OPTIONS: Larger FX Option Pipeline
Mar-31 11:08
- EUR/USD: Apr05 $1.1100-10(E1.2bln)
- AUD/USD: Apr05 $0.7300(A$1.6bln)
- USD/CAD: Apr01 C$1.2660-80($1.1bln)
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GILT TECHS: (M2) Breaks Out Of Its Recent Range
Mar-01 11:08
- RES 4: 126.00 Round number resistance
- RES 3: 125.69 1.50 proj of the Feb 16 - 18 - 23 price swing
- RES 2: 125.40 1.382 proj of the Feb 16 - 18 - 23 price swing
- RES 1: 125.04 1.236 proj of the Feb 16 - 18 - 23 price swing
- PRICE: 123.08 @ Close Feb 28
- SUP 1: 122.76 Low Feb 28
- SUP 2: 122.04 Low Feb 23 and a key intraday support
- SUP 3: 121.10 Low Feb 16 and the bear trigger
- SUP 4: 121.00 Round number support
Gilt futures are rallying today and have broken out of its recent range. The move higher marks an extension of the current recovery that started from the 121.10 low of Feb 16. This signals scope for a climb towards 125.04 and 125.40 next, Fibonacci projections based on a recent price swing. Key short-term support has been defined at 122.04, Feb 23 low where a break is required to reinstate the recent bearish tone.
CANADA: Outlook And Bank EPS Beats
Mar-01 11:00
- Data: Q4/Dec GDP (expected 6.5% ar in Q4, 0% M/M in Dec) and the manufacturing PMI for Feb at 0830ET, ahead of the BOC decision on Wed.
- BOC’s Macklem will now speak twice on Thu, with a 2hr appearance before the House finance committee starting with an opening statement at 1530ET. This follows the Economic Progress Report at 1130ET.
- Banks earnings: BMO this morning is the latest in a string of Q1 adjusted EPS beats with C$3.89 vs est. C$3.29. It follows previously announced Western (C$0.99 vs est. C$0.95), National (C$2.65 vs C$2.23), CIBC (C$4.08 vs est. C$3.67) and RBC (C$2.87 vs est C$2.72).
- News recap: In a purely symbolic gesture, Trudeau yesterday announced a ban on Russian crude oil imports – it hasn’t imported any Russian oil since 2019.
BONDS: Massive trading ranges
Mar-01 11:00
- An incredible range sessions in just the first 4 hours of trading.
- Bund trades in a big 228 ticks range.
- BTP a massive 333 ticks
- OAT 218 tciks
- Gilts 131 ticks
- Tnotes in over 1 point.
- This has been all led by EGBs/Peripherals.
