UK FISCAL: Treasury replies to Urgent Question on borrowing - but little of note
Jan-09 10:47
Darren Jones, Chief Secretary to the Treasury says he will not comment on market moves - as it the norm for the Treasury.
- Says markets continue to function in an orderly way with strong demand at auctions.
- Points to EFO which is scheduled in March. And non-negotiable fiscal rules.
- Ends by blaming fiscal blackhole on the Conservatives and says the govt has dealt with it. And says is in stark contrast to the Truss era.
- Very little of note to see here.
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BELGIUM T-BILL AUCTION RESULTS: 3/11-Month TCs
Dec-10 10:39
| Maturity | Mar 13, 2025 | Nov 13, 2025 |
| Amount | E1.39bln | E1.21bln |
| Target | E2.2-2.6bln | Shared |
| Previous | E1.001bln | E1.865bln |
| Avg yield | 2.698% | 2.302% |
| Previous | 2.704% | 2.510% |
| Bid-to-cover | 2.00x | 1.88x |
| Previous | 2.71x | 1.29x |
| Previous date | Dec 03, 2024 | Nov 12, 2024 |
EURIBOR OPTIONS: Latest Euribor Option Flows
Dec-10 10:37
- ERZ4 97.25/97.37cs vs 97.12p, bought the cs for 0.75 in 4k.
- 0RZ4 98.37/98.50cs, bought for half in 2.5k.
- 0RZ4 98.12/98.25/98.37/98.50c condor, sold at 7 in 2.5k.
EURGBP TECHS: Breaches Support
Dec-10 10:36
- RES 4: 0.8448 High Oct 31 and reversal trigger
- RES 3: 08376 High Nov 19 and a bull trigger
- RES 2: 0.8341 50-day EMA
- RES 1: 0.8313 20-day EMA
- PRICE: 0.8257 @ 10:35 GMT Dec 10
- SUP 1: 0.8250 Low Apr 14 ‘22 and the intraday low
- SUP 2: 0.8203 Low Mar 7 2022 and a major support
- SUP 3: 0.8200 Round number support
- SUP 4: 0.8188 1.00 proj of the Oct 31 - Nov 11 - 19 price swing
EURGBP is trading lower and in the process, the cross has breached key short-term support at 0.8260, the Nov 11 low. The break lower cancels a recent bullish signal - an engulfing candle on Nov 12. Instead, the move confirms a resumption of the downtrend. This exposes the major support at 0.8203, the Mar 7 ‘22 low and the lowest point of a multi-year range. Initial resistance to watch is 0.8313, the 20-day EMA.
