ITALY AUCTION RESULTS: Exchange auction
Dec-06 11:06
MEF sells:
- E1.662bln of the 4.75% Sep-28 BTP (ISIN: IT0004889033) at 106.34 to yield 3.32%, bid-to-cover 1.80x
- E1.338bln of the 5.00% Aug-39 BTP (ISIN: IT0004286966) at 107.47 to yield 4.38%, bid-to-cover 1.61x
- E524mln of the 0% Apr-24 BTP (ISIN: IT0005439275) at 98.717
- E875mln of the 1.75% Jul-24 BTP (ISIN: IT0005367492) at 98.980
- E1.323bln of the 3.75% Sep-24 BTP (ISIN: IT0005001547) at 100.200
- E495mln of the Feb-24 CCTeu (ISIN: IT0005218968) at 100.164
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OUTLOOK: Price Signal Summary - USDJPY Pullback Considered Corrective
Nov-06 11:03
- In FX, EURUSD traded higher Friday and has started this week on a firm note. Key short-term resistance at 1.0694, the Oct 24 high has been cleared. The break of this hurdle strengthens a bullish case and signals scope for a stronger short-term correction. Attention is on 1.0764 and 1.0862, the 50.0% and 61.8% retracement levels of the Jul 18 - Oct 3 bear leg. Firm support to watch lies at 1.0517, the Nov 1 low. A break of this level would be bearish. Initial support is at 1.0652, the 50-day EMA.
- The GBPUSD traded sharply higher Friday and this resulted in a break of resistance at 1.2289, the Oct 24 high as well as key resistance at 1.2337, the Oct 11 high. The break higher strengthens the bullish case and signals scope for a stronger short-term retracement. This opens the 200-dma at 1.2435 and 1.2459, 38.2% of the Jul 13 - Oct 4 bear leg. On the downside, support to watch lies at 1.2204, the 20-day EMA.
- The latest pullback in USDJPY is likely a correction and the trend condition remains bullish. Last week’s gains resulted in a break of 150.78, the Oct 26 high that confirmed a resumption of the uptrend and has paved the way for a climb towards 152.20 next, the 3.00 projection of the Jul 14 - 21 - 28 price swing. Moving average studies are in a bull-mode position, reflecting the market's positive sentiment. On the downside, firm support lies at the 50-day EMA, at 148.40.
GILTS: Technically Firmer After Extension Away From ’23 Lows, Bulls Need To Break Oct High
Nov-06 10:51
From a technical perspective, last week saw gilt futures extend on their recovery from the Oct 23 low, meaning that the contract maintains a more constructive technical picture for bulls despite a softer start to the new trading week.
- A reminder that last week saw the contract trade through 93.82, the 61.8% retracement of the Oct 12-23 bear leg. It also breached 94.52, the 76.4% retracement point of the same move.
- The continuation higher signals scope for a test of resistance at 95.66, the Oct 12 high. Bulls failed to meaningfully test/break that level last week, with the rally topping out at 95.62 in the wake of the U.S. NFP report on Friday.
- A break of this hurdle would strengthen the bullish case.
- To the downside, the 50- & 20-day EMAs (93.79/37) protect initial firm support at 92.63, the Nov 1 low.
DUTCH T-BILL AUCTION RESULTS: 4/6-month DTC
Nov-06 10:46
| Type | 4-month DTC | 6-month DTC |
| Maturity | Feb 28, 2024 | Apr 29, 2024 |
| Amount | E1.43bln | E1.91bln |
| Target | E1.0-1.5bln | E1.0-2.0bln |
| Previous | E1.25bln | E1bln |
| Avg yield | 3.745% | 3.785% |
| Previous | 3.740% | 3.750% |
| Bid-to-cover | 2.14x | 1.33x |
| Previous | 2.66x | 2.43x |
| Previous date | Oct 16, 2023 | Oct 02, 2023 |
