GBPUSD TECHS: Bear Threat Remains Present
Oct-24 17:30
- RES 4: 1.3613 76.4% retracement of the Sep 17 - Oct 14 bear leg
- RES 3: 1.3544 61.8% retracement of the Sep 17 - Oct 14 bear leg
- RES 2: 1.3527 High Oct 1 and a pivot level
- RES 1: 1.3402/3471 20-day EMA / High Oct 17 and a key resistance
- PRICE: 1.3302 @ 16:24 BST Oct 24
- SUP 1: 1.3249 Low Oct 14 and the bear trigger
- SUP 2: 1.3220 0.764 proj of the Sep 17 - 25 - Oct 1 price swing
- SUP 3: 1.3142 Low Aug 1 and a key support
- SUP 4: 1.3041 Low Apr 14
GBPUSD maintains a softer short-term tone and is trading closer to this week’s lows. The latest move down signals the end of a corrective bounce between Oct 14 - 17. Sights are on key short-term support at 1.3249, the Oct 14 low and a bear trigger. A breach of this level would confirm a resumption of the downleg that has been in place since Sep 17. Key near-term resistance is at 1.3471, the Oct 17 high. A break would signal a possible reversal.
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PIPELINE: Corporate Bond Update: $18B Oracle 7Pt Launched
Sep-24 17:23
Latest 7pt Jumbo issuance from Oracle puts it near the bottom of a list of the top 20 largest issuance on record:
- Date $MM Issuer (Priced *, Launch #)
- 09/24 $18B #Oracle $3B 5Y +75, 5Y SOFR, $3B 7Y +90, $4B 10Y +105, $2.5B 20Y +115, $3.5B 30Y +125, $2B 40Y +137 (Compares to $7.75B Oracle issued over six tranches on January 30: $1.5B +3Y +57, $500M +3Y SOFR+76, $1.25B 7Y +87, $1.75B +10Y +97, $1.75B +30Y +122, $1B +40Y +135)
- 09/24 $1.5B #Georgia Power $750M 3Y +42, $250M 2031 Tap +57, $500M 30Y +77
- 09/24 $1.5B *CDP 5Y +68
- 09/24 $900M Windstream Services 8NC3
- 09/24 $600M CrossCountry Int 5NC2
- 09/24 $Benchmark Vesta +7Y +162.5
- 09/24 $Benchmark Couche-Tard 3Y +55, 10Y +93
- 09/24 $Benchmark Nissan Motor Acceptance 3Y 6%a, 5Y 6.5%a
- 09/24 $Benchmark NRG Energy 8.25NC3 +102, 10.25NC5 +127
US TSYS/SUPPLY: Review 5Y Auction: Small Tail
Sep-24 17:05
- Tsy futures show little reaction (FVZ5 at 109-10.75 from 109-10.5 at the cutoff) after the latest $70B 5Y note auction (91282CPA3) tails slightly: 3.710% high yield vs. 3.709% WI; 2.34x bid-to-cover vs. 2.36x prior.
- Peripheral stats: Indirect take-up slips to 59.42% from 60.48% prior, directs slip to 28.64% vs. 30.74% prior, while primary dealer take-up climbs to 11.94% vs. 8.78% prior.
- The next 2Y auction is tentatively scheduled for October 27.
FED: US TSY 5Y NOTE AUCTION: HIGH YLD 3.710%; ALLOTMENT 41.92%
Sep-24 17:02
- US TSY 5Y NOTE AUCTION: HIGH YLD 3.710%; ALLOTMENT 41.92%
- US TSY 5Y NOTE AUCTION: DEALERS TAKE 11.94% OF COMPETITIVES
- US TSY 5Y NOTE AUCTION: DIRECTS TAKE 28.64% OF COMPETITIVES
- US TSY 5Y NOTE AUCTION: INDIRECTS TAKE 59.42% OF COMPETITIVES
- US TSY 5Y AUCTION: BID/CVR 2.34
