EUROZONE T-BILL ISSUANCE: EU-bills on offer next week
Jan-27 11:03
- Up to E1.0bln of the 3-month May 5, 2023 EU-bill
- Up to E1.5bln of the new 6-month Aug 4, 2023 EU-bill
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GREECE T-BILL AUCTION RESULTS: 26-week GTBs
Dec-28 10:28
| Type | 26-week GTB |
| Maturity | Jun 30, 2023 |
| Amount | E487.5mln |
| Target | E375mln |
| Previous | E625mln |
| Avg yield | 2.500% |
| Previous | 2.350% |
| Bid-to-cover | 2.66x |
| Previous | 2.76x |
| Previous date | Nov 30, 2022 |
BONDS: Gilts moves today larger than 2-day moves in USTs / Bunds
Dec-28 09:20
- Gilts are the biggest movers this morning with the moves in 10-year gilt yields this morning larger than the 2-day moves seen in both 10-year UST and Bunds. Gilt yields are just under 10bp higher on the day while in 2-day moves 10-year Bund yields are up 9.1bp and 10-year UST yields are up 8.2bp. However, today we have actually seen Bunds move higher and lead Treasuries higher too: 10-year Bund yields are down 3.4bp on the day and 10-year UST yields down 1.3bp.
- Over 2 days curves are substantially different, however. The gilt curve is marginally flatter with 2-year gilt yields in excess of 10bp higher while 2-year UST yields are 5.5bp higher over 2-days (unch today) and Schatz yields are 2.2bp higher over 2-days (down 2.9bp today).
- There have been no real headline drivers behind today's moves - it seems to be just a pullback from the lows seen yesterday.
- Later today we will see a Greek 26-week bill auction, US 17-week bill auction, US 2-year FRN auction and US 5-year Note auction.
USDCAD TECHS: Outlook Remains Bullish Despite The Latest Pullback
Dec-28 08:40
- RES 4: 1.3855 High Oct 21 - Nov 16 bear leg
- RES 3: 1.3808 High Nov 3 and a key resistance
- RES 2: 1.3751 High Nov 4
- RES 1: 1.3617/3705 High Dec 26 / 16 and the bull trigger
- PRICE: 1.3523 @ 08:31 GMT Dec 28
- SUP 1: 1.3484 Low Dec 27
- SUP 2: 1.3369 Former trendline resistance
- SUP 3: 1.3317/3226 Low Nov 24/25 / Low Nov 15 and bear trigger
- SUP 4: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
USDCAD traded lower Tuesday and price remains below its recent highs. Despite the pullback, short-term conditions remain bullish. The recent break of trendline resistance, drawn from the Oct 13 high, strengthened the bullish argument and this has opened 1.3751, the Nov 4 high. On the downside, a break below the former trendline resistance - at 1.3369 - would be bearish and expose 1.3317, the Nov 24/25 low.
