FOREX: FX OPTION EXPIRY
Of note: EURUSD 4.86bn at 1.1500/1.1550. GBPUSD 1.14bn at 1.3100. EURGBP 1.14bn at 0.8800/0.8810....
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GILT AUCTION RESULTS: Decent demand at tender; but limited wider impact
Decent demand at the long 2-year 0.125% Jan-28 gilt tender - but a small size of GBP1.25bln so no real wider market implications likely.
GILT AUCTION RESULTS: 0.125% Jan-28 Gilt Tender Result
| 0.125% Jan-28 Gilt | Previous | |
| Amount | GBP1.25bln | GBP2.00bln |
| Avg yield | 3.783% | 3.768% |
| Bid-to-cover | 3.84x | 3.52x |
| Tail | 0.4bp | 0.7bp |
| Avg price | 91.973 | 90.698 |
| Low price | 91.965 | 90.682 |
| Pre-auction mid | 91.958 | 90.684 |
| Previous date | 15-May-25 |
COMMODITIES: Fresh Cycle Highs in Gold Reinforces Current Conditions
WTI futures remain in a bear-mode condition and gains are considered corrective. Last week’s sell-off resulted in a move through key support and the bear trigger at $60.85, the Aug 13 low. Clearance of this level strengthens a bearish theme and paves the way for an extension towards $57.50, the May 30 low. Initial firm resistance has been defined at $66.42, the Sep 29 high. Clearance of this level would highlight a reversal. A bull cycle in Gold remains in play and Monday’s fresh cycle high, reinforces current conditions. This maintains the price sequence of higher highs and higher lows. Furthermore, momentum studies highlight a condition known as momentum drag - where momentum studies remain in overbought territory and move sideways - a bullish signal. Sights are on $3987.3 next, a Fibonacci projection. Support to watch lies at $3753.2, the 20-day EMA.
- WTI Crude down $0.11 or -0.18% at $61.6
- Natural Gas up $0.04 or +1.04% at $3.394
- Gold spot down $7.78 or -0.2% at $3951.39
- Copper up $2.4 or +0.48% at $506.05
- Silver down $0.3 or -0.61% at $48.186
- Platinum down $10.18 or -0.63% at $1613.01
