PHILIPPINES: Economic Cluster Emerges Unshaken From Marcos Cabinet Reshuffle

• Increase in GBP5.6bln short auctions (increasing number of auctions to 25 from 24)
• Increase in unallocated potion of gilt issuance by GBP4.7bln
• Reduction of GBP8.9bln long auctions (including three cancelled auctions: now 16 auctions from 19)
• Decrease in long syndications bucket by GBP1.5bln from GBP13.5bln to GBP12.0bln
• This is likely to flatten the curve a little when gilts open

• RES 4: 165.43 High Nov 8        
• RES 3: 164.90 High Dec 30 ‘24 and a key medium-term resistance   
• RES 2: 164.55 High Jan 7
• RES 1: 163.55/164.19 High Apr 14 / High Mar 18 and the bull trigger 
• PRICE: 161.40 @ 07:31 GMT Apr 23 
• SUP 1: 160.99/159.48 50-day EMA / Low Apr 9    
• SUP 2:  158.30 Low Apr 7 and key support 
• SUP 3: 157.02 76.4% retracement of the Feb 28 - Mar 18 bull cycle 
• SUP 4: 155.60 Low Low Mar 4 

EURJPY is in consolidation mode. The recent pullback appears corrective and trend conditions remain bullish. Key short-term support has been defined at 158.30, the low on Apr 7. A break of this level is required to signal scope for a deeper retracement. This would open 157.02, a Fibonacci retracement. For bulls, a resumption of gains would expose 164.19, the Mar 18 high and the bull trigger. Clearance of this hurdle would resume the uptrend.

• Gilt issuance now expected at GBP299.1bln (prior GBP299.2bln).
• UKTB net issuance now expected at GBP10bln (from GBP5bln prior)