EU HEALTHCARE: Eurofins (ERFFP: Baa3/ /BBB-) Curve Normalisation
Apr-03 12:31
- ERFFP 4.75 2030 was around 5bps wide to the ERFFP 0.875 31 on 20th Feb.
- The curve has reverted to a “normal” shape – see graphs
- ERFFP bonds are 8-10bps wider today despite the Equity being up 3% making it one of the best performers outside of Real Estate and Utilities
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USDJPY TECHS: Bear Cycle Resumed
Mar-04 12:28
- RES 4: 154.80 High Dec 12 ‘24 and a key resistance
- RES 3: 152.83 50-day EMA
- RES 2: 151.30 High Mar 3 and a key near-term resistance
- RES 1: 149.65 Intraday high
- PRICE: 148.14@ 12:27 GMT Mar 4
- SUP 1: 148.01 Low Oct 9 ‘24
- SUP 2: 147.02 2.0% 10-dma envelope
- SUP 3: 146.95 61.8% retracement of the Sep 16 ‘24 - Jan 10 bull leg
- SUP 4: 145.92 Low Oct 4 ‘24
USDJPY is trading lower today. The move down has resulted in a print below support at 148.57, the Feb 25 low, to confirm a resumption of the downtrend. The break lower has also resulted in a clear breach of 148.65, the Dec 3 ‘24 low. This paves the way for an extension towards 146.95, a Fibonacci retracement. On the upside, key short-term resistance has been defined at 151.30, the Mar 3 high. Clearance of this level is required to signal a base.
FED FUNDS FUTURES: BLOCK: May'25 FF Update, Large Volumes
Mar-04 12:27
- 42,000 FFK5 95.77, post time offer at 0706:53ET - prior to the 10k Block at 0708:57 that appeared to be a sale. The May contract leads volume so far, over 163,700 at the moment.
BONDS: Core Bonds recover from the lows
Mar-04 12:24
- Continued two way flows in Core Govies, and some notable buying as futures recover higher, TYM5 is bought in over 12k, Bund and Bobl in over 6k respectivelly.
- The Initial support noted in Bund at 132.13 did held, printed a 132.13 low.
- Bobl spread, OEH5/M5 is sold at -103 in ~29k.
