JGB TECHS: (M5) Off Highs, But Underlying Strength Persists
May-13 22:45
- RES 3: 147.74 - High Jan 15 and bull trigger (cont)
- RES 2: 146.53 - High Aug 6
- RES 1: 142.95 - High Apr 7
- PRICE: 139.35 @ 16:43 GMT May 13
- SUP 1: 139.01 - 1.0% 10-dma envelope
- SUP 2: 136.57 - 1.382 proj of the Jan 28 - Feb 20 - Feb 26 bear leg
- SUP 3: 134.89 - 2.000 proj of the Jan 28 - Feb 20 - Feb 26 bear leg
JGBs are holding the bulk of the recent strong bullish reversal from early April, rejecting any test of fresh cycle lows for the M5 contract. This defies the bearish momentum studies drawn on the longer-term chart, clearing moving-average resistance to print 142.40 at the new upper level. To the downside, sights are on 136.57, a Fibonacci projection. 144.48 is the medium-term target on any recovery.
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GOLD: New Highs in Place Following Strong Week.
Apr-13 22:35
- Despite a drop of nearly -2.00% on Monday, Gold ascended new heights for the remainder of the week breaking new records.
- Finishing +6.5% higher for the week, in a strong year for gold, this was the best week so far.
- Gold finished the week at US$3,237.61, a new high.
- With Monday’s sell off, gold traded below the 20-day EMA of $3,078.84 but with the rally for the remainder of the week, sits well clear above all moving averages.
- Inflows into gold ETFs hit 226.5tn in Q1 2025, the highest level since early 2022, according to data from the World Gold Council, with over 50% of that coming from the US.
CHINA: Credit Growth Points to Positive Signs for the Economy.
Apr-13 22:32
- Over the weekend, China reported new loans data which pointed to positive signs for the domestic economy.
- China’s January-February New Yuan loans were CNY9.78tn versus an estimate of CNY9.14tn following prior period of CNY6.138tn.
- Aggregate financing was also strong up CNY15.18tn, from CNY9.292.1tn February.
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- The authorities have been clear in their intent of supporting the economy, as evidenced by the weight of government bond issuance.
- The PBOC’s deputy governor Xuan's speech while meeting with Japan and South Korean bank leaders last week, indicated China’s intent is to implement moderately loose monetary policy.
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ASIA: Government Bond Issuance Today.
Apr-13 22:30
- Bank of Korea to Sell W500bn 91-Day Bonds
- South Korea to Sell KRW2.5tn 10-Year Bonds
- China to Sell CNY170bn 2028 Bonds
- Philippines To Sell PHP 8.0Bln 91D Bills (PH0000058919)
- Philippines To Sell PHP 8.0Bln 182D Bills (PH0000059388)
- Philippines To Sell PHP 9.0Bln 364D Bills (PH0000060253)
- Philippines to Sell PHP30.0bn 10-Year Bonds
- Malaysia to Sell MYR5bn 2028 Bonds
