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EGB OPTIONS

German structures

US EURODLR OPTIONS

BLOCK, Green Dec Package

US TSY FLOWS

Modest Bounce Off Lows

BOE APF PURCHASES

GBP1.147bln of short-dated gilts with offer-to-cover of 1.67x

SEK

EURSEK is now down 1.14%

DOLLAR
DOLLAR: The USD encountered mild pressure across the board overnight which saw
the DXY ease back under the 97 level to 96.80. Bullish exhaustion settles in
with near-term support from the 21-dma & 61.8% retracement of the recent uptrend
at 96.54/44, a break here opens a move toward the 96.00 area, ahead of the
100-dma at 95.35. Bulls need to clear the double-top resistance area at 97.65/70
to re-ignite positive momentum and a run at 98. The pullback in the USD has seen
gold trade toward the higher end of its $1208.36-1213.76 Asia range, targeting a
break and close above the 100-dma at $1214.20. 
- However, there could be limited follow through today with the next SOMA
redemption day taking effect to the value of $17.4bn. This is where the Fed
unwinds its balance sheet and redeems the full amount paid for in bonds,
normally resulting in USD demand. Since the end of February, EURUSD has always
been lower at CET1715 vs CET0800, by an average of 0.27%.