AMERICAS OIL: US Oil and Gas Rigs Up 2 on Week at 550: Baker Hughes
Oct-24 17:10
The US total oil and gas rig count was up 2 rigs on the week at 550 rigs, according to Baker Hughes, the highest since June 20.
- This puts total US oil and gas rigs down 35, or 6% on the year.
- See breakdown by type and week on week change:
- Oil: 420 (2) - down 60 rigs, or 12.5% on the year.
- Gas: 121 (0) - up 20 rigs, or 19.8% on the year.
- Miscellaneous: 9 (0) - up 5 rigs on the year.
- Canada: 199 (1) - down 17 rigs, or 7.9% on the year.
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US TSYS/SUPPLY: Review 5Y Auction: Small Tail
Sep-24 17:05
- Tsy futures show little reaction (FVZ5 at 109-10.75 from 109-10.5 at the cutoff) after the latest $70B 5Y note auction (91282CPA3) tails slightly: 3.710% high yield vs. 3.709% WI; 2.34x bid-to-cover vs. 2.36x prior.
- Peripheral stats: Indirect take-up slips to 59.42% from 60.48% prior, directs slip to 28.64% vs. 30.74% prior, while primary dealer take-up climbs to 11.94% vs. 8.78% prior.
- The next 2Y auction is tentatively scheduled for October 27.
FED: US TSY 5Y NOTE AUCTION: HIGH YLD 3.710%; ALLOTMENT 41.92%
Sep-24 17:02
- US TSY 5Y NOTE AUCTION: HIGH YLD 3.710%; ALLOTMENT 41.92%
- US TSY 5Y NOTE AUCTION: DEALERS TAKE 11.94% OF COMPETITIVES
- US TSY 5Y NOTE AUCTION: DIRECTS TAKE 28.64% OF COMPETITIVES
- US TSY 5Y NOTE AUCTION: INDIRECTS TAKE 59.42% OF COMPETITIVES
- US TSY 5Y AUCTION: BID/CVR 2.34
FOREX: USD Index Extends to Fresh Recovery Highs, NZD Extends Lower
Sep-24 17:01
- Across the session, the greenback has been steadily appreciating, resulting in the USD index rising above last week’s post-Fed recovery highs. The next level for the DXY resides at the 50-day EMA, intersecting today just below the 98.00 mark. Despite a fleeting surge above this average in late July, daily closes above have been rare since February this year. A more lasting break could signal scope for a stronger dollar correction to the topside.
- Bar the outperforming Aussie following higher-than-expected CPI data, losses across the G10 have been broad based, with both the Japanese yen and New Zealand dollar underperforming.
- USDJPY (+0.75%) picked up some momentum above 148.38 resistance earlier today, and spot has narrowed the gap to 149.14, the Sep 3 high. Meanwhile, GBPUSD has pierced S-T trendline support, strengthening a bearish threat.
- One chart level that particularly stands out is NZDUSD (-0.80%), as the pair approaches the key 0.5800 pivot support, which coincides with the 50% retracement of the year’s range. Price action has been exacerbated by the break of a short-term trendline and should we break the figure, 0.5728 and 0.5636 would be the most obvious targets for a deeper selloff. Today's dynamic have propelled AUDNZD to another fresh cycle high of 1.1341, extending the cross' impressive rally in recent months.
- USDCHF is up around half a percent as we approach tomorrow’s SNB decision. Analysts expect a hold at 0.00% as most likely, with a cut into negative territory appearing improbable.
- In terms of data, the third read of US GDP will cross, as well as weekly jobless claims. Durable goods and existing home sales data are also scheduled.
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