ASIA: Government Bond Issuance Today
Mar-11 21:28
* Bank of Thailand to Sell THB35 bn of 364-Days FRNs * Singapore to Sell S$8.3 Billion 182-Day Bills...
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ASIA: Coming Up In Asia Pac Markets On Tuesday
Feb-09 21:06
| 2200BST | 0600HKT | 0900AEDT | Fed's Miran In Podcast Interview |
| 2330BST | 0730HKT | 1030AEDT | Australia Feb Westpac Consumer Sentiment Index |
| 2350BST | 0750HKT | 1050AEDT | Japan Jan Money Stocks |
| 0000BST | 0800HKT | 1100AEDT | Australia 2041 Bond Sale |
| 0001BST | 0801HKT | 1101AEDT | UK Jan BRC Sales |
| 0030BST | 0830HKT | 1130AEDT | Australia Jan NAB Business Conditions |
| 0335BST | 1135HKT | 1435AEDT | Japan 10yr Inflation Linked Bond Sale |
| 0600BST | 1400HKT | 1700AEDT | Japan Jan P Machine Tool Orders |
Source: Bloomberg Finance L.P./MNI
USDCAD TECHS: Fading Off Resistance
Feb-09 21:00
- RES 4: 1.3929 High Jan 16 and a reversal trigger
- RES 3: 1.3879 High Jan 20
- RES 2: 1.3781 50-day EMA
- RES 1: 1.3725 High Feb 02
- PRICE: 1.3576 @ 16:51 GMT Feb 9
- SUP 1: 1.3568/3482 Low Feb 09 / Low Jan 30 and the bear trigger
- SUP 2: 1.3473 Low Oct 2 ‘24
- SUP 3: 1.3400 50.0% retracement of the 2021 - 2025 uptrend
- SUP 4: 1.3359 Low Jan 31 2024
USDCAD price faded Monday in response to the generally softer USD theme. Market focus is on whether the recovery from the Jan 30 low has now concluded and the broader downside theme can resume. The trend had been oversold, and the recent bounce has allowed this condition to fully unwind - making for a more attractive entry point for shorts. Key support and the bear trigger lies at 1.3482, the Jan 30 low. Resistance to watch is 1.3710, the 20-day EMA.
US TSYS: Hassett on Declining Labor Force - Don't Panic
Feb-09 20:58
- Treasuries extended early session highs after jobs comment from U.S. NEC Director Hassett, gradually extending highs to finish modestly higher after the bell. Hassett noted that “there's a pretty big decline in the labor force because of illegals leaving the country. And so the breakeven job number is quite a bit lower than it was under Joe Biden."
- Hassett posited "you should expect slightly smaller job numbers that are consistent with high GDP growth right now, and that one shouldn't panic if you see a sequence of numbers that are lower than you're used to." explaining that "population growth is going down and productivity growth is skyrocketing.”
- Rate locks and fast$ selling for $20B Alphabet 7pt debt issuance helped keep rates contained on the day.
- Currently, TYH6 trades +2.5 at 112-06 vs. -07 high, an extension higher would undermine the bear theme and open 112.-22, the Jan 7 high. For bears, a reversal lower would refocus attention on 111-09, the Jan 20 low and bear trigger.
- The stabilisation for risk sentiment late last week had been a key factor into the recent dollar recovery stalling, and the DXY returning to the prior breakdown point around the 98.00 mark appears to have provided an attractive entry point for those looking to reengage shorts.
- Focus turns to weekly ADP NER pulse employment numbers, Import/Export Prices, several Fed speakers and a $58B Tsy 3Y note sale.
