INDIA: RBI to Conduct INR1tn Overnight VRR Auction Under LAF on Jan 1
* The RBI will conduct an overnight variable rate repo auction under liquidity adjustment facility...
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US 10YR FUTURE TECHS: (H6) Corrective Pullback
- RES 4: 114-00 Round number resistance
- RES 3: 113-29+ High Oct 17 and a key resistance
- RES 2: 113-23 High Oct 23
- RES 1: 113-22+ High Nov 25
- PRICE: 113-06 @ 13:24 GMT Dec 1
- SUP 1: 113-01 20-day EMA
- SUP 2: 112-37 50-day EMA
- SUP 3: 112-10+ Low Nov 20
- SUP 4: 112-07 Low Nov 5 and a key support
A bullish theme in Treasuries remains intact despite the latest pullback. The recent breach of the 112-31 level, an area of congestion since Nov 5, marks an important short-term bullish development. Note that the contract is also trading above the 20- and 50- EMAs. A resumption of gains would open 113-29+, the Oct 17 high and a key resistance. On the downside, initial support to watch is at 113.01, the 20-day EMA.
USDJPY TECHS: Trades Through Support At The 50-Day EMA
- RES 4: 158.87 High Jan 10 and a key resistance
- RES 3: 158.29 2.618 projection of the Sep 17 - 26 - Oct 1 price swing
- RES 2: 158.00 Round number resistance
- RES 1: 156.58/157.89 High Nov 28 / 20 and the bull trigger
- PRICE: 154.83 @ 13:33 GMT Dec 1
- SUP 1: 154.70 Intraday low
- SUP 2: 154.42 Low Nov 17
- SUP 3: 153.06 50-day EMA
- SUP 4: 151.54 Low Oct 29
The trend set-up in USDJPY is bullish and recent weakness appears corrective. A deeper retracement is allowing a recent overbought condition to unwind. Support at 155.26, the 20-day EMA, has been breached. The clear break of it exposes the 50-day EMA at 153.06. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. A resumption of the uptrend would open 158.00.
PIPELINE: Corporate Bond Issuance Roundup: Merck 8Pt on Tap
Rate locks contributing to reversal in Tsys off recent highs, TYZ5 extending lows: -6 at 113-05.
- Date $MM Issuer (Priced *, Launch #)
- 12/01 $Benchmark Merck 8pt jumbo +3Y +60a, +3Y SOFR, +5Y +75a, 7Y +85a, 10Y +95a, +20Y +100a, 30Y +110a, 40Y +120a. (Last time Merck issued debt was on September 2: $6B Merck $750M 2Y +25, $500M 2Y SOFR+46, $750M 5Y +45, $1B 7Y +58, $1.75B 10Y +68, $1.25B 30Y +75; after $4B on August 12: $750M 3Y +45, $1B +5Y +58, $1B +7Y +68, $1.25B +10Y +78)
- 12/01 $1.3B Post Holdings 10.25NC5.25
- 12/01 $Benchmark ANZ 3Y +65a, 3Y SOFR, 5Y SOFR
