ILS: Shekel Holds Steady, Response To Gaza Peace Plan Eyed
Oct-03 09:46
Spot USD/ILS trades flat at 3.3132, with bears targeting a break below 3.2915, which cushioned losse...
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OPTIONS: Expiries for Sep03 NY cut 1000ET (Source DTCC)
Sep-03 09:43
- EUR/USD: $1.1455(E2.2bln), $1.1525(E919mln), $1.1575-95(E1.5bln), $1.1600(E825mln), $1.1645-50(E792mln), $1.1675-80(E1.1bln), $1.1700(E1.1bln)
- USD/JPY: Y145.00($865mln), Y145.50($976mln), Y146.50($1.4bln), Y147.15-30($1.6bln), Y148.00($595mln), Y149.00($508mln)
- GBP/USD: $1.3500(Gbp507mln)
- AUD/USD: $0.6475(A$570mln)
EQUITY TECHS: Price Signal Summary - S&P E-Minis Support Remains Intact
Sep-03 09:38
- In the equity space, a bull cycle in S&P E-Minis remains intact and the latest pullback is - for now - considered corrective. Price has traded through the 20-day EMA. The key support to watch lies at the 50-day EMA, at 6336.02. A clear break of this EMA is required to signal scope for a deeper retracement. This would open 6239.50, the Aug 1 low and a key support. Moving average studies still highlight a dominant uptrend. The bull trigger is 6523.00, the Aug 28 high.
- The primary trend set-up in EUROSTOXX 50 futures is bullish and the pullback from the Aug 22 high appears corrective. However, the contract has breached 5372.85, the 50-day EMA. The clear break of this average strengthens a short-term bearish threat and signals scope for a deeper retracement towards 5166.00, the Aug 1 low and a key support. On the upside, initial resistance to watch is 5392.75, the 20-day EMA.
EGBS: 2.80% Handle In 10-year Bund Yield Holds Once Again
Sep-03 09:37
The 2.80% handle in the 10-year Bund yield has held once again, leaving yields -0.5bps at 2.78%. Today’s E5bln 10-year Bund supply was digested smoothly, with similar demand metrics to August’s auction.
- German yields are up to 1bp lower across the curve, with the 5-year lightly outperforming and recent bear steepening taking a breather. The broader steepening trend since 2023 remains intact though, with 5s30s currently up almost 70bps this year to 109.5bps.
- Bund futures are +12 ticks at 128.93, but remain shy of initial resistance at 129.42 (20-day EMA). That keeps risk tilted to the downside for now.
- 10-year peripheral EGB spreads to Bunds are up to 1.5bps tighter today, led by BTPs. OAT spreads are little changed, with ongoing French political uncertainty limiting any narrowing episodes.
- Lithuania is also holding at 10/20-year dual tranche syndication today.
- Eurozone final August services PMI’s weren’t major market movers, with the composite reading reaching a one-year high of 51.0 (vs 51.1 flash, 50.9 prior).
