EUROZONE T-BILL ISSUANCE: EU-bills on offer next week
May-12 10:02
- Up to E1.0bln of the 3-month Aug 4, 2023 EU-bill
- Up to E1.0bln of the 6-month Nov 10, 2023 EU-bill
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OUTLOOK: Price Signal Summary - EURUSD Bulls Remain IN The Driver's Seat
Apr-12 09:50
- In FX, EURUSD maintains a bullish tone. Resistance at 1.0930, the Mar 23 high, has been breached. This level marked a key short-term hurdle for bulls and the clear break reinstates the recent bull theme and signals scope for 1.1033, the Feb 2 high. Support at the 20-day EMA, at 1.0834, remains intact and the 50-day EMA intersects at 1.0755. A clear break of these two averages would be bearish.
- GBPUSD remains in an uptrend and the recent move lower is considered corrective. Last week’s gains resulted in a break of 1.2448, the Jan 23 high and the top of a broad 3.5 months range. The break marks an important medium-term development signalling the next stage of the uptrend that started Sep 26 2022. The focus is on 1.2599, the Jun 7 2022 high. The bull trigger is 1.2525, Apr 4 high. Support is at 1.2324, 20-day EMA.
- USDJPY is holding on to its recent gains. The latest recovery in price is considered corrective and the next key short-term resistance to watch is 134.75, 61.8% of the Mar 8 - 24 bear leg. A break of this level would strengthen the current bull cycle. On the downside, a reversal lower would signal the end of the corrective phase and attention would turn to support at 130.64, the Apr 5 low.
BONDS: A pick up in volume in the 5yr part of the strip
Apr-12 09:50
- Both the US and German 5yr are seeing a pick up in volumes as they extend losses, Bobl sold in 4.7k, and FVM3 in 5k.
- Bund targets 135.39 support, so far printed a 135.46 low.
GERMAN AUCTION RESULTS: Mixed 30y Bund auction
Apr-12 09:43
- The 1.25% Aug-48 Bund results were decent with the lowest accepted price above the pre-auction mid-price although the bid-to-offer and bid-to-cover were both lower than seen in February.
- The 0% Aug-52 Bund auction was technically uncovered again (as in February). The lowest accepted price was also lower than the prevailing mid-price (also as in February).
- The price of both Bunds on offer today has moved to the lows of the day post-auction and below the lowest accepted price in the auction.
