Money market: another turn in NDF/XCCYs
The roller-coaster in NDF/XCCY rates continued. Yesterday, the NDF curve tightened 35-45bp, with the one-month tenor easing to 11.60% and 3M NDF declining to 12.36%. Pressure on the front end of the XCCY curve also abated, with the rates moving down near 30bp. Hence, the one-year rate decreased to 12.32%, while the three-year tenor closed at 10.90%. In the meantime, the IRS curve traded 2-5bp wider, 3M MosPrime closed at 11.88%.
Maxim Korovin, Tatiana Chernyavskaya
VTB Capital analysts
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