SNB: Bank See Policy Implementation Unaffected by Move to 0%
Jun-19 10:38
Today's SNB cut to 0% raised some questions around their monetary policy implementation. Overall, th...
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ESM ISSUANCE: 6-Month ESM-Bills
May-20 10:34
| Type | 6-month bills |
| Maturity | Nov 20, 2025 |
| Amount | E1.094bln |
| Target | E1.1bln |
| Previous | E1.085bln |
| Avg yield | 1.973% |
| Previous | 2.096% |
| Bid-to-cover | 2.89x |
| Previous | 2.43x |
| Previous date | Apr 15, 2025 |
US 10YR FUTURE TECHS: (M5) Support Remains Exposed
May-20 10:32
- RES 4: 112-20+ High May 1 and a bull trigger
- RES 3: 112-01+ High May 2
- RES 2: 111-22 High May 7 and a key near-term resistance
- RES 1: 110-23+ 20-day EMA
- PRICE: 110-09 @ 11:21 BST May 20
- SUP 1: 109-18+ Low May 15
- SUP 2: 109-08 Low Apr 11 and key support
- SUP 3: 108-26+ 76.4% retracement of the Jan 13 - Apr 7 bull cycle
- SUP 4: 108-21 Low Feb 19
Treasury futures maintain a bearish tone and the contract is trading closer to its recent lows. Support at 110-01+, 76.4% of the Apr 11 - May 1 bull leg, has been cleared. The breach strengthens a bearish theme and exposes key support at 109-08, Apr 24 low and a bear trigger. Key near-term resistance is at 111-22, the May 7 high. A move above this level is required to signal a potential reversal. First resistance is at 110-23+, the 20-day EMA.
OUTLOOK: Price Signal Summary - USDJPY Maintains A Softer Tone
May-20 10:16
- In FX, EURUSD continues to trade above last week’s low and recent weakness appears corrective. A key support at the 50-day EMA, at 1.1102, remains intact. A clean break of this average would undermine the uptrend and highlight a stronger reversal. Key trend signals still highlight an uptrend. A key resistance to watch is 1.1381, the May 2 - 6 high. Clearance of this level would signal the end of the correction and highlight a bullish break.
- GBPUSD traded higher Monday, extending the recovery from 1.3140, the May 12 low. A bullish engulfing candle on May 13 highlights a reversal signal. The pattern remains valid and if correct, signals the end of the recent corrective cycle and a resumption of the uptrend. Key support to watch is 1.3126, the 50-day EMA. A continuation higher would refocus attention on the key resistance and a bull trigger, at 1.3444, the Apr 28 / 29 high. USDJPY continues to trade below the May 12 high and the pair maintains a softer tone. The latest pullback signals the end of the corrective cycle since Apr 22. A stronger reversal lower would expose 142.36, the May 6 low. Note that the 20-day EMA, at 145.18, has been cleared. The breach strengthens a bearish theme. Key short-term resistance has been defined at 148.65, the May 12 high. Initial resistance is at 146.23, the 50-day EMA.
