US: FED Reverse Repo Operation
NY Fed reverse repo usage slips to $2,058.942B w/ 101 counterparties vs. prior session's $2,059.604B. 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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LOOK AHEAD: Wednesday-Thursday Data Calendar: CPI Headline Thu
- US Data/Speaker Calendar (prior, estimate)
- Jan-11 0700 MBA Mortgage Applications (-10.3%, --)
- Jan-11 1130 US Tsy $36B 17W bill auction
- Jan-11 1300 US Tsy $32B 10Y Note reopen (91282CFV8)
- Jan-12 0730 Philly Fed Harker eco-outlook, text and Q&A
- Jan-12 0830 CPI MoM (0.1%, -0.1%); YoY (7.1%, 6.5%)
- Jan-12 0830 CPI Ex Food and Energy MoM (0.2%, 0.3%); YoY (6.0%, 5.7%)
- Jan-12 0830 CPI Index NSA (297.711, 296.699)
- Jan-12 0830 CPI Core Index SA (300.066, 300.820)
- Jan-12 0830 Initial Jobless Claims (204k, 215k)
- Jan-12 0830 Continuing Claims (1.694M, 1.709M)
- Jan-12 0830 Real Avg Hourly Earning YoY (-2.1% rev, --)
- Jan-12 0830 Real Avg Weekly Earnings YoY (-3.3% rev, --)
- Jan-12 1130 StL Fed Bullard, on eco/mon-pol, Q&A
- Jan-12 1130 US Tsy $60B 4W, $55B 8W bill auction
- Jan-12 1240 Richmond Fed Barkin, Virginia bankers event, no text, Q&A
- Jan-12 1300 US Tsy $18B 30Y Bond R/O (912810TL2) and $60B 35D bill
- Jan-12 1400 Monthly Budget Statement (-$21.3B, -$60.0B)
GBPUSD TECHS: Bullish Price Action
- RES 4: 1.2506 1.382 proj of the Sep 26 - Oct 5 - Oct 12 price swing
- RES 3: 1.2446 High Dec 14 and the bull trigger
- RES 2: 1.2242/2303 High Dec 19 / 76.4% of Dec 14 - Jan 6 bear leg
- RES 1: 1.2210 High Jan 9
- PRICE: 1.2150 @ 15:38 GMT Jan 10
- SUP 1: 1.2071 20-day EMA
- SUP 2: 1.1966/23 50-day EMA / 1.0% 10-dma envelope
- SUP 3: 1.1842 Low Jan 6 and the bear trigger
- SUP 4: 1.1779 Low Nov 21
GBPUSD traded higher Monday, adding to Friday’s strong bounce. The recovery from Friday’s low of 1.1842 highlighted an early reversal and yesterday’s follow through reinforces the signal that highlights the end of the recent bear cycle between Dec 14 - Jan 6. MA studies are in a bull-mode position and this suggests that the medium-term trend direction is up. Sights are on 1.2242 next, Dec 19 high. Key support is at 1.1842, the Jan 6 low.
PIPELINE: $10B Saudi Arabia 3Pt Launch
Saudi Arabia 3pt jumbo largest of the year so far at $10B:
- Date $MM Issuer (Priced *, Launch #)
- 01/10 $10B #Saudi Arabia $3.25B 5Y +110, $3.5B 10.5Y +140, $3.25B 30Y 5.5%
- 01/10 $4B *KFW 5Y SOFR+40
- 01/10 $2B *AIIB 5Y SOFR+64
- 01/10 $2B #Israel 10Y +95
- 01/10 $2.5B #SK Hynix $750M 3Y +240, $1B 5Y +275, $750M 10Y +310
- 01/10 $1.5B #Deutsche Bank 6NC5 +300
- 01/10 $1.25B #CaixaBank 6NC5 +250
- 01/10 $1B #Macquarie Bank 10Y +320
- 01/10 $1B #Export Bank of India 10Y +190
- 01/10 $1B CDC (Caisse des Depots) 3Y SOFR+46a
- 01/10 $1B Venture Global 7NC 6.375%
- 01/10 $Benchmark American Honda 3Y +80, 3Y SOFR+92, 5Y +103
- 01/10 $Benchmark BPCE 5Y +145, 4NC3 +200
- 01/10 $Benchmark Mongolia 5Y 8.95%a
