EM LATAM CREDIT: Argentina (ARGENT; Caa3pos/CCC/CCC): Decree Meeting cancelled
“The bicameral meeting of the DNU that was to rule on the new agreement with the IMF was suspended.” – Infobae
Neutral for spreads
• President Milei signed a decree authorizing him to sign a new program with the IMF. That decree needs to be reviewed by a commission, then sent on to the legislature.
• The president of the commission, Libertarian Senator Juan Carlos Pagotto, announced that today’s session was cancelled, and a new meeting date was not set.
• There were protests occurring outside the government buildings regarding retirement benefits as well as a fight that broke out in the Chamber between two libertarian legislators who are also on the commission.
• The deadline for the commission to finalize its review is March 25th at which point it will go to the legislature. The use of the decree was controversial, even among Milei’s supporters, and remains in effect unless both the House and the Senate reject it.
link to article:
https://www.infobae.com/politica/2025/03/13/se-suspendio-la-reunion-bicameral-de-dnu-que-debia-dictaminar-sobre-el-nuevo-acuerdo-con-el-fmi/
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US TSYS/SUPPLY: Review 3Y Note Auction: 1.2b Stop
- Treasury futures bounce briefly but remain weaker after $58B 3Y note auction (91282CMN8) 1.2bp stop, drawing 4.300% high yield vs. 4.312% WI; 2.79x bid-to-cover vs. 2.62x prior.
- Peripheral stats see indirect take-up climbs to 74.00% vs. 60.98% prior; direct bidder take-up 15.82% from 19.67% prior; primary dealer take-up 10.18% vs. 19.36% prior.
- The next 3Y auction is tentatively scheduled for March 11.
FED: US TSY 3Y NOTE AUCTION: HIGH YLD 4.300%; ALLOTMENT 41.59%
- US TSY 3Y NOTE AUCTION: HIGH YLD 4.300%; ALLOTMENT 41.59%
- US TSY 3Y NOTE AUCTION: DEALERS TAKE 10.18% OF COMPETITIVES
- US TSY 3Y NOTE AUCTION: DIRECTS TAKE 15.82% OF COMPETITIVES
- US TSY 3Y NOTE AUCTION: INDIRECTS TAKE 74.00% OF COMPETITIVES
- US TSY 3Y AUCTION: BID/CVR 2.79
EURUSD TECHS: Potential Reversal Signal
- RES 4: 1.0630 High Dec 6
- RES 3: 1.0594 Dec 9 ‘24
- RES 2: 1.0533 High Jan 27 and a reversal trigger
- RES 1: 1.0435/42 50-day EMA / High Feb 5
- PRICE: 1.0349 @ 16:09 GMT Feb 11
- SUP 1: 1.0272/0141 Low Feb 4 / 3 and the bear trigger.,
- SUP 2: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
- SUP 3: 1.0031 2.00 proj of the Sep 25 - Oct 23 - Nov 5 price swing
- SUP 4: 0.9947 76.4% of the Sep 28 ‘22 - Jul 18 ’23 bull leg
EURUSD prices are improving, but continue to trade below last week’s highs. Attention is on a bullish candle formation on Feb 3 - a hammer - that signals a possible reversal. However, additional reinforcing price evidence is required to signal a turn in the trend. MA studies are in a bear-mode position, highlighting a dominant downtrend. 1.0435, the 50-day EMA, marks a key resistance. A clear break of it would be a bullish development. The bear trigger is 1.0141, the Feb 3 low.
