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EGB OPTIONS

Schatz downside put fly

US TSY FUTURES

BLOCK, 5Y/10Y Ultra Flattener

COPPER TECHS

(H2) Focus Is On Support

US EURODLR OPTIONS

Midcurve Put Spd, Dec'24 Downside

GILTS

UK 30 year yield, lowest since January

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  • Since the start of the year, we have seen that the rise of the US Dollar has been mainly driven by the divergence in growth expectations between US and the rest of the developed economies.
  • This chart shows how the underperformance of the Euro area (relative to the US) has been weighing on the single currency.
  • Even though economic data have disappointed in most of the developed economies in recent months, the rising uncertainty combined with the sharp deceleration in the Chinese economic activity have had a stronger impact on the Euro area than in the US.
  • EURUSD broke below its 1.17 support at the end of September; next resistance to watch stands at 1.15, which corresponds to the 50% retracement of the 1.0640 - 1.2350 range.

Source: Bloomberg/MNI