ARGENTINA: Trade Surplus Well Above Expectations In November

• RES 4: 0.8893 2.000 proj of the Sep 15 - 25 - Oct 8 price swing    
• RES 3: 0.8875 High Apr 25 
• RES 2: 0.8868 61.8% retracement of the 2022 - 2024 bear leg
• RES 1: 0.8865 High Nov 14
• PRICE: 0.8814 @ 16:37 GMT Nov 18
• SUP 1: 0.8781 20-day EMA   
• SUP 2: 0.8769 Low Nov 10
• SUP 3: 0.8737 50-day EMA
• SUP 4: 0.8706 Low Oct 24 and a key support  

The trend condition in EURGBP remains bullish and the cross is trading closer to its recent trend highs. A fresh cycle high last week confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Sights are on 0.8868 next, a Fibonacci retracement. On the downside, initial key short-term support to watch lies at  0.8781, the 20-day EMA. A break of the average would highlight the start of a corrective phase. 

• Date $MM Issuer (Priced *, Launch #)
• 11/18 $6B #Pfizer $1B 2Y +30, $500M 2Y SOFR+50, $1B 5Y +52, $1.25B 7Y +65, $1.25B 10Y +75, $500M 30Y +87.5, $500M 40Y +100.
• 11/18 $2.5B Genmab 7NC3 6.375%a, 8NC3 7.375%a
• 11/18 $1.2B #Protective Life $600M +5Y +105, $600M 10Y +12
• 11/18 $1B #Cenovius $500M +5Y +100, $500M +10Y +130
• 11/18 $900M #Spire $450M 30.5NC5.25 6.25%, $450M 30.5NC10.25 6.45%
• 11/18 $800M #Steel Dynamics $650M 3Y +63, $150M 10Y +93
• 11/18 $750M #Vale Overseas +30NC5 6.125%
• 11/18 $600M Eurofima Jan 2029 SOFR+36
• 11/18 $600M #Buenos Aires 7Y 8.125%
• 11/18 $500M #RGA Global Funding 5Y +93
• 11/18 $500M #Pricoa Global Funding 5Y +68
• 11/18 $500M #Global Atlantic Fin 30NC5 7.25%
• 11/18 $Benchmark Sharjah 10.5Y Sukuk +145a
• 11/18 $Benchmark Goldman Sachs Private Equity investor calls

According to a new survey from Ipsos’ American Communities Project, “Pessimism about the country’s future has risen in cities since last year, but rural America is more optimistic about what’s ahead for the US.”

• The survey report notes, “If one were to summarize the findings of the 2025 survey, it would be that the divisions in the country are more obvious than ever, particularly around social issues. But the American people, and the many communities they call home, seem united around the idea that the economy is at best uncertain and at worst sliding downhill.”
• The survey notes, “This year found dramatic shifts in the community types about hope for the future of the country. Most of the community types that voted for Donald Trump saw big jumps in hopefulness, while types that did not vote for him saw smaller declines. Hispanic Centers, which voted for Trump, also saw declines.”

Figure 1: “Percent of US adults who say they are hopeful about the future of the US over the next few years and live in...”

Source: AP/Ipsos