BONDS: Portugal vs Germany
Nov-03 09:42
- Worth watching Semi core Portugal, after the spread against the German 10yr leading in EGBs, now 3.6bps tighter, with the spread through the October low and trading at its lowest level since June.
- The June low situated at 61.33bps looks very close, which is also the lowest print since January 2022
Chart source: MNI/Bloomberg
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
USD: Making fresh lows
Oct-04 09:36
- Fresh lows against EUR, GBP, NOK, SEK, CAD.
- The Pound is now the best performer, up 0.44% vs the Greenback, after it printed a 7th Months low earlier.
- Not much in terms of resistance at current levels for the Pound, with next area of interest back at 1.2220.
GERMAN AUCTION RESULTS: 7-Year 2.40% Nov-30 Bund
Oct-04 09:34
| 2.40% Nov-30 Bund | Previous | |
| ISIN | DE000BU27006 | |
| Allotted | E2.392bln | E2.431bln |
| Avg yield | 2.89% | 2.53% |
| Bid-to-offer | 2.13x | 1.92x |
| Bid-to-cover | 2.67x | 2.37x |
| Average Price | 96.86 | 99.15 |
| Low acc. Price | 96.86 | 99.14 |
| Pre-auction mid | 96.808 | 99.112 |
| Previous date | 23-Aug-23 | |
| Total sold | E3bln | E3bln |
OUTLOOK: Price Signal Summary - S&P E-Minis Trend Needle Points South
Oct-04 09:32
- A bear cycle in the E-mini S&P remains in play. The contract traded lower yesterday, confirming a resumption of the bear leg and maintaining the price sequence of lower lows and lower highs. This signals scope for weakness towards 4194.75, the May 24 low. Pivot resistance is 4453.89, the 50-day EMA. Ahead of the 50-day average is resistance at 4401.10, the 20-day EMA.
- EUROSTOXX 50 futures trend conditions remain bearish and short-term gains are considered corrective. The contract has traded below 4128.00, the Sep 27 low. This confirms a resumption of the downtrend that started late July and signals scope for a move towards 4055.40, the 76.4% retracement of the Mar 20 - Jul 31 bull cycle. Initial firm resistance is at 4226.20, the 20-day EMA. A break of this average would signal a possible short-term base.
