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BONDS

German curve leads core FI higher

FOREX

USD trends in the red in early Europe

SONIA

SONIA morning options

COMMODITIES

Industrial Metals Gaining

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  • Momentum on oil-sensitive currencies – RUB, MXN and COP – has been strong this week despite the consolidation in oil prices.
  • RUB and MXN are the two best-performing currencies among the EM world, up 2.3% against the USD.
  • CEE currencies have also been consolidating higher this week after significant depreciation in November.
  • PLN is the best performing currency of the region, up 2.2% against the Dollar and partly driven by the positive surprise in inflation (which increased the odds for a bigger hike next week).
  • On the other hand, TRY continues to plunge amid Erdogan’s firm view on interest rates; the lira is down 10% against the USD this week.
  • BRL is the second weakest performer, down 1.1% against the USD.

Source: Bloomberg/MNI