OUTLOOK: Price Signal Summary - Bull Cycle In Oil Futures Intact
Jun-18 10:50
* On the commodity front, a bullish theme in Gold remains intact and recent gains reinforce curren...
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EFSF ISSUANCE: New E3bln WNG 7-year syndication: Allocations out
May-19 10:47
- Spread set earlier at MS+34bps (guidance was MS+36bps area)
- Size: E3bln WNG
- Books closed in excess of E9.5bln (inc E700mln JLM interest)
- HR 102% vs 1.70% Aug-32 Bund
- Maturity: 27-Sep-2032
- Settlement: 26-May-2025 (T+5)
- Coupon: Short first to 27-Sep-2025
- Bookrunners: DB(B&D/DM)/DZ/GSBE SE
- ISIN: EU000A2SCAU4
- Timing: Hedge deadline 12:10BST / 13:10CET
From market source
OUTLOOK: Price Signal Summary - USDJPY Pierces The 20-Day EMA
May-19 10:42
- In FX, EURUSD has started the week on a bullish note. The pair remains above last week’s low and recent weakness appears corrective. A key support at the 50-day EMA, at 1.1096, is intact. A clean break of this average would undermine the uptrend. Key trend signals continue to highlight an uptrend and, a key resistance to watch is 1.1381, the May 2 - 6 high. Clearance of this level would signal the end of the correction and highlight a bullish break.
- Recent weakness in GBPUSD appears corrective. The May 13 bounce highlights a possible reversal pattern - a bullish engulfing candle. The pattern remains valid and if correct, signals the end of the recent corrective cycle and a resumption of the uptrend. Key support to watch is 1.3117, the 50-day EMA. Sights are on the key resistance and a bull trigger, at 1.3444, the Apr 28 / 29 high.
- USDJPY continues to trade below the May 12 high and the pair maintains a softer tone. The latest pullback underpins the view that gains since Apr 22 appear corrective. A stronger reversal lower would refocus attention on 142.36, the May 6 low. 145.21, the 20-day EMA. has been pierced, a clear break would strengthen a bearish theme. Key short-term resistance has been defined at 148.65, the May 12 high.
US TSY FUTURES: CFTC CoT Points To Sizable Fund & A Manager Cover In FV
May-19 10:40
The latest CFTC CoT report revealed a bias towards cover of existing positions for both asset managers and leveraged funds, with a particular focus on trimming exposure in FV futures.
- Note that leveraged funds did still manage to add a cumulative ~$6mn DV01 equivalent of net shorts across TY, US & WN.
- Asset managers remain net long across the curve, while leveraged funds are net short across all contracts.
- Wider non-commercial positioning saw a mix of net short setting and cover, with the cohort remaining net short across the curve (see table below).
