MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: FRANCE Q2 FLASH GDP +0.3% Q/Q, +1.1% Y/Y

MNI: FRANCE JUN CONSUMER SPENDING -0.5% M/M, -1% Y/Y

Australia Jun Total Dwelling Approved -6.5%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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SocGen Issue New Trade Idea: Short EUR Via Options

EUR
  • SocGen add their name to the list of those looking for further EUR weakness in the coming months. They write that there’s lots of room for more EUR shorts with recession fears and the prospect of ECB paralysis both key drivers.
  • As such, they recommend expressing a EUR short via the purchase of EUR/USD 0.98 2 month puts, while selling 0.96 2m puts with a 0.94 knock-in. They note that this structure is an ‘appearing' put spread and costs only 0.07% more than a vanilla 0.98/0.96 put spread, but with a more attractive pay-off profile.
  • The structure benefits the most from spot trading between 0.94 and 0.96 in two months and if the barrier is hit, the pay-off becomes a standard put spread 0.98/0.96, which still delivers 4.4 times the premium paid if the spot is below 0.96 at expiry.
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