GOLD: Is through the all time Record high!
Mar-13 14:53
- Gold has now cleared the Record high, targets the next resistance at $2965.1 - 2.0% 10-dma envelope, but the World has been watching for a potential test to the big $3000.00 level for quite a few Months now.
- Also watch for potential margin call flows which could exacerbate the pace of the move.
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GILTS: No Real Bounce, Although Initial Support Unchallenged In Futures
Feb-11 14:51
No real respite for gilts even with pricing of the record sized 4.50% Mar-35 syndication out of the way.
- A continued uptick in oil and weakness in EGBs has factored into the sell off.
- Futures as low as 93.07 before a recovery to 97.14.
- Bears unable to test Friday’s low (92.94), let alone get anywhere near testing first meaningful support at 92.50.
- Yields 3-4bp higher, 5s and 10s now lead the weakness, with early super long-led selling fading.
- 10s outperform Bunds by ~3bp on the day, spread into 206.5bp.
- 2s10s and 5s30s remain below cycle closing highs,1bp higher & 1bp lower at typing, respectively.
EGB SYNDICATION: Italy 15-year BTP: Priced
Feb-11 14:51
- Reoffer: 99.375 to yield 3.942%
- Size: E13bln (another large syndication after MNI expected)
- Spread set: 4.15% Oct-39 BTP +7bps (guidance was +9bps area)
- Coupon: 3.85%, short first
- Books in excess of E133bln (inc JLM interest)
- Maturity: 1 October 2040
- ISIN: IT0005635583
- Settlement: 18 February, 2025 (T+5)
- Bookrunners: Barclays, Deutsche Bank, Intesa Sanpaolo, Morgan Stanley and Nomura
From market source / Bloomberg
JPY: FX Exchange Option trades for more
Feb-11 14:44
- JPYUSD (7th Mar) 65.00p, sold down to 0.025 now, in 6.5k total so far.
Note that the OI in that strike stands at 8,175 lots, unconfirmed if this is a new Position.
