US: FED Reverse Repo Operation
NY Fed reverse repo usage slips to $2,090.523B w/ 98 counterparties vs. prior session's $2.110.145B. Compares to Friday, Dec 30 record/year-end high of $2,553.716B (prior record high was $2,425.910B on Friday, September 30.
NY Federal Reserve/MNI
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GBPUSD TECHS: Bear Threat Still Present
- RES 4: 1.2667 High May 27
- RES 3: 1.2599 High Jun 7
- RES 2: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
- RES 1: 1.2446 High Dec 14 and the bull trigger
- PRICE: 1.2116 @ 15:34 GMT Dec 21
- SUP 1: 1.2086 Low Dec 20
- SUP 2: 1.2054 Low Dec 1
- SUP 3: 1.1905/1901 50-day EMA / Low Nov 30 and a key support
- SUP 4: 1.1779 Low Nov 21
GBPUSD is trading closer to its recent lows and the short-term outlook appears bearish. This follows the move lower on Dec 15. Attention is on the first key support at 1.2107, the Dec 7 low. It has been pierced, a clear break would open 1.1901, the Nov 30 low. On the upside, key short-term resistance has been defined at 1.2446, the Dec 14 high. A turn higher and a break of this hurdle, would confirm a resumption of the uptrend.
US TSYS: Holding Most Of Post 20Y Auction Rally
- Treasuries are holding onto most of the post auction bid after the 20Y re-open stopped through for the second consecutive auction.
- The front end continues to lead with day’s rally with 2YY -3.5bp, but longer end now -1bp on the day across 10-30Y tenors after sizeable cheapening in the lead up to the auction.
US TSYS/SUPPLY: 20Y Review: Solid With Consecutive Trade Through
- 20Y sees back-to-back trade through, 1.3bps (high yield 3.935, WI 3.948) after the 3.0bp in Nov and what had been the 5-auction average of 0.5bp.
- Bid-to-cover of 2.68 up from 2.64 in Nov and above recent average of 2.55, technically highest since April.
- Primary dealer take of 8.69% is lowest since Sept whilst indirect of 72.3% is closer to 5-auction average of 71.9 and down from 75.4.
