CZECHIA: PM Babiš Visits Slovakia, Turek's Political Fate Still In Limbo
* Prime Minister Andrej Babi is due to visit the neighbouring Slovakia, the traditional destinatio...
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GILTS: Yesterday's Low In Futures Holds, Recoveries Limited
Gilts off early lows after yesterday’s low in futures holds, but a bid in European equities limits the recovery.
- A reminder that spillover from the hawkish repricing in the EUR short end drove much of the recent sell off.
- Gilt futures trade as low as 90.63 before recovering to ~90.70 last.
- Support clustered at 90.62/53, while resistance comes in at 91.16.
- A break of the support cluster would deepen the recent bearish move and negate a bullish technical theme.
- Yields 0.5-1.5bp higher vs. closing levels, curve a touch flatter.
- Gilt bulls still can’t force a sub-165bp close in the gilt/Bund spread, although the differential continues to hover around recently registered ’25 lows, last 166.5bp.
- GBP short end pricing little changed vs. pre-gilt open levels.
- The previously detailed BoE TSC hearing headlines the UK calendar today (14:15 London).
- On the supply front, the DMO will sell GBP750mln of the 4.25% Jun-32 gilt via a tender operation this morning.
FOREX: FX Exchange Traded Roll Pace
FX Exchange Traded Roll sees the EUR Z5/H6 bought off the low in over 10k. Today's low print was its lowest since October and 80% of the Front Z5 is now related to rolling Positions into March 2026.
Over 90k spread have already traded today in the EUR.
PACE:
- EUR: 24% (below pace).
- GBP: 36% (above pace).
- JPY: 44% (above pace).
- CHF: 35% (above pace).
- CAD: 17% (below pace).
- AUD: 40% (above pace).
- NZD: 24% (below pace).
- SEK: 35% (above pace).
- NOK: 21% (above pace).
SILVER TECHS: Bullish Trend Sequence
- RES 4: $60.852 - 1.382 proj of the Oct 28 - Nov 13 - 21 price swing
- RES 3: $60.000 - Psychological round number
- RES 2: $59.563 - 1.236 proj of the Oct 28 - Nov 13 - 21 price swing
- RES 1: $59.334 - High Dec 5
- PRICE: $58.335 @ 08:11 GMT Dec 9
- SUP 1: $54.398 - 20-day EMA
- SUP 2: $50.833/45.557 - 50-day EMA / Low Oct 28
- SUP 3: $41.135 - Low Sep 17
- SUP 4: $38.087 - Low Aug 27
Trend signals in Silver remain bullish and price is trading just below its recent trend highs. Recent gains confirmed a resumption of the uptrend, maintaining the bullish price sequence of higher highs and higher lows. The move above $55.00 signals scope for a climb towards $59.563 next, a Fibonacci projection. Sights are also on the $60.00 psychological handle. Initial support lies at $54.398, the 20-day EMA.
