UK FISCAL: MNI UK Budget Preview: Round 2, Will There Be A Knockout?
Nov-21 17:02
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- It can be stated without hyperbole that the UK Budget could be the biggest domestic event of the year, and indeed could have repercussions for many years to come. There is still a great deal of uncertainty over the measures that will be announced.
- In this document we answer the main questions of why the Budget is so important for financial markets and political risk, outline potential measures and also set out expectations for the gilt remit revision.
- We also compile an early look at sellside expectations who look for the gilt remit to increase around GBP8bln with an additional GBP2bln of UKTB sales.
- Additionally, we look at how at next year's Budget there will be a little more wiggle room, which may impact Reeves' headroom choice for this year.
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FED: US TSY 19Y-10M BOND AUCTION: HIGH YLD 4.506%; ALLOT 56.07%
Oct-22 17:02
- US TSY 19Y-10M BOND AUCTION: HIGH YLD 4.506%; ALLOT 56.07%
- US TSY 19Y-10M BOND AUCTION: DEALERS TAKE 10.04% OF COMPETITIVES
- US TSY 19Y-10M BOND AUCTION: DIRECTS TAKE 26.33% OF COMPETITIVES
- US TSY 19Y-10M BOND AUCTION: INDIRECTS TAKE 63.63% OF COMPETITIVES
- US TSY 19Y-10M BOND AUCTION: BID/COV 2.73
EURUSD TECHS: Pullback Exposes Key Short-Term Support
Oct-22 17:00
- RES 4: 1.1919 High Sep 17 and a bull trigger
- RES 3: 1.1820 High Sep 23
- RES 2: 1.1775 61.8% retracement of the Sep 17 - Oct 9 bear leg
- RES 1: 1.1728 High Oct 17 and key near-term resistance
- PRICE: 1.1598 @ 15:24 BST Oct 22
- SUP 1: 1.1542 Low Oct 9 and the bear trigger
- SUP 2: 1.1516 76.4% retracement of the Aug 1 - Sep 17 bull leg
- SUP 3: 1.1392 Low Aug 1 and bear trigger
- SUP 4: 1.1313 Low May 30
EURUSD trading lower again Wednesday. The move lower exposes key short-term support at 1.1542, the Oct 9 low. Clearance of this level would cancel a recent bullish signal following the recovery from the Oct 9 low. Instead, this would confirm a resumption of the bear cycle that started on Sep 17, and open 1.1516, a Fibonacci retracement. The pair needs to break above 1.1728, the Oct 17 high, to reinstate a bull theme.
US TSYS/SUPPLY: WI 20Y Re-Open
Oct-22 16:57
Tsy futures are drifting off lows (TYZ5 currently at 113-23.5, -.5), WI dips to 4.516% from 4.522% earlier ahead of the $13B 20Y bond auction re-open (912810UN6) cutoff at 1300ET.
