First notice day saw 954 notices issued and KC settle at 116.25 down 40 points, the lowest close since the 17th of April. Open interest fell by 4,922 lots and with July down to 1,715 lots entering the day notices were taken with a grain of salt. Intraday rhythm closely tracked that of the BRL which weakened slightly on the day as the BCB sold its biggest lot of floating rate bonds since February of 2016, in addition to its daily regimen of selling FX swaps in an effort to support the currency.
Outright flows were largely spec to spec at the lower end of the 27 month range. While first notice day being out of the way did not provide a relief rally it also removed any sense of urgency.
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