GREECE T-BILL AUCTION RESULTS: 26-Week GTB

• The dollar is furtively firmer, but markets trade with little conviction early Monday having digested comments from US Treasury Secretary Bessent over the weekend. Bessent talked up the progress of trade talks and negotiations with other parties after a meeting with his Japanese counterpart today - and stated that "some talks are moving well, especially with Asia".
• Equity futures are firmer across Europe, but lag somewhat in the US ahead of a busy earnings week. Earnings from Microsoft, Meta Platforms, Amazon and Apple are all due - covering a large swathe of the Magnificent Seven megacaps.
• Across G10, GBP trades well, gaining moderately against all others. Nonetheless, GBP/USD remains below last week's highs - which mark first resistance at 1.3349. Clearance above here opens more challenging levels at the cycle high of 1.3424 posted on the last USD slide. UK data is few and far between this week, however local election results on Thursday will provide the latest insight into how Starmer's government is performing inside the first year.
• It's a quiet data session to begin the week, with risk events and releases picking up across the week - culminating in MNI Chicago PMI on Wednesday, and the Payrolls report following on Friday. The Fed remain inside their pre-meeting media blackout, meaning central bank speak should be muted into next week's decision. ECB's Rehn and de Guindos are set to appear. 

A bearish theme in WTI futures remains intact and the recovery that started on Apr 9 appears corrective. The move higher has allowed an oversold trend condition to unwind. Recent weakness resulted in the breach of a number of important support levels, reinforcing a bearish threat. A resumption of the bear cycle would open $53.72, a Fibonacci projection. Resistance to watch is $65.73, the 50-day EMA. Gold continues to trade below its recent highs. The trend needle points north and the latest move down appears corrective. The retracement is allowing an overbought condition to unwind. Moving average studies are unchanged, they remain in a bull-mode position highlighting a dominant uptrend. The next objective is $3547.9, a Fibonacci projection. Initial firm support to watch lies at 3219.4, the 20-day EMA.

• WTI Crude down $0.12 or -0.19% at $62.9
• Natural Gas up $0.01 or +0.44% at $2.95
• Gold spot down $34.02 or -1.02% at $3286.43
• Copper down $2.35 or -0.48% at $487.1
• Silver down $0.15 or -0.44% at $32.9734
• Platinum up $6.86 or +0.7% at $983.66