AUD: Extending losses
Feb-17 11:09
- EURAUD breaks back above 1.56000, highest since the 6th Feb.
- Most will look at 1.56632, the February high for initial resistance.
- AUDUSD extends further south, still trading at its lowest level since the 6th Jan.
- Next psychological support comes at 0.6800, followed by 0.6781 38.2% retracement of the Oct 13 - Feb 2 uptrend.
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PORTUGAL T-BILL AUCTION RESULT: 6/12-month BTs
Jan-18 10:51
| Type | 6-month BT | 12-month BT |
| Maturity | Jul 21, 2023 | Jan 19, 2024 |
| Amount | E750mln | E500mln |
| Target | E1.25-1.50bln | Shared |
| Previous | E440mln | E750mln |
| Avg yield | 2.417% | 2.725% |
| Previous | 1.291% | 2.104% |
| Bid-to-cover | 2.14x | 3.82x |
| Previous | 2.92x | 1.74x |
| Previous date | Sep 21, 2022 | Oct 19, 2022 |
GERMAN AUCTION RESULTS: 30y Bunds
Jan-18 10:46
- Given that this is the first dual-line 30y Bund auction those results look decent enough.
- For the 1.80% Aug-53 Bund there was a bigger tail than at the November auction and the bid-to-cover / bid-to-offer were both down - but remember that the November auction was a strong auction.
- Also, despite the tail the LAP was still above the prevailing mid-price so we have seen the price move higher after the auction.
- These results for the 1.80% Aug-53 Bund are not strong but they're not hugely disappointing either given the dual-line aspect of the auction and the LAP being in excess of the mid-price.
- For the 0% Aug-50 Bund the results were much more solid - the average price matched the LAP so there was no tail.
- If the 0% Aug-50 Bund was auctioned on its own it would look relatively strong. The 1.80% Aug-53 Bund auction was decent.
- So all in all for the first dual-line 30y auction, Finanzagentur should be satisfied with how today's auction has gone.
GERMAN AUCTION RESULTS: 30y Bunds
Jan-18 10:37
| 0% Aug-50 Bund | 1.80% Aug-53 Bund | |
| ISIN | DE0001102481 | DE0001102614 |
| Allotted | E805mln | E1.206bln |
| Previous | E1.266bln | E908mln |
| Avg yield | 1.97% | 2.05% |
| Previous | 0.39% | 1.94% |
| Bid-to-offer | 1.36x | 1.22x |
| Previous | 0.97x | 1.66x |
| Bid-to-cover | 1.69x | 1.52x |
| Previous | 1.15x | 1.83x |
| Avg price | 58.42 | 94.36 |
| Low price | 58.42 | 94.26 |
| Pre-auction mid | 58.200 | 94.165 |
| Prev avg price | 89.43 | 96.75 |
| Prev low price | 89.41 | 96.71 |
| Prev mid-price | 89.416 | 96.783 |
| Previous date | 09-Feb-22 | 23-Nov-22 |
| Total sold | E1bln | E1.5bln |
