EUR: EURUSD Consolidates Recovery from 50-Day EMA Support
May-15 09:12
- The moderate risk-off tone is having little negative impact on the Euro, allowing EURUSD to rise back above the 1.12 handle on Thursday and broadly consolidate its recovery from its 50-day EMA support. Recent weakness appears corrective and key trend signals continue to highlight an uptrend.
- We noted earlier in the week that most recent analyst views appeared confident that recent EURUSD weakness provided an attractive dip to buy rather than the start of a deeper pullback. See bullet here: https://mni.marketnews.com/3SAoPTM
- EZ Q1 GDP being revised down on a rounded basis to 0.3% Q/Q is also having little impact. We noted this morning that a downward revision was certainly possible given the unrounded initial estimate was 0.352%.
- As we approach the key flurry of US data releases this afternoon, and Fed Chair Powell’s appearance, EURUSD remains well shy of key resistance at 1.1381, the May 2 - 6 high. Clearance of this level would be required to signal the end of the correction and highlight a bullish break.
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GILT AUCTION RESULTS: Decent auction - concession pricing removed
Apr-15 09:07
- Similar 10-year auction result to March with a marginally tighter tail at 0.4bp (vs 0.5bp) but the lowest accepted price (LAP) coming in only just above the pre-auction secondary market price.
- The volume of bids was broadly in line with that seen last month too (with a respectable bid-to-cover of 2.85x vs 2.92x prior).
- The concession priced into gilts ahead of the auction has been reversed and we are now trading at similar levels seen around 10 minutes prior to the bidding window closing in both the 4.50% Mar-35 gilt and in futures.
GILT AUCTION RESULTS: 4.50% Mar-35 Gilt
Apr-15 09:03
| 4.50% Mar-35 Gilt | Previous | |
| Amount | GBP4.00bln | GBP4.00bln |
| Avg yield | 4.638% | 4.679% |
| Bid-to-cover | 2.85x | 2.92x |
| Tail | 0.4bp | 0.5bp |
| Avg price | 98.905 | 98.580 |
| Low price | 98.873 | 98.542 |
| Pre-auction mid | 98.872 | 98.520 |
| Previous date | 12-Mar-25 |
MNI: GERMANY ZEW APR ECONOMIC EXPECTATIONS -14
Apr-15 09:00
- MNI: GERMANY ZEW APR ECONOMIC EXPECTATIONS -14
- MNI: GERMANY ZEW APR CURRENT CONDITIONS -81.2
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