JPY: FX Exchange traded Options
Sep-13 07:10
Yen Exchange traded option, this is potentially a type of put spread, although clip size don't really match.
- JPYUSD (03/01/25) 71.5p sold at 1.340 and 1.350 in 1.24k.
- JPYUSD (03/01/25) 70.50p, bought for 0.95 and 0.96 in 1.7k.
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AUDUSD TECHS: Has Traded Through The 50-Day EMA
Aug-14 07:04
- RES 4: 0.6799 High Jul 11 and key resistance
- RES 3: 0.6744 High Jul 18
- RES 2: 0.6693 76.4% retracement of the Jul 11 - Aug 5 bear leg
- RES 1: 0.6643 Intraday high
- PRICE: 0.6636 @ 08:03 BST Aug 14
- SUP 1: 0.6508/6350 Low Aug 8/ 5 and the bear trigger
- SUP 2: 0.6339 Low Nov 10’23
- SUP 3: 0.6315 Low Oct 31 ‘23
- SUP 4: 0.6270 Low Oct 26 ‘23 and a key support
A bearish theme is AUDUSD remains intact. However, from a short-term perspective, a corrective cycle is in play and the pair continues to trade closer to its recent highs. Price has traded through the 50-day EMA, at 0.6614. A clear break of this average would undermine a bearish theme and signal scope for stronger gains, towards 0.6693, a Fibonacci retracement. For bears, a reversal would refocus attention on 0.6530, the Aug 5 low.
EQUITIES: EU Cash opening calls
Aug-14 06:57
EU Cash opening calls, FTSE will of course be watched as well as the Gilt open.
- Calls: Estox 50: +0.56%, Dax: +0.37%, CAC: +0.77%, FTSE +0.79%, SMI +0.91%.
GILT SYNDICATION: DMO to launch new 15-year gilt in September via syndication
Aug-14 06:54
- The DMO has announced it will launch a new long 15-year gilt maturing 31 January 2040 in the W/C 2 September.
- The choice of the gilt was interesting from the DMO. There had been some "isolated" calls for this in the last investor / GEMM consultation back at the end of May - but most were divided between a new 25-year gilt or a tap of 30/40 year gilts.
- As the gilt is a "long" 15-year, it will still count as a long syndication.- The last 15-year gilt launched via syndication (the 3.75% Jan-38 gilt) in November 2022 for GBP6.0bln with books of GBP47.1bln - also in the "long" bucket".
- The 3.75% Jan-38 gilt saw a strong auction yesterday, with a bid-to-cover in excess of 3x and a tight tail of 0.1bp.
- Given this wasn't fully expected, there could be a bit of weakness in the 15-year area of the curve (relative to 10/20-year areas) in early trading.
- The timing for the syndication in the W/C 2 September is as we expected.
