EU FINANCIALS: Handelsbanken - New Issue - 3y Sr Pref FRN, 7yr Sr Perf - Books
Feb-06 10:38
• Combined books €3.5bn - vs max combined issue of €1.25bn
• 3y FRN , 7y
• IPT: mE+65, IPT: MS+90
• FV: mE+33 , FV: MS+65 -https://mni.marketnews.com/4aO9DuC
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FOREX: EURUSD Bounce Considered Technically Corrective
Jan-07 10:37
- Despite yesterday’s rejection of the WaPo Tariff article by President-Elect Trump, the greenback is under pressure once again Tuesday, with markets taking a more cautious view of the underlying bullish dollar trend.
- While some analysts believe there may be some truth behind the details of the tariff article, others point to Michael Barr's resignation as the Fed's Vice Chair for Supervision as contributing to the softer greenback, assisted by the initial rally for the US KBW regional banks index in anticipation of less stringent regulations on banks' balance sheets.
- EURUSD is back above 1.04, with German inflation data on Monday continuing to underpin a more hawkish short-term reaction for the single currency. Monday’s strong gains appear - for now - corrective. The 20-day EMA, at 1.0412, has been pierced and the next resistance to watch is 1.0458, the Dec 30 high. ING suggest that short-term fair value models – based largely on rate spreads – suggest EUR/USD could correct further to 1.05.
- The Swiss franc is a touch softer on the session following a lower-than-expected core inflation print, with EURCHF closing in on 2-month highs for the cross at 0.9447.
GERMAN AUCTION RESULTS: 2.00% Dec-26 Schatz
Jan-07 10:32
| 2.00% Dec-26 Schatz | Previous | |
| ISIN | DE000BU22072 | |
| Total sold | E4.5bln | E4.5bln |
| Allotted | E3.472bln | E3.607bln |
| Avg yield | 2.18% | 1.94% |
| Bid-to-offer | 1.81x | 1.84x |
| Bid-to-cover | 2.34x | 2.30x |
| Average Price | 99.652 | 100.117 |
| Low acc. Price | 99.650 | 100.115 |
| Pre-auction mid | 99.467 | 100.109 |
| Previous date | 03-Dec-24 |
EUROZONE DATA: ECB Survey Inflation Expectations Firm After Recent Softer Patch
Jan-07 10:29
- The ECB's Consumer Expectations Survey (CES) showed the 1-year ahead reading rose for the third consecutive month to 2.6% Y/Y in November (vs 2.5% in October) making it the highest since August 2024.
- The 3-years ahead expectation jumped up to 2.4% Y/Y from 2.1% in October - returning in-line with July 2024's high.
- The survey doesn't have pre-pandemic readings but this three-year measure remains above the 1.9-2.1% readings mostly seen through mid-2020 to early 2022 before jumping to a survey high of 3.1% in Oct 2022.
- Also of note, the mean expectation for economic growth over the year ahead deteriorated further to -1.3% in November (vs -1.1% prior).
- See the full press release here.
