FRANCE AUCTION PREVIEW: On offer next week
Aug-15 09:04
France has announced it will be looking to sell a combined E8.5-10.5bln of the following MT OATs at its auction next Thursday, August 21:
- the 2.40% Sep-28 OAT (ISIN: FR001400XLW2)
- the 2.50% May-30 OAT (ISIN: FR0011883966)
- the 2.70% Feb-31 OAT (ISIN: FR001400Z2L7)
France has also announced it will be looking to sell a combined E0.75-1.25bln of the following I/L OATs at another auction on that Thursday:
- the 3.15% Jul-32 OATei (ISIN: FR0000188799)
- the 1.80% Jul-40 OATei (ISIN: FR0010447367)
- the 0.10% Jul-53 OATei (ISIN: FR0014008181)
Additionally, France has announced it will be looking to sell up to a combined E7.4bln of the following BTFs at its auction next Monday, August 18:
- E0.0-0.4bln of the 7-week Oct 8, 2025 BTF
- E2.6-3.0bln of the new 14-week Nov 26, 2025 BTF
- E1.6-2.0bln of the 25-week Feb 11, 2026 BTF
- E1.6-2.0bln of the 51-week Aug 12, 2026 BTF
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GILT AUCTION RESULTS: 4.50% Sep-34 Gilt Tender Result
Jul-16 09:03
| 4.50% Sep-34 Gilt | |
| Amount | GBP1.50bln |
| Avg yield | 4.547% |
| Bid-to-cover | 3.32x |
| Tail | 0.4bp |
| Avg price | 99.600 |
| Low price | 99.573 |
| Pre-auction mid | 99.571 |
FOREX: Greenback Consolidating Tuesday Advance, GBP Contained Post CPI
Jul-16 08:57
- G10 currency ranges have been very contained early Wednesday, allowing the US dollar to consolidate the prior day’s broad-based advance following the release of US inflation figures. The recent USD index recovery has now extended to around 2.3% from cycle lows printed on July 01. The rally marks the cleanest evidence yet of a material break of the downtrend posted off the February high, bolstered by a clean break above the 20-day EMA.
- USDJPY moderately extended its significant upswing overnight, printing at the highest level since April 03 at 149.18. Bullish momentum was underpinned by the rising US yields and breaks above the June and May highs likely exacerbated the move. The May high around 148.65 has provided support this morning, keeping a short-term bullish theme prominent.
- the next focus will be on 149.38, the 50.0% retracement of the Jan 10 - Apr 22 bear leg, and 150.49, the Apr 2 high.
- Despite headline and core CPI in the UK surprising to the upside, we think the BOE will largely describe inflation in the August MPR as broadly in line with their forecast. This explains the very limited reaction for GBP this morning, as markets assess the upcoming labour market data on Thursday and bearish technical developments for the pound.
- GBPUSD breached important trendline support below 1.3430 yesterday, drawn from the Jan 13 low. A clear break of the trendline strengthens a bearish threat and exposes 1.3335, the May 20 low.
- The data focus later today will be on US PPI, industrial production and the Fed’s beige book. There are also various FOMC speakers expected.
BONDS: Bonds Off Lows As Technical Supports Hold & Oil Softens
Jul-16 08:52
A downtick in crude oil helps stabilise wider core global FI.
- Technicals also play a part, with gilt futures respecting their early June low (91.16), while TY futures fail to break through Tuesday/overnight lows.
- Benchmark futures trade away from lows on the follow.
