EURGBP TECHS: Resistance At The 50-Day EMA Remains Intact
- RES 4: 0.8557 High Apr 28
- RES 3: 0.8541 High May 2
- RES 2: 0.8493 High May 9
- RES 1: 0.8441/59 50-day EMA and key resistance / High May 21
- PRICE: 0.8422 @ 16:25 BST Jun 4
- SUP 1: 0.8356 Low May 29
- SUP 2: 0.8327 1.382 proj of the Apr 11 - 16 - 21 price swing
- SUP 3: 0.8316 Low Mar 28 and a key support
- SUP 4: 0.8277 1.618 proj of the Apr 11 - 16 - 21 price swing
A downtrend in EURGBP remains intact. A key resistance at 0.8442, the 50-day EMA, remains intact. It has been pierced, however, a clear break of it is required to highlight a stronger reversal. This would expose 0.8541. On the downside, support to watch lies at 0.8356, the May 29 low. Clearance of this level would resume the downtrend and open 0.8316, the Mar 28 low and a key support.
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PIPELINE: Corporate Bond Update: $4.5B Apple Inc 4Pt Launched
Low end of the estimate, $4.5B Apple Inc 4pt deal leads today's issuance size:
- Date $MM Issuer (Priced *, Launch #)
- 05/05 $4.5B #Apple Inc $1.5B 3Y +25, $1B 5Y +30, $1B 7Y +40, $1B 10Y +50
- 05/05 $2.5B #Comcast $650M 7Y +85, $850M 10Y +100, $1B 30Y +122
- 05/05 $2B #General Motors $750M 3Y +155, $750M 5Y +170, $500M 10Y +195
- 05/05 $1.3B #DTE Electric $300M 2Y +45, $500M 10Y +93, $500M 30Y +103
- 05/05 $1.25B #American Int Group $625M each: 5Y +95, 10Y +112
- 05/05 $1.25B #Prologis $500M +5Y +85, $750M 10Y +103
- 05/05 $1B #ADP 7Y +63
US TSYS: Back to Bear Steepening, Bonds Extend Lows
- Treasury futures are extending late session lows at the moment, curves maintaining steeper profiles as short end rates keep pace with bonds: 2s10s +2.959 at 51.191, 5s30s +2.187 at 89.067.
- Tsy Jun'25 10Y contract trades -8.5 to 110-28.5, session low - through 50-day EMA at 110-30.5 -- strengthening a bearish threat and exposing 110-16+, the Apr 22 low.
US: FED Reverse Repo Operation
RRP usage recedes to $124.690B this afternoon from $147.882B Friday. Usage had fallen to $54.772B last Wednesday, April 16 -- lowest level since April 2021. Conversely, usage had surged to the highest level since December 31, 2024 on Monday, March 31: $399.167B. The number of counterparties at 32.
