Money market: rates go down
NDF rates eased 20-25bp along the curve, with the three-month tenor closing at 12.00%. XCCY rates decreased on average 10bp, with the one-year tenor edging down to 11.87%. We still think that selling long NFD/short XCCY rates is attractive now. The IRS curve turned more inverted, as the front end remained unchanged and the long tenors slipped 15-20bp. The three-year IRS rate diverged from the general trend, inching up to 11.71% (+16bp).