EU-BILL AUCTION RESULTS: 3/6/12-month Bill Results

ECB's Kazimir with in a Reuters exclusive interview:

• "ECB'S KAZIMIR: FX PASS THROUGH TO PRICES MAY NOT BE AS STRONG AS EXPECTED"
• • "I SEE NO REASON TO CHANGE RATES IN THE COMING MONTHS, DEFINITELY NO IN DECEMBER"

Not a surprising set of comments from Kazimir, generally considered a hawkish leaning member of the Governing Council.

• He also warned against "overengineering" policy around small inflation deviations - consistent with his remarks on November 3.
• Meanwhile, possibly in reaction to last week's stronger-than-expected compensation per employee data: "The labour market remains tight, growth is a bit better and wage moderation is somewhat slower than we expected,"

• In the equity space, a bullish theme in S&P E-Minis is intact. Price remains above the 20- and 50- day EMAs. Note that recent gains signal the likely end of the corrective cycle between Oct 30 and Nov 21. A continuation higher would highlight potential for a move towards the key resistance and bull trigger at 6953.75, the Oct 30 high. Key support lies at 6525.00, the Nov 21 low. First support is at 6797.09, the 20-day EMA.
• A bull cycle in EUROSTOXX 50 futures remains intact. Price has recently cleared the 20- and 50-day EMAs, signalling scope for a stronger recovery. Sights are on 5742.40 next (pierced), the 76.4% retracement of the Nov 13 - 21 bear leg. Clearance of this price point would pave the way for an extension towards 5825.00, the Nov 13 high and a key resistance. First key support lies at 5621.75, the 50-day EMA

Latest block trade lodged at 10:33:47 London/05:33:47 NY:
• SFRH6 96.5625/96.4375/96.1875 broken put fly 4.3K lots blocked at 0.00, CME email points to a buyer of the wings.