OIL: *MONROE TRAINER SLOWED REFINERY RATES WHEN FCC SHUT FOR REPAIRS

• Date $MM Issuer (Priced *, Launch #)
• 12/03 $2.5B #Citigroup PerpNC5 6.625%
• 12/03 $1B #Deutsche Bank 6NC5 +85
• 12/03 $850M #Avalon Holdings 5Y +115
• 12/03 $500M *Protective Life +3Y +65
• 12/03 $500M Freedom Mortgage 5.5NC2.5
• 12/03 $500M #Western-Southern Global 7Y +90
• 12/03 $500M Standard Building Solutions 8.253.25 6%

RRP usage retreats to $2.514B while counterparties surge to 40 this afternoon from $5.620B Tuesday. Compares to last Tuesday November 18: $0.905B - lowest level since mid-March 2021; this years highest excess liquidity measure: $460.731B on June 30.

• RES 4: 0.8893 2.000 proj of the Sep 15 - 25 - Oct 8 price swing    
• RES 3: 0.8875 High Apr 25 
• RES 2: 0.8868 61.8% retracement of the 2022 - 2024 bear leg
• RES 1: 0.8818/65 High Nov 16 / 14
• PRICE: 0.8743 @ 16:40 GMT Dec 3
• SUP 1: 0.8755/46 50-day EMA / Low Nov 27
• SUP 2: 0.8726 Low Oct 28
• SUP 3: 0.8706 76.4% retracement of the Oct 8 - Nov 14 bull leg   
• SUP 4: 0.8656 Low Oct 8 and a key support  

The trend set-up in EURGBP is bullish and the current spell of weakness appears corrective - for now. MA studies are in a bull-mode position, highlighting a dominant uptrend. Price is trading below the 50-day EMA, currently at 0.8755 - a key S/T support. A close below this mark would signal scope for a deeper corrective pullback. Key resistance and the bull trigger is at 0.8865, the Nov 14 high.