USD: Early upside continuation
- USD extends small gains, at new high against TWD, EUR, GBP, THB, AUD, CHF, CAD, CZK, SEK, CNY, CNH.
- Cable is eyeing a test back at 1.2400, but the pair has seen some volatile 40/50 pips swings for the past two sessions.
- GBPUSD has swung between 1.2392 to 1.2474 since Wednesday, and these will be seen as the early support/resistance.
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EUROZONE ISSUANCE: EGB Supply
Germany is due to return to the market today while Slovakia, the EU, Belgium, Germany and Finland have all sold bonds already this week. We pencil in gross nominal issuance of E15.8bln from auctions this week, down from last week’s E45.9bln.
- This morning, Germany will return to the market to sell E5bln of the 2.30% Feb-33 Bund (ISIN: DE000BU2Z007).
USDJPY TECHS: Current Bear Cycle Remains Intact
- RES 4: 137.91 High Mar 8 and the bull trigger
- RES 3: 136.99 High Mar 10
- RES 2: 135.11 High Mar 15
- RES 1: 132.78/133.94 Intraday high / 20-day EMA
- PRICE: 132.41 @ 06:38 GMT Mar 22
- SUP 1: 130.54 Low Mar 20
- SUP 2: 129.75 76.4% retracement of the Jan 16 - Mar 8 rally
- SUP 3: 128.09 Low Feb 2
- SUP 4: 127.23 Low Jan 16 and key support
The current downtrend in USDJPY remains intact. Price traded lower Monday, reinforcing current conditions. 131.31, 61.8% retracement of the Jan 16 - Mar 8 rally, has been cleared. The breach strengthens bearish conditions and sets the scene for a move towards 129.75, the 76.4% retracement. Firm resistance is seen at the 20-day EMA. The average intersects at 133.94 where a break is required to ease bearish pressure.
EUROZONE T-BILL ISSUANCE: W/C Mar 20, 2023
Germany, the Netherlands, France, Austria and the ESM have all issued bills this week. Issuance at first round operations was E16.9bln, up from E15.1bln last week.
For more on future auctions see the full MNI Eurozone/UK T-bill auction calendar.
