OUTLOOK: Price Signal Summary - Bund Futures Test Support
Sep-19 11:10
- In the FI space, Bund futures remain below their latest highs. The move down is considered corrective. The next support to watch is 128.25 (pierced), the Sep 16 low. Key support and the bear trigger lies at 127.61, the Sep 3 low. A reversal higher and a resumption of gains would reinstate the recent bullish theme that signals potential for a climb towards 129.50, the Aug 5 high. Moving average studies are in a bull-mode position, highlighting a dominant uptrend.
- A bull cycle in Gilt futures gapped lower today, extending the pullback from recent highs. Despite the sell-off, a bull cycle remains intact and a recent rally highlights a stronger corrective cycle. Note that the move higher has allowed an oversold trend condition to unwind. Price has breached initial firm resistance at 90.84, the Aug 28 and 29 high. A resumption of gains would open 92.06, the Aug 14 high. Initial support lies at 90.65, the Sep 5 low.
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US TSYS: Post-MBS React
Aug-20 11:04
- Treasuries pared gains after drop in MBA Mortgage apps from prior - albeit on light volumes (TYU5 under 200k).
- Tsy Sep 10Y contract slipped to 111-24.5 from 111-26, 10Y yield tapped 4.2990% before slipping back to 4.2965%.
- Curves remain flatter: 2s10s -1.178 at 54.432, 5s30s -.896 at 107.346.
EU-BOND AUCTION PREVIEW: On offer next week
Aug-20 11:01
The EU has announced it will be looking to sell the following at its auction next Monday, August 25:
- Up to E2.5bln of the 2.875% Dec-27 EU-bond (ISIN: EU000A3K4EW6)
- Up to E2.0bln of the 3.375% Dec-35 EU-bond (ISIN: EU000A4D8KD2)
- Up to E1.5bln of the 3.375% Oct-38 EU-bond (ISIN: EU000A3K4D74)
MNI: US MBA: MARKET COMPOSITE -1.4% SA THRU AUG 15 WK
Aug-20 11:00
- MNI: US MBA: MARKET COMPOSITE -1.4% SA THRU AUG 15 WK
