GILTS: 10s Stick Comfortably Within Recent Range
Aug-15 10:14
Despite ongoing UK fiscal worry, data-driven swings and a ‘hawkish’ BoE rate cut, 10-Year gilt yields still trade relatively close to the middle of the 4.408-4.799% range in play since early May.
Fig. 1: 10-Year UK Gilt Yield (%)
Source: MNI - Market News/Bloomberg Finance L.P.
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EU-BILL AUCTION RESULTS: 3/6/12-month EU-bills
Jul-16 10:11
| Type | 3-month EU-bill | 6-month EU-bill | 12-month EU-bill |
| Maturity | Oct 3, 2025 | Jan 9, 2026 | Jul 3, 2026 |
| Amount | E954mln | E934mln | E899mln |
| Target | E1bln | E1bln | E1bln |
| Previous | E841mln | E997mln | E1.398bln |
| Avg yield | 1.921% | 1.928% | 1.902% |
| Previous | 1.922% | 1.930% | 1.920% |
| Bid-to-cover | 1.55x | 2.02x | 2.73x |
| Previous | 1.74x | 2.6x | 2.92x |
| Previous date | Jul 02, 2025 | Jul 02, 2025 | Jul 02, 2025 |
OUTLOOK: Price Signal Summary - S&P E-Minis Bull Cycle Remains In Play
Jul-16 10:09
- In the equity space, S&P E-Minis are trading in a range, closer to their recent highs. The trend condition remains bullish. Recent activity has resulted in a break of resistance at 6128.75, the Jun 11 high. The breach confirmed a resumption of the uptrend that started Apr 7. This was followed by a break of key resistance and a bull trigger at 6277.50, the Feb 21 high. Sights are on 6356.12, a 1.236 projection of the May 23 - Jun 11 - 23 price swing. Key support is at the 50-day EMA, at 6073.00. First support lies at 6218.56, the 20-day EMA.
- A bull cycle in EUROSTOXX 50 futures remains in play and the latest pullback still appears corrective. Recent gains have exposed key resistance and the bull trigger at 5486.00, the May 20 high. It has been pierced, a clear break of it would confirm a resumption of the medium-term bull cycle that began Apr 7 and open the 5500.00 handle. Support to watch lies at 5281.00, the low on Jul 1 and 4. A break of this price point would strengthen a bearish threat.
EURIBOR OPTIONS: ERH6 98.25/98.00 Put Spread Sold
Jul-16 10:09
ERH6 98.25/98.00 put spread 5K given at 10.5 vs. 98.22.
