US: State Department Press Conference Underway Shortly
Dec-16 19:02
US State Department Spokesperson Ned Price is shortly due to deliver a press conference from the Department of State.
- Livestream: https://www.state.gov/todays-briefing-schedule/
- The presser comes as Secretary of State Antony Blinken begins a bilateral meeting with his Mexican counterpart Marcelo Ebrard.
- The US and Mexico continue to fail to make progress resolving a trade dispute over Mexico’s energy policy, which the US claims favours state-owned Mexican companies over US and Canadan firms, in violation of the US-Mexico-Canada Trade Agreement (USMCA).
- Price will also take questions on a strongly worded State Department statement released yesterday criticising the sentencing of Istanbul Mayor, and key Turkish opposition figure, Ekrem Imamoglu, a move likely to further strain relations between the US and NATO ally Turkey.
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EURGBP TECHS: Consolidating But Outlook Remains Bullish
Nov-16 19:00
- RES 4: 0.9066/9266 High Sep 28 / High Sep 26 and key resistance
- RES 3: 0.8980 High Sep 29
- RES 2: 0.8867 High Oct 12
- RES 1: 0.8829 High Nov 09
- PRICE: 0.8753 @ 15:36 GMT Nov 16
- SUP 1: 0.8693 50-day EMA
- SUP 2: 0.8560/59 Low Oct 31 / 76.4% of Aug 2 - Sep 26 rally
- SUP 3: 0.8522 Low Aug 30
- SUP 4: 0.8471 Low Aug 28
EURGBP remains inside its recent range. The trend outlook is bullish following recent gains - resistance at 0.8781, the Oct 21 high, was breached last week. This opens 0.8867 next, the Oct 12 high. Note that moving average studies are in a bull mode position and this suggests that the broader uptrend remains intact. For bears, a move through the Oct 31 low of 0.8560 is required to resume bearish activity.
US TSYS: 10Y Real Yields Fall Below Recent Range
Nov-16 18:47
- 10Y Tsy yields have retraced the further bid after the strong 20Y auction but still see a solid 5bp rally on the day.
- It’s led almost entirely by lower real yields, with the 10Y real at 1.38%, breaking below the recent range to the lowest since early October in an easing in financial conditions.
- The 10Y breakeven is little changed on the day (-0.5bp) but maintains a broad downtrend to 2.35%, down ~15bps since just prior to the Nov 2 FOMC decision despite real yields on balance moving lower (a roundabout trip having spiked to ~1.75% shortly after the decision).
10Y real yields (white) and 10Y breakeven (yellow)Source: Bloomberg
PIPELINE: Open Text, General Mills Launched
Nov-16 18:43
- Date $MM Issuer (Priced *, Launch #)
- 11/16 $1B #Open Text 5Y 6.9%
- 11/16 $1B Kommuninvest 2Y SOFR +20
- 11/16 $500M #General Mills 3NC1 +110
- 11/16 $Benchmark Athene 10Y +290
- 11/16 $Benchmark Dominion Energy 10Y +175
- 11/16 $Benchmark NAB (National Australian Bank) 2Y +80, 5Y+105
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