EU FINANCIALS: UBS €1.5bn 5NC4 ; €1.5bn 11NC10 Sr Bail-in - Final Terms

• In FX, a bullish theme in EURUSD remains intact. Gains last week resulted in a breach of key short-term resistance at 1.1656, the Nov 13 high and a bull trigger. The move higher highlights a potential reversal and opens 1.1694 next, the 50.0% retracement of the Sep 17 - Nov 5 bear leg. Clearance of this retracement point would strengthen the developing bull theme. On the downside, initial support to watch is 1.1601, the 20-day EMA. A breach of it would be bearish.
• A bull theme in GBPUSD remains intact and the pair is holding on to its recent gains. The breach of resistance around the 50-day EMA, at 1.3264, undermines a recent bearish theme and highlights a stronger reversal. This paves the way for an extension towards 1.3452, 50.0% retracement of the Sep 17 - Nov 4 bear leg. Initial firm support is seen at 1.3226, the 20-day EMA.
• Recent weakness in USDJPY is considered corrective. The deeper retracement has allowed an overbought condition to unwind. An extension lower would expose the 50-day EMA at 153.49 and the next important support. Moving average studies remain in a bull-mode position, highlighting a dominant medium-term uptrend. A resumption of the trend would open 158.00.

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OI data points to net short setting dominating in the white, green and blue SOFR packs on Friday, while net long cover was more prominent in the reds as most SOFR futures ticked lower on the day.