Seller

EGB OPTIONS

Schatz Call Spread Vs Put

SHORT-STERLING OPTIONS

More SONIA Call Spread Buying

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  • In the past two months, we have seen that economic data and business surveys have started to deteriorate amid rising uncertainty due to a range of risk factors (Delta variant, falling Chinese liquidity...).
  • In addition, real M1 growth, which has historically acted as a strong leading economic indicator for the Euro area, has been falling due to both a decrease in money supply and a surge in inflation.
  • Even though some economies have already embarked on a tightening monetary policy cycle, the uncertainty over the economic recovery still remains elevated, particularly in the EM markets.
  • Hence, the potential weakening in the economic activity in the Euro area could weigh on both euro equities and on the single currency in the medium term.

Source: Bloomberg/MNI