CHINA: Additional Analyst Views On Today’s Stimulus Measures
* ABN AMRO says that today's measures were in line with their expectation of additional monetary e...
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BONDS: Schatz Futures Positioning Goes Long (1/2)
Per our latest edition of MNI Pi (Download Full Document Here):
- German contracts, which were all all "short" or "very short" in our last biweekly update, have seen a notable shift in Schatz and Bobl, to long and flat respectively, following long-setting trade last week.
- Bund and Buxl remain in short territory but off recent extremes (Bund had been "very short" two weeks ago), having seen short covering last week.
US: FED Reverse Repo Operation
RRP usage retreats to $148.146B this afternoon from $184.499B on Friday. Usage had surged to the highest level since December 31, 2024 last Monday, March 31: $399.167B. Compares to $58.770B (lowest level since mid-April 2021) on February 14. The number of counterparties at 30.
GBPUSD TECHS: Support Broken At The 50-Day EMA
- RES 4: 1.3434 High Sep 26 ‘24 and a key resistance
- RES 3: 1.3305 High Oct 2 ‘24
- RES 2: 1.3207/3274 High Oct 3 ‘24 / High Apr 3 and the bull trigger
- RES 1: 1.3016 50.0% retracement of the Apr 3 - 7 pullback
- PRICE: 1.2744 @ 16:45 BST Apr 7
- SUP 1: 1.2726 Low Apr 7
- SUP 2: 1.2679 Low Mar 4
- SUP 3: 1.2671 2.0% 10-dma envelope
- SUP 4: 1.2559 Low Feb 28
Monday’s rejection of a further push higher in the pair works against constructive outlook in the initial tariff reaction. Key support at the 1.2792 50-day EMA has given way . The bull trigger remains 1.3207, the Apr 3 high. Note too that moving average studies are in a bull-mode position, highlighting a dominant uptrend for now.
