US CREDIT RATING: Telefónica: Fitch Affirms BBB; Otlk Maintained at Sta. - BBG

• US TSY 5Y NOTE AUCTION: HIGH YLD 3.724%; ALLOTMENT 84.43%
• US TSY 5Y NOTE AUCTION: DEALERS TAKE 8.78% OF COMPETITIVES
• US TSY 5Y NOTE AUCTION: DIRECTS TAKE 30.74% OF COMPETITIVES
• US TSY 5Y NOTE AUCTION: INDIRECTS TAKE 60.48% OF COMPETITIVES
• US TSY 5Y AUCTION: BID/CVR 2.36

• RES 4: 1.1851 High Sep 10 2021
• RES 3: 1.1829 High Jul 01 and the bull trigger 
• RES 2: 1.1789 High Jul 24 
• RES 1: 1.1743 High Aug 22
• PRICE: 1.1594 @ 15:53 BST Aug 27
• SUP 1: 1.1574/1.1528 Low Aug 27 / Low Aug 5 
• SUP 2: 1.1392 Low Aug 1 and bear trigger 
• SUP 3: 1.1373 Low Jun 10 
• SUP 4: 1.1313 Low May 30 

The trend set-up in EURUSD remains bullish and short-term weakness is for now considered corrective. However, the pair is trading lower today and has pierced key support at the 50-day EMA, at 1.1599. A clear break of the average would signal scope for a deeper retracement and potentially expose key M/T support at 1.1392, the Aug 1 low. For bulls, a resumption of gains would open key resistance and the bull trigger at 1.1829, the Jul 1 high. 

Spot gold has lifted to session highs of $3398.0 and TYZ5 to 112-12 following IAEA-Iran headlines re monitors not yet having returned to damaged Iran sites and that Iran isn’t providing adequate access to inspectors. 

• Gold resistance seen at $3409.2 (Aug 8 high) after which lies $3439.0 (Aug 23 high).
• Building on earlier gains, TYZ5 starts to eye the bull trigger at 112-15+ (Aug 5 high) after which lies 112-19 (Fibo proj of Jul 15-22-28 price swing).
• BBDXY continues to pare earlier gains, now negative on the day.
• Stocks are broadly stable however. Nasdaq near record highs ahead of Nvidia earnings later today.

"*UN ATOMIC WATCHDOG SAYS INSPECTORS ALLOWED BACK TO BUSHEHR NPP
*UN ATOMIC WATCHDOG SAYS NO EVIDENCE IRAN MOVED HEU INVENTORY
*IAEA MONITORS HAVE 'NOT YET' RETURNED TO DAMAGED IRAN SITES
*IRAN ISN'T PROVIDING ADEQUATE ACCESS TO IAEA INSPECTORS: GROSSI" - all bbg