EURJPY TECHS: Trend Structure Remains Bullish
* RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing * RES 3: 175.43 High Jul 11 '2...
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US TSY FUTURES: FV/US Flattener Blocked
Latest block trades lodged at 08:36:12 London/03:36:12 NY:
- FVU5 7.9K lots blocked 108-03.25, looks like a seller.
- USU5 2.5K lots blocked at 112-25, looks like a buyer.
- DV01 ~$340K.
NOK: Early Underperformance Fades; Jul 2 High Important Resistance In EURNOK
Early NOK underperformance has faded a little, with yesterday’s 11.8792 high containing topside in EURNOK for now. Through July, the cross has consolidated the ~4% rise seen following Norges Bank’s surprise 25bp cut on June 19. This has allowed an overbought condition to unwind, providing a more favourable technical backdrop for those expecting NOK weakness to continue. Initial resistance is the July 2 high at 11.9156, clearance of which would expose the psychological 12.0000 handle.
- Our commodities team highlight that oil is lower on Tuesday, having begun its reversal on Monday as Trump threats towards Russian sanctions were offered a 50-day deadline – easing any fears of short-term disruption.
- Note that this week’s Norwegian macro calendar is very light, leaving cross-asset dynamics at the fore for NOK FX and rates.
BONDS: Rally Extends
Not seeing any headlines as the bid extends and flows pick up.
