The U.S. dollar found itself a bit weaker during Tuesday’s session. It wasn’t a massive crash or anything, just a slow slide really, mostly because of the usual stuff—geopolitical headlines, some commodity flows, and just a general lack of corporate appetite. You could almost feel the hesitation in the air, or maybe it was just the smell of stale office coffee, but it was quiet. Traders mentioned that most corporates were choosing to sit on their hands today. It’s that time of the month again with those tax obligations looming, so they’re keeping their cash close.
Because of that, the USDUGX pair shifted a bit. It closed at 3700/3710, which is firmer than the morning’s 3730/3740. It’s funny how a few points here or there dictate the whole mood of the trading floor. We are looking at a projected range of 3650–3780 for the near term, but honestly, who knows if that’ll hold if something else breaks in the news cycle tomorrow.
Money markets stayed pretty liquid. Overnight and one-week trades were hanging around 9.82% and 10.38% respectively. It’s steady. Which is a word you don’t get to use enough in this business—usually, things are just chaotic or—well, let’s just say it’s quiet for now.
Looking ahead, the Central Bank is jumping back into the Primary market tomorrow. It’s a big one, too. They’re reopening the 3-year, 10-year, and 20-year benchmark maturities. The offer size is a hefty sh990b. That should stir things up a bit, assuming the investors are ready to bite.
I wonder if the appetite will be there. Sometimes they show up, sometimes they’re just waiting for a better yield. Misryoum keeps watching the numbers, but the real story is usually in the silence between the trades. It’s just waiting to see if tomorrow brings a surge of activity or if everyone continues to keep their head down and watch the clock tick toward the weekend. Actually, it’s only Tuesday, so the weekend is still a lifetime away.