SOUTH AFRICA: Trade Surplus Unexpectedly Narrows to ZAR15.6bn from ZAR22.3bn

The EU has announced it will be looking to sell the following at its auction next Monday, November 3:

• Up to E2.0bln of the 2.50% Dec-31 EU-bond (ISIN: EU000A3L1DJ0)
• Up to E2.5bln of the 3.375% Dec-35 EU-bond (ISIN: EU000A4D8KD2)
• Up to E1.5bln of the 3.375% Oct-54 EU-bond (ISIN: EU000A3K4EY2)
   

• On the commodity front, Gold traded lower Tuesday, extending the bear cycle that started Oct 20. Note that the trend has recently been in overbought territory and the deeper retracement is allowing this condition to unwind. Attention is on the next key support at the 50-day EMA, at $3842.8. A clear break of this average would strengthen a bear theme. Initial resistance is at $4161.4, the Oct 22 high.
• Recent gains in WTI futures appear corrective for now, however, note that price has traded through the 50-day EMA, at $61.10 The breach of this average signals scope for a stronger recovery. A resistance at $62.34, the Oct 8 high, has also been pierced. A clear break of it would expose key resistance at $65.77, the Sep 26 high. Key support and the bear trigger has been defined at $55.96, the Low Oct 20.

SFIH6 96.70/96.75/96.80/96.85c condor, bought for half in 7.5k.