CANADA DATA: Strong Job Gains In September, But Divergences Warrant Caution(1/3)
The September Labour Force Report was much stronger than expected, in yet another large miss for con...
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GBPUSD TECHS: Sights Are On The Bull Trigger
- RES 4: 1.3681 High Jul 4
- RES 3: 1.3636 76.4% retracement of the Jul 1 - Aug1 downleg
- RES 2: 1.3595 High Aug 14 and a bull trigger
- RES 1: 1.3590 High Sep 9
- PRICE: 1.3546 @ 16:29 BST Sep 10
- SUP 1: 1.3465/3333 50-day EMA / Low Sep 3
- SUP 2: 1.3315 61.8% retracement of the Aug 1 - 14 bull leg
- SUP 3: 1.3249 76.4% retracement of the Aug 1 - 14 bull leg
- SUP 4: 1.3142 Low Aug 1 and a key support
GBPUSD is holding on to its gains since rallying off the Sep 3 low. The climb has retraced the steep sell-off on Sep 2 and highlights a stronger bullish development. This also suggests the corrective cycle between Aug 14 - Sep 3 is over. Sights are on resistance at 1.3595, the Aug 14 high and a bull trigger. A break would strengthen a bullish condition. Initial support to watch is 1.3465, the 50-day EMA.
US: FED Reverse Repo Operation
RRP usage climbs to $29.400B with 18 counterparties this afternoon from $22.915B Tuesday. Compares to $17.923B on Wednesday, Sep 3 - the lowest levels since early April 2021. This year's high usage of $460.731B occurred on June 30.
PIPELINE: Corporate Bond Update: $3B Saudi Aramco 2Pt Launched
- Date $MM Issuer (Priced *, Launch #)
- 09/09 $3B #Saudi Aramco $1.5B each: 5Y Sukuk +70, 10Y +80 (books were over $16.5B)
- 09/09 $3B *IDA (International Development Assn) 7Y SOFR+55
- 09/10 $3B *KFW 3Y SOFR+30
- 09/10 $1B *Federal Home Loan 2Y +3.5
- 09/10 $1B Light and Wonder 8NC3 6.5%a
- 09/10 $900M K Hovnian Ent $450M each: 5.5NC2.5, 8NC3
- 09/09 $500M *Korea Housing Finance Corp (KHFC) 5Y +40
- 09/10 $500M #Bidvest WNG 7NC3 6.2%
- 09/09 $500M #Komatsu Finance AM 5Y +62
