Citi‘s Most Read – FICC

Research evidence excerpt

Citi‘s Most Read – FICC

US High-Grade Credit - AI and Credit Markets: The Buildout, The Risks, and How

to Price Them

AI and Credit Markets: The Buildout, The Risks, and How to Price Them

Daniel Sorid | Mathew Jacob

Global FX Strategy - Hawkish base case, dovish asymmetry for NZD into RBNZ

In line with Citi Economics, we view a hike as likely at this week's RBNZ meeting

(17.5bps priced). In such a scenario, AUDNZD could pullback to re-test the

100dma (~1.2092), but we'd ultimately expect that level to hold. Moreover, we view

the asymmetry around the meeting as NZD-negative, as a hold would cause the

market to seriously rethink hawkish RBNZ pricing further out the curve.

Daniel Tobon | Brian Levine | Osamu Takashima

Global FX Strategy - Levels to watch in AUDNZD, EURGBP, NOKSEK

We summarize key macro developments and flag important technical levels in

AUDNZD, EURGBP, and NOKSEK.

AUDNZD close below the 100dma could open Technical setup leans bullish NOKSEK; we like

the way lower, as was the case on a similar chasing a topside break of 0.9975

break in 2022

Asia FX and Rates Strategy - Philippines Trip Notes – Turbulent times

We met various policy makers and private sector analysts in Manila last week.

Despite improved external outlook, domestic challenges remain elevated

especially as politics is delaying revival of infrastructure spending. Inflation

outlook also looks challenging given electricity price hikes, minimum wage hike of

12% and upcoming El Nino which has not been factored into base line scenario.

The BSP is trying to balance growth and inflation dynamics but has so far been on

the dovish side. Overall, we came back believing that there is a limit to PHP

strength. Performance of long end bonds is largely technical in nature and has the