EM LATAM CREDIT: COLOMBIA: JP Morgan Sees Wider Deficits From Fiscal Slippage

• Date $MM Issuer (Priced *, Launch #)
• 06/16 $4B Hungary $1.5B +5Y +145, $1B +10Y +175, $1.5B +30Y +195
• 06/16 $3.5B #EOG $500M 3Y +50, $1.25B 7Y +80, $1.25B +10Y +90, $500M 30Y +100
• 06/16 $2.25B #Enbridge $400M 3Y +67, $600M 5Y +87, $900M 10Y +112, $350M tap 04/05/54 +122
• 06/16 $700M Unisys 5.5NC2.5 10.5%a
• 06/16 $500M #Atmos Energy 10Y +80
• 06/16 $500M #Kimco Realty +10Y +92
• 06/16 $Benchmark EIB 7Y SOFR+53a
• 06/16 $Benchmark America Movil +7Y +110a
• 06/16 $Benchmark IBK 3Y SOFR+58a, 5Y +45a
• 06/16 $Benchmark Islamic Development Bank Sukuk 5Y SOFR+58a

• RES 4: 1.3800 Round number resistance 
• RES 3: 1.3757 1.618 proj of the Feb 28 - Apr 3 - 7 price swing
• RES 2: 1.3681 1.500 proj of the Feb 28 - Apr 3 - 7 price swing
• RES 1: 1.3632 High Jun 13
• PRICE: 1.3601 @ 17:15 BST Jun 16
• SUP 1: 1.3456 Low Jun 10
• SUP 2: 1.3337 50-day EMA
• SUP 3: 1.3217 Trendline support drawn from the Jan 13 low 
• SUP 4: 1.3140 Low May 12 and key support

The trend condition in GBPUSD remains bullish and price is trading closer to its recent highs. A rising price sequence of higher highs and higher lows, together with a bull set-up in moving average studies, highlights a dominant uptrend. Sights are on 1.3681 next, a Fibonacci projection. Resistance at 1.3616, the Jun 5 high has been pierced - a bullish development. Support to watch lies at 1.3456, the Jun 10 low.       

RRP usage retreats to $140.759B this afternoon from $168.645B Friday, total number of counterparties at 26. Usage had fallen to $54.772B on Wednesday, April 16 -- lowest level since April 2021. Conversely, usage had surged to the highest level since December 31, 2024 on Monday, March 31: $399.167B.