US: FED Reverse Repo Operation
The latest operation recedes to $1,730.227B, w/99 counterparties, compared to $1,735.783B in the prior session. The high for 2023 stands at $2,375.171B on Friday March 31, 2023; all-time record high of $2,553.716B reached December 30, 2022.
NY Federal Reserve/MNI
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GBPUSD TECHS: Corrective Cycle Extends
- RES 4: 1.2977 0.764 proj of the Mar 8 - May 10 - May 25 price swing
- RES 3: 1.2877 High Apr 25 2022
- RES 2: 1.2849 0.618 proj of the Mar 8 - May 10 - May 25 price swing
- RES 1: 1.2760 High Jun 27
- PRICE: 1.2611 @ 15:58 BST Jun 28
- SUP 1: 1.2607 Low Jun 28
- SUP 2: 1.2601/2539 Low Jun 14 / 50-day EMA
- SUP 3: 1.2433 Low Jun 8
- SUP 4: 1.2369 Low Jun 5 and a key support
The primary uptrend in GBPUSD remains intact, however, a corrective cycle is in play. Wednesday’s move lower confirms an extension of the current bearish cycle and the pair is approaching support at 1.2651, the 20-day EMA. Clearance of this level would signal scope for a deeper pullback and expose the 50-day EMA, at 1.2539. Initial resistance is 1.2760, the Jun 27 high. Key resistance and the bull trigger is at 1. 2849.
PIPELINE: $2.5B Standard Chartered Launched
- Date $MM Issuer (Priced *, Launch #)
- 06/28 $2.5B #Standard Chartered $1B 4NC3 +185, $500M 4NC3 SOFR+193, $1B 11NC10 +258
- 06/28 $500M #Corebridge Global 3Y +145
- 06/28 $Benchmark Paraguay 10Y low 6%a
US TSYS/SUPPLY: Review $35B 7Y Auction, Stops Through
Tsys futures extend session highs (TYU3 taps 113-07) after the $35B 7Y note auction (91282CHJ3) trades through: 3.839% high yield vs. 3.847% WI; 2.65x bid-to-cover vs. 2.61x last month.
- Indirect take-up 75.31% vs. 72.30% prior; Direct take-up: 16.55% vs. 17.29% prior; Primary dealer take-up to 8.14% vs. 10.42% prior auction.
- The next 7Y auction is tentatively scheduled for July 27.
