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SOUTH AFRICA

Ramaphosa Hints at a Cabinet Reshuffle

US TSY OPTIONS

Outright put buyer

OPTIONS

Expiries for Jul29 NY cut 1000ET (Source DTCC)

MARKET INSIGHT

Price Signal Summary - USD Faces Selling Pressure

EGB OPTIONS

Schatz downside structures

DOLLAR
DOLLAR: On Friday Scotiabank wrote that "we maintain a bearish USD outlook on
the basis of cyclical, structural, and secular trends. The outlook for relative
central bank policy has reached its climax in terms of offering the USD support,
and widening fiscal and current account deficits are expected to deliver
medium-term weakness in the currency. Longer-lasting secular trends also appear
to be bearishly aligned, given the USD's 2017 turn marking the end of its
post-crisis rally. Ultimately, we look to a narrowing in growth differentials
between the U.S. and its developed economy peers as the effects of U.S. fiscal
stimulus fade and other economies recover from their 2018 soft patch. These
developments should erode the USD's supportive growth and interest rate
differentials."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com