FED: Primary Dealers Push Back On SRF Usage - Bloomberg

Full MNI Gilt Week Ahead here.

• It will be another busy week for UK data next week with fiscal data due for release on Tuesday, CPI on Wednesday and retail sales and flash PMI data due on Friday. Note that these will be the last releases of these data to be included in both the November MPR and the OBR's forecasts for the Budget.
• We look at the weekend's fiscal news and the impact on CPI that different changes to energy taxation could have.
• We also look back at last week's main MPC comments and ahead to this week.
• The full document also includes supply previews for the week ahead, balance sheet and repo operations trackers, a UK-focused calendar and a summary of gilt operations and the DMO's issuance plans.

RXF6 129.00/127.50ps, bought for 33 in 2k.

• On the commodity front, a bull cycle in Gold remains intact and last week’s extension reinforces current conditions. The move higher maintains the price sequence of higher highs and higher lows. Sights are on the $4400.00 handle next, and $4404.9, a 3.500 projection of the May 15 - Jun 16 - 30 price swing. Note that the trend is in overbought territory. A move down - a correction - and would allow the overbought set-up to unwind. Support to watch lies at $3986.3, 20-day EMA.
• A bearish theme in WTI futures remains intact and the move down last week reinforces current conditions. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Sights are on $54.89 next, the May 5 low, where a break would open $54.10, the Apr 9 low and a key support. Initial firm resistance is seen at $61.93, the 50-day EMA.