COMMODITIES: Precious Metals Rally Ahead of US/Iran Talks
* Precious metals have traded with a firmer tone on Wednesday, assisted by broader weakness in the...
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EURGBP TECHS: Support Remains Exposed
- RES 4: 0.8813 76.4% retracement of the Nov 14 - Jan 6 bear leg
- RES 3: 0.8797 High Dec 17
- RES 2: 0.8781 61.8% retracement of the Nov 14 - Jan 6 bear leg
- RES 1: 0.8716/46 50-day EMA / High Dec 31 & Jan 21
- PRICE: 0.8680 @ 16:06 GMT Jan 26
- SUP 1: 0.8644 Low Jan 6 and the bear trigger
- SUP 2: 0.8633 Low Sep 15
- SUP 3: 0.8620 38.2% retracement of the Dec ‘24 - Nov ‘25 bull cycle
- SUP 4: 0.8597 Low Aug 14
Friday’s sell-off in EURGBP signals the potential end of a corrective recovery between Jan 6 - 21. Note that moving average studies are in a bear-mode set-up and this continues to suggest that recent short-term gains are corrective. Key support and the bear trigger lies at 0.8644, the Jan 6 low. A break of this level would confirm a resumption of the downtrend. Key short-term resistance is 0.8746, the Jan 21 high.
PIPELINE: Corporate Bond Update: $4B Aramco, $2.5B GS & $2B Fifth Third Launched
- Date $MM Issuer (Priced *, Launch #)
- 01/26 $4B #Aramco $500M 3Y +60, $1.5B 5Y +80, $1.25B 10Y +95, $750M 30Y +130
- 01/26 $2.5B #Goldman Sachs 15NC10 +118
- 01/26 $2B #Fifth Third Bancorp $1B 6NC5 +75, $1B 11NC10 +93
- 01/26 $750M #Tyco Electronics Group $200M 5Y +48, $550M 10Y +70
- 01/26 $500M #Isbank 11NC6 7.575%
- 01/26 $Benchmark New York Life 3Y +40, 3Y SOFR+57
- 01/26 $Benchmark Caisse des Dépôts et Consignations (CDC) 3Y +48
- 01/26 $Benchmark Kingdom of Bahrain +8Y Sukuk, 12Y investor calls
- 01/26 $Benchmark Ecuador 8Y 9.375a,13Y 9.875%
- 01/26 $Benchmark United Airlines 5NC 5.5%
- 01/26 $850M BioMarin 8NC3 investor calls
US: Trump Increasingly Vulnerable On Immigration
US President Donald Trump's declining approval on immigration is increasing as a vulnerability for the GOP, as voters continue to express scepticism of hardline enforcement operations in Democrat-led cities.
- Silver Bulletin writes, “Trump’s net approval rating on immigration has declined by about 4 points since the day before [the ICE shooting of Renee Good in Minnesota] until today. Meanwhile, his overall approval rating has declined by 2 points and is near its second-term lows.”
- Silver Bulletin continues, “Note also that there’s no longer much of a gap between Trump’s immigration numbers and his overall approval rating. On average, over the course of his term, Trump’s net approval on immigration has been about 6 points better than his overall rating; it had been his least-bad issue. Now, that gap has mostly evaporated.”
- Politico notes, “Inside the administration, there’s a stark realization that the Minneapolis shootings have been catastrophic politically, and they’re losing ground on an issue that Republicans have dominated.”
- Punchbowl News reports, “Off the record, plenty [of] Republicans were feeling queasy, especially with polls showing declining public confidence both in ICE and in Trump’s broader approach to immigration.”
Figure 1: President Donald Trump, Net Approval Immigration with Key Dates
Source: Silver Bulletin
