MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Sizeable EUR/CHF Trade Positioning for Hawkish SNB Tilt

OPTIONS
  • FX options volumes across the week have held up healthily, with Thursday trade seeing another $90bln in notional turnover via the DTCC. Activity so far Friday is following the same theme, thanks to decent demand for JPY, HKD and CHF hedges.
  • Both USD/CHF and EUR/CHF are seeing above-normal options activity following the unexpected and early resignation of the SNB President Jordan. Salient trades in USD/CHF include call strikes as high as 0.8885, and $630mln notional clustered between 0.8800 and 0.8825.
  • Conversely in EUR/CHF, the most notable trades of the session so far are consistent with a 0.9535/0.9625 put spread rolling off on March 21st - an option that expires after the SNB's next rate decision - and may be positioning for CHF strength and a hawkish surprise this month. A 25bps rate cut is already partially priced - meaning two-way risk on policy remains.
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.