US STOCKS: FED Reverse Repo Operation
Jan-22 18:23
RRP usage rebounds to $123.981B this afternoon from yesterday's $96.015B. Compares to Thursday Jan 16 low of $94.489B, the lowest level since mid-April 2021. The number of counterparties remains steady at 44.
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US TSYS/SUPPLY: Review 2Y Note Auction: On the Screws
Dec-23 18:04
- Tsy futures holding near recent session lows after the $69B 2Y note auction (91282CME8) came out on the screws: 4.335% high yield vs. 4.335% WI; 2.73x bid-to-cover vs. 2.77x prior.
- Indirect take-up climbed to 82.09% from 71.63% prior, directs slips to 6.65% vs. 19.17% prior, primary dealer take-up 11.26% vs. 9.20% prior.
- The next 2Y auction is tentatively scheduled for January 27.
FED: US TSY 2Y NOTE AUCTION: HIGH YLD 4.335%; ALLOTMENT 21.89%
Dec-23 18:02
- US TSY 2Y NOTE AUCTION: HIGH YLD 4.335%; ALLOTMENT 21.89%
- US TSY 2Y NOTE AUCTION: DEALERS TAKE 11.26% OF COMPETITIVES
- US TSY 2Y NOTE AUCTION: DIRECTS TAKE 6.65% OF COMPETITIVES
- US TSY 2Y NOTE AUCTION: INDIRECTS TAKE 82.09% OF COMPETITIVES
- US TSY 2Y AUCTION: BID/CVR 2.73
EURUSD TECHS: Bear Threat Remains Present
Dec-23 18:00
- RES 4: 1.0937 High Nov 5 / 6 and a key resistance
- RES 3: 1.0825 High Nov 7
- RES 2: 1.0630 High Dec 06
- RES 1: 1.0501/0629 20- and 50-day EMA values
- PRICE: 1.0398 @ 16:31 GMT Dec 23
- SUP 1: 1.0343 Low Dec 20
- SUP 2: 1.0335 Low Nov 22 and the bear trigger
- SUP 3: 1.0311 1.382 proj of the Sep 25 - Oct 23 - Nov 5 price swing
- SUP 4: 1.0258 1.500 proj of the Sep 25 - Oct 23 - Nov 5 price swing
EURUSD has recovered off its recent lows, however, a bearish threat remains present. The move down last week paves the way for a test of key support at 1.0335, the Nov 22 low and a bear trigger. Clearance of this level would confirm a resumption of downtrend and open 1.0311, a Fibonacci projection. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Initial firm resistance is at 1.0501, the 20-day EMA.
