EURGBP TECHS: Trading Closer To Its Recent Highs
Jun-20 18:00
- RES 4: 0.8648 76.4% retracement of the Apr 11 - May 29 downleg
- RES 3: 0.8624 High Apr 21
- RES 2: 0.8592 61.8% retracement of the Apr 11 - May 29 downleg
- RES 1: 0.8565 High Jun 18
- PRICE: 0.8538 @ 15:19 BST Jun 20
- SUP 1: 0.8480/8461 20- and 50-day EMA values
- SUP 2: 0.8407/8356 Low Jun 4 / Low May 29 and the bear trigger
- SUP 3: 0.8327 1.382 proj of the Apr 11 - 16 - 21 price swing
- SUP 4: 0.8316 Low Mar 28 and a key support
A bullish theme in EURGBP remains intact and the cross is trading closer to its recent highs. The recent breach of the 50-day EMA highlights a stronger reversal. This signals scope for a climb towards 0.8592 next, a Fibonacci retracement. On the downside, support to watch lies at 0.8461, the 50-day EMA. Clearance of this level would instead highlight a possible reversal. Support at the 20-day EMA is at 0.8480.
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BONDS: Europe Pi: OATs Flat, BTPs Long, Gilts Very Long (2/2)
May-21 17:56
- OAT: OAT remains in "flat" structural positioning, where it has been for all of May after a spell in short territory in March/April. The most recent week's trade was indicative of long setting.
- GILT: Gilt structural positioning remains "very long" into the roll, compared with "flat" where it spent most of the prior 7 months. The latest week saw some some shorts set.
- BTP: BTP remains in its typical "long" territory. Trade indicative of short covering was seen in the most recent week.
US: Trump Approval Underwater On Inflation, Economy, And Tariffs - Marquette
May-21 17:46
A new survey from Marquette Law School has found that President Donald Trump’s approval is lagging on issues considered the most important by US voters, including inflation and the economy.
- Marquette: “Across seven specific issues, approval of the president’s job performance ranges from a high of 56% on border security to a low of 34% on inflation and the cost of living.”
- Marquette: “Inflation and cost of living is rated the most important issue by 36%, followed by threats to democracy at 19% and the economy at 13%. Medicare and Social Security is rated the fourth most important issue at 10%, followed by immigration at 9%. The federal budget deficit is seen as most important by 4%, health care by 3%, abortion policy by 2%, and foreign policy by 2%.”
Figure 1: Trump Job Approval Across Issues
Source: Marquette Law School
PIPELINE: Corporate Bond Update: $6.5B Citibank 4Pt Launched
May-21 17:38
- Date $MM Issuer (Priced *, Launch #)
- 05/21 $6.5B #Citibank $2.25 B2Y +58, $1.25B 2Y SOFR, $2.5B 5Y +78, $500M 5Y SOFR
- 05/21 $4B *ADB 5Y SOFR+42
- 05/21 $2B #Turkiye 7Y 7.45%
- 05/21 $2B #CoreWeave 5NC2 9.25%
- 05/21 $2B #BPCE $1B 6NC5 +125, $1B 11NC10 +145
- 05/21 $1.5B *OKB 3Y +34
- 05/21 $1.25B *Kommunalbanken +5Y SOFR+49
- 05/21 $1B #Northwestern Mutual Life 30Y +135a
- Expected Thursday:
- 05/21 $1B Finnvera WNG 5Y SOFR+53a
