NATGAS: Funds Net Long TTF Positions Surge to Highest Since Sept 2021
Aug-07 09:59
GAS POSITIONING - Investment fund net long positioning in ICE TTF futures surged to the highest since September 2021, according to the commitment of traders data for the week to Aug 2, driven by rising geopolitical risks and warm weather in Europe and Asia.
- Investment Firm net position rose by 13.12m to -165.87m
- Investment Funds net position increased by 60.55m to +191.99m
- Commercial Undertaking net position fell by 73.03m to -24.20m
Source: Bloombe
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UK: Reeves Delivers First Speech As Chancellor
Jul-08 09:38
The UK's new Chancellor of the Exchequer, Labour's Rachel Reeves, is delivering her first speech in office to an audience of business leaders at the Treasury. A livestream can be found here. The address is set to focus on the incoming Labour government's plans for the economy, with a particular focus on housebuilding.
- The BBC reports that in the speech, "She's expected to announce that she will bring back compulsory housebuilding targets. And we expect her to announce some immediate loosening of planning red tape that has held back construction, infrastructure, and the energy grid. Her hope will be that it'll convince investors to unleash tens of billions of pounds in green industry and housebuilding."
- Speaking to the Today programme earlier today, Chief Secretary to the Treasury Darren Jones (Reeves' number two) said that planning reform would boost growth, which the Labour gov't sees as "the sustainable way to get public finances back in order for the long run”.
FOREX: EUR Recovers Opening Dip as Election Results Digested
Jul-08 09:34
- The EUR gapped lower at the open as the second round of French legislative elections showed the right-wing RN falling short of a majority after a more resilient showing than expected from the centrist and left-wing parties. Political paralysis is now the assumption for France's National Assembly out to the 2027 Presidential elections, but the single currency has shrugged off those concerns into the NY crossover, helped by the gradual re-tightening of the Bund/OAT yield spread.
- JPY has resumed its weakening trend, allowing USD/JPY to trade higher for the first session in three. Price is back above the Y161.00 level, with focus remaining on the cycle best printed last week at Y161.95 before any intervention speculation can resume.
- Elsewhere, CHF, CAD trade firmer, but within recent ranges. JPY and NOK are the poorest performers in G10.
- The schedule is typically light for a Monday, with just the NY Fed's one-year inflation expectations data on the docket, as well as an appearance from BoE's Haskel - the first MPC member to speak since last week's UK General Election.
GERMAN T-BILL AUCTION RESULTS: 3/9-Month Bubills
Jul-08 09:32
| Type | 3-month bubill | 9-month bubill |
| Maturity | Oct 16, 2024 | Apr 16, 2025 |
| Allotted | E1.965bln | E1.47bln |
| Previous | E1.231bln | E1.846bln |
| Total sold | E2bln | E2bln |
| Target | E2bln | E2bln |
| Avg yield | 3.446% | 3.302% |
| Previous | 3.564% | 3.453% |
| Bid-to-cover | 1.87x | 1.67x |
| Previous | 2x | 2.28x |
| Bid-to-offer | 1.84x | 1.23x |
| Previous | 1.23x | 2.10x |
| Previous date | Jun 10, 2024 | Jun 10, 2024 |
