CEE: Georgia Parliament Officially Drops Foreign Agents Bill After Mass Protests

Mar-10 08:30

The Georgian parliament has officially dropped the controversial 'foreign agents' bill following mass protests. The news that the legislature would not proceed with the bill was widely speculated on 9 March, but has now been officially set aside in parliament. Despite the dropping of the bill and the release of protesters arrested on 8/9 March, demonstrations against the gov't of PM Irakli Garabashvili continue in the capital Tbilisi.

  • Dropping the legislation will come as good news for the EU and US, which have seen Georgia as future candidate for NATO membership for a number of years (although progress on the front had been slow).
  • The implementation of the 'foreign agents' law was seen as similar to that imposed by the Kremlin in Russia in 2012, raising concerns among the generally anti-Russian citizenry and western nations that the Georgian gov't could be shifting towards a more authoritarian, anti-west mode of governance.
  • The law would have seen media outlets/NGOs receiving 20%+ of their revenue from abroad forced to register as 'foreign agents' subject to enhanced scrutiny and vulnerable to fines.

Historical bullets

SCHATZ: Swap related trade

Feb-08 08:22
  • DUH3 3.5k at 105.69.
  • DUH3 2.78k at 105.675.

PORTUGAL AUCTION PREVIEW: 1.65% Jul-32 OT

Feb-08 08:17

On offer today:

  • E0.75-1.00bln of the 1.65% Jul-32 OT (ISIN: PTOTEYOE0031)

Timing: Results will be available shortly after the auction closes at 1030 GMT / 1130 CET.



See PDF below for full auction preview:



MNI Auction Preview Portugal 230208.pdf

USDCAD TECHS: Remains Above Its Recent Lows

Feb-08 08:14
  • RES 4: 1.3751 High Nov 4
  • RES 3: 1.3705 Dec 16 and the bull trigger
  • RES 2: 1.3665 High Jan 6
  • RES 1: 1.3475/3521 High Feb 6 / 19 and key short-term resistance
  • PRICE: 1.3380 @ 08:11 GMT Feb 8
  • SUP 1: 1.3312/3262 Low Feb 3 / 2
  • SUP 2: 1.3226 Low Nov 15 and bear trigger
  • SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 4: 1.3131 0.764 proj of the Oct 13 - Nov 15 - Dec 16 price swing

USDCAD remains above its recent low of 1.3262 on Feb 2. A bearish trend condition remains intact despite the recent climb and short-term gains are most likely a correction. A resumption of weakness and a break of 1.3262, the Feb 2 low, would strengthen bearish conditions and signal scope for a move towards 1.3226, the Nov 13 low and the bear trigger. On the upside, the pair needs to clear 1.3521, the Jan 19 high, to signal a reversal.