ARGENTINA: Government Plans To Use Yuan As Part Of IMF Payment
- Argentina plans to make a $2.7 billion payment to the International Monetary Fund by returning special-drawing rights issued by the lender and using Chinese yuan, according to newspaper La Nacion.
- The country will use $1.7 billion of SDRs and pay the rest in yuan to settle the debt due Friday, La Nacion reported, citing unidentified government officials. (Bloomberg)
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US: FED Reverse Repo Operation
NY Fed reverse repo usage rebounds to $2,200.479B w/ 103 counterparties, compares to prior $2,189.638B. Compares to high usage for 2023: $2,375.171B on Friday March 31, 2023; all-time record high of $2,553.716B reached December 30, 2022.
NY Federal Reserve/MNI
US TSYS: US TSY 161D AUCTION: HIGH RATE 5.340%; 23.09% AT HIGH
- US TSY 161D AUCTION: HIGH RATE 5.340%; 23.09% AT HIGH
- US TSY 161D BILL AUCTION: DEALERS TAKE 32.10% OF COMPETITIVES
- US TSY 161D BILL AUCTION: DIRECTS TAKE 2.41% OF COMPETITIVES
- US TSY 161D BILL AUCTION: INDIRECTS TAKE 65.49% OF COMPETITIVES
- US TSY 161D AUCTION: BID/COVER 2.89
EURUSD TECHS: Trend Needle Points South
- RES 4: 1.1007 High May 10
- RES 3: 1.0905 High May 16
- RES 2: 1.0833/52 20- and 50-day EMA values
- RES 1: 1.0759 High May 26
- PRICE: 1.0728 @ 15:59 BST May 30
- SUP 1: 1.0682 Intraday Low
- SUP 2: 1.0653 76.4% retracement of the Mar 15 - Apr 26 bull run
- SUP 3: 1.0631 Low Mar 20
- SUP 4: 1.0608 Low Mar 17
Despite a modest bounce Tuesday, the EURUSD trend needle continues to point south. Last week’s extension lower reinforces bearish conditions and the 1.0713 objective has been breached, the Mar 24 low. This paves the way for a move towards 1.0653 next, a Fibonacci retracement point and the next key support. A firm resistance is seen at 1.0833, the 20-day EMA. Clearance of this average is required to ease current bearish pressure.
