FED: New Econ Forecasts Show Stronger Growth And Inflation, Lower Unemployment

• 26,968 FVU5 107.5/108.25/109 put flys, ref 108-20.5
• Reminder: Sep Tsy options expire Friday

Eli Lilly $6.75B 7-tranche leads today's issuance - note, however, the firm issued $6.5B on February 10 on similar tranches: $1B 3Y +27, $1.25B 5Y +42, $1B 7Y +50, $1.25B 10Y +60, $1.25B 30Y +80, $750M 40Y +90

• Date $MM Issuer (Priced *, Launch #)
  • 08/18 $6.75B #Eli Lilly $1B 3Y +28, $750M 3Y SOFR+53, $750M +5Y +40, $1B 7Y +48, $1.25B 10Y +57, $1B 30Y +65, $1B 40Y +73
  • 08/18 $2B #Charter Communications $1.25B 10Y +152, $750M 30Y +177
  • 08/18 $1.5B #Marriott Intl $400M 2Y +47, $500M 6Y +85, $600M 10Y +105
  • 08/18 $1.5B #RGA Global $800M 3Y +65, $700M 7Y +95
  • 08/18 $1B #Corebridge Global $500M 3Y +58, $500M 7Y +88
  • 08/18 $800M #Northwestern Mutual $500M 3Y +40, $300M 3Y SOFR+66
  • 08/18 $500M #Ecolab WNG 10Y +67
  • 08/18 $Benchmark McDonald's +5Y +55, +10Y +72
• Expected Tuesday:
  • 08/19 $4B EIB 5Y SOFR+42a
  • 08/19 $Benchmark DBJ 3Y SOFR+52
  • 08/19 $Benchmark IBRD (World Bank) 10Y SOFR+62a

• RES 4: 0.8769 High Jul 28  
• RES 3: 0.8744 High Aug 7 
• RES 2: 0.8682 High Aug 8  
• RES 1: 0.8654 20-day EMA 
• PRICE: 0.8631 @ 16:39 BST Aug 18
• SUP 1: 0.8597 Low Aug 14 
• SUP 2: 0.8562 50.0% retracement May 29 - Jul 28 upleg 
• SUP 3: 0.8540 Low Jun 30 
• SUP 4: 0.8514 61.8% retracement May 29 - Jul 28 upleg

EURGBP has breached a key support at 0.8611, the Jul 31 low and pierced the 50-day EMA, at 0.8615. A continuation lower would strengthen a bearish threat and highlight a stronger reversal of the uptrend between May 29 and Jul 28. This would open 0.8562, a Fibonacci retracement point. For bulls, a reversal higher would refocus attention on key resistance and the bull trigger at 0.8769, the Jul 28 high.