EM ASIA CREDIT: Japfa Comfeed: Ratings affirmed
(JPFAIJ, NR/B+neg/B+) "*FITCH AFFIRMS JAPFA AT 'B+''; OUTLOOK STABLE" - BBG Fitch affirmed the rat...
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EUROZONE T-BILL ISSUANCE: W/C 21 July
Austria and Greece are still due to sell bills this week, while Germany, the Netherlands and France have already come to the market. We expect issuance to be E17.7bln in first round operations, up from E14.7bln last week.
- This morning, Austria will look to sell E1bln of the 3-month Oct 30, 2025 ATB and E1bln of the new 6-month Jan 29, 2026 ATB.
- Tomorrow morning, Greece will look to issue E500mln of the new 26-week Jan 23,2026 GTB.
EURGBP TECHS: Trend Structure Remains Bullish
- RES 4: 0.8800 Round number resistance
- RES 3: 0.8781 2.236 pro of the Mar 3 - 11 - 28 price swing
- RES 2: 0.8738 High Apr 11 high and a key resistance
- RES 1: 0.8698 High Jul 16
- PRICE: 0.8674 @ 06:36 BST Jul 22
- SUP 1: 0.8638 Low Jul 21
- SUP 2: 0.8620 20- day EMA
- SUP 3: 0.8556 50-day EMA
- SUP 4: 0.8508 Low Jun 27
The trend condition in EURGBP is unchanged, it remains bullish and the cross is holding on to its recent gains. Fresh cycle highs last week maintain the price sequence of higher highs and higher lows and note too that moving average studies are in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would open key resistance at 0.8738, the Apr 11 high. Support to watch is 0.8620, the 20-day EMA.
SCHATZ TECHS: (U5) Resistance Is Intact For Now
- RES 4: 107.475 High May 27
- RES 3: 107.430 High Jun 13
- RES 2: 107.365 High Jun 7 and key short-term resistance
- RES 1: 107.335 High Jul 16
- PRICE: 107.325 @ 06:14 BST Jul 22
- SUP 1: 107.200/120 Low Jul 15 and 16 / Low Jul 11 and bear trigger
- SUP 2: 107.112 1.236 proj of the May 23 - 29 - 30 price swing
- SUP 3: 107.000 Round number support
- SUP 4: 106.890 2.000 proj of the May 23 - 29 - 30 price swing
Schatz futures traded higher Monday, extending the recovery that started on Jul 11. Trend indicators continue to highlight a bear cycle and if correct, this suggests that short-term gains are corrective. Resistance to watch is 107.365, the Jun 7 high. A break would strengthen a bull theme. On the downside, a resumption of weakness would refocus attention on 107.120, the Jul 11 low and bear trigger.
