EMERGING MARKETS: CEEMEA FX Price Signal Summary - EURHUF Trend Outlook Remains Bearish
Apr-27 11:07
- EURHUF traded sharply higher on Apr 19 and breached the 20-day EMA. A resumption of gains would open 381.09, the 50-day EMA. Note that recent gains are considered corrective - a clear break of this average is required to signal a stronger reversal. The cross is trading lower and attention is on the bear trigger at 369.47, Apr 18 low. Clearance of this level would resume the primary downtrend and open 366.41, the Mar 30 2022 low.
- EURPLN remains in a downtrend following last week’s bearish extension and the cross has traded to a fresh cycle low this week. Last week’s move lower resulted in a breach of 4.6270, the Dec 26 low, reinforcing bearish conditions and confirmed a resumption of the broader downtrend. The focus is on 4.5599 next, the May 30 2022 low. Initial firm resistance to watch is 4.6359, the 20-day EMA.
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EGB SYNDICATION: Mandate: Greece Benchmark 5yr Bond
Mar-28 11:05
- The Hellenic Republic, rated Ba3 / BB+ / BB+ / BBH (Moody's pos./S&P stb./Fitch stb./DBRS stb.), has mandated BNP Paribas, Citi, Deutsche Bank, Morgan Stanley, Nomura and Piraeus Bank as Joint Lead Managers for a new 5-year EUR Benchmark maturing 15 June 2028, Reg S Cat1, 144A eligible, CACs bonds to be issued in dematerialised registered form.
- The syndicated transaction will be launched in the near future, subject to market conditions.
As per Bloomberg.
LIBOR: US FIX - 28/03/23
Mar-28 10:59
- US00O/N 4.81100 0.00229
- US0001M 4.85871 0.00642
- US0003M 5.16286 0.01972
- US0006M 5.24671 0.08557
- US0012M 5.18771 0.12657
US TSYS: Cheaper On Net Ahead Of 5Y Supply, Deluge Of Second Tier Data
Mar-28 10:53
- Cash Tsys have seen mixed overnight trade, rallying with and after the open before cheapening in the European session as they lag larger sell-offs in EGBs and Gilts. The cheapening impetus remains although Treasuries are off lows along with a fading in equities.
- 2YY trades +6.2bps at 4.006% for yesterday’s newly issued 2Y (although just +1.5bps on a generic basis), 5YY +4.0bps at 3.631%, 10YY +1.3bp at 3.543% and 30YY -0.5bp at 3.755%.
- TYM3 trades 6+ ticks lower at 114-25+ off intraday lows of 114-18 that form support above the 20-day EMA of 114-03.
- Data: Wholesale & retail inventories (0830ET), advance goods trade balance (0830ET), FHFA House prices (0900ET), S&P CoreLogic house prices (0900ET), Conf Board consumer survey (1000ET), Richmond Fed mfg index (1000ET) and Dallas Fed services activity (1000ET).
- Fedspeak: VC Supervision Barr speaks at Senate Banking Panel testimony (1000ET).
- Note/bond issuance: US Tsy $43B 5Y Note auction (91282CGT2) – 1300ET
- Bill issuance: US Tsy $30B 7-day CMB auction (1130ET), $45B 17-day CMB auction (1300ET).
