EUROZONE ISSUANCE: EGB Supply
Austria and Germany have issued on capital markets this week with gross nominal issuance of E10.5bln for the week, down from E20.0bln last week.
- For more on this week's issuance and a look ahead to next week's supply see the PDF here:
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
BTP TECHS: (U3) Bear Threat Remains Present
- RES 4: 117.60 High Jun 26 and the bull trigger
- RES 3: 116.52 High Jul 3
- RES 2: 115.02 20-day EMA
- RES 1: 114.61 Low Jun 15
- PRICE: 113.02 @ Close Jul 11
- SUP 1: 112.95 Low Jul 11
- SUP 2: 112.48 Low May 29
- SUP 3: 111.78 Low May 26 and a key support
- SUP 4: 111.00 Round number support
A sharp sell-off in BTP futures last week reinforced a bearish theme and confirmed an extension of the reversal from 117.60, the Jun 26 high. Yesterday’s move lower strengthens current conditions. 113.15, 76.4% of the May 26 - Jun 26 bull leg, has been breached. The break opens 111.78, the May 26 low and a key support. Initial firm resistance is seen at 115.02, the 20-day EMA. A breach of this average would ease the current bearish threat.
EUROZONE T-BILL ISSUANCE: W/C July 10, 2023
Italy all due still sell today while Germany, France, Spain and Belgium have already come to the market this week. We look for E23.8bln of issuance in first round operations, broadly in line with the E23.5bln last week.
- Italy will look to conclude Eurozone bill issuance for the week this morning with E8.0bln of the new 12-month Jul 12, 2024 BOT on offer - the largest single line BOT auction of the year.
USDJPY TECHS: Impulsive Bear Wave Extends
- RES 4: 145.66 1.50 proj of the Jan 16 - Mar 8 - Mar 24 price swing
- RES 3: 145.07 High Jun 30 and the bull trigger
- RES 2: 144.20 High Jul 7
- RES 1: 140.34/143.01 50-day EMA / Monday’s high
- PRICE: 139.57 @ 06:37 BST Jul 12
- SUP 1: 139.18 38.2% retracement of the Mar 24 - Jun 30 bull leg
- SUP 2: 138.76 Low Jun 9
- SUP 3: 138.45 Low Jun 9
- SUP 4: 137.36 50.0% retracement of the Mar 24 - Jun 30 bull leg
USDJPY maintains a bearish tone and the pair is trading lower again today as it extends the bear cycle that started Jun 30. The recent sell-off has resulted in a break of both the 20- and 50-day EMAs and price is again inside the bull channel drawn from the Jan 16 low. The move signals scope for an extension towards 139.18 next, a Fibonacci retracement. Initial resistance is at 140.34, the 50-day EMA.
