GBPUSD TECHS: Fresh Cycle High
Dec-12 18:30
- RES 4: 1.3527 High Oct 1
- RES 3: 1.3471 High Oct 17
- RES 2: 1.3452 61.8% retracement of the Sep 17 - Nov 4 bear leg
- RES 1: 1.3438 High Dec 11
- PRICE: 1.3358 @ 16:17 GMT Dec 12
- SUP 1: 1.3277 50-day EMA
- SUP 2: 1.3267 20-day EMA
- SUP 3: 1.3180/25 Low Dec 2 / Low Nov 26
- SUP 4: 1.3038/10 Low Nov 20 / Low Nov 4 & 5 and the bear trigger
A fresh short-term cycle high this week in GBPUSD confirms a resumption of the current bull leg. Scope is seen for a climb towards 1.3452 next, 61.8% of the Sep 17 - Nov 4 bear leg. Clearance of this hurdle would strengthen a bull theme and open 1.3527, the Oct 1 high. Initial firm support is seen at 1.3267, the 20-day EMA. A clear break of this average would be a bearish development and signal a possible reversal.
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US TSYS/SUPPLY: 10Y Note Tails 0.6bp In Refunding, Mixed Peripheral Statistics
Nov-12 18:11
The 10Y Treasury Note tailed by 0.6bp at Wednesday's $42B refunding auction, drawing a high yield of 4.074% vs a when-issued yield of 4.068%.
- This is the 2nd consecutive tail for the 10Y and the 3rd in 4 (tailed 1.0bp in August and 0.5bp in October).
- Periphery statistics were mixed: bid-to-cover was 2.43x (lowest since August, prior 5-auction average 2.52x, last 3 refundings average 2.48x) with primary dealer takeup 10.45% (highest since August, 5-auction average 9.86% although this has averaged 13.3% in the prior 3 refundings).
- Directs took 22.55% of competitives (20.11% 5-auction average, down from 24.10% prior) with indirects taking 67.00% (almost exactly in line with 66.80% prior).
- TY futures dropped a tick following the result but have since pared that loss.
- The 10Y reopen is scheduled for Dec 9 ($39B).
FED: US TSY 10Y NOTE AUCTION: HIGH YLD 4.074%; ALLOTMENT 97.52%
Nov-12 18:02
- US TSY 10Y NOTE AUCTION: HIGH YLD 4.074%; ALLOTMENT 97.52%
- US TSY 10Y NOTE AUCTION: DEALERS TAKE 10.45% OF COMPETITIVES
- US TSY 10Y NOTE AUCTION: DIRECTS TAKE 22.55% OF COMPETITIVES
- US TSY 10Y NOTE AUCTION: INDIRECTS TAKE 67.00% OF COMPETITIVES
- US TSY 10Y AUCTION: BID/CVR 2.43
OPTIONS: Larger FX option Pipeline
Nov-12 18:02
- EUR/USD: Nov14 $1.1625(E1.4bln)
- AUD/USD: Nov14 $0.6750(A$2.2bln)
- USD/CAD: Nov14 C$1.4015-35($1.9bln)
