FED: US TSY 9Y-8M TIPS AUCTION: HIGH YLD 1.843%; ALLOTMENT 93.46%

• RES 4: 0.8835 High May 3 2023  
• RES 3: 0.8800 Round number resistance 
• RES 2: 0.8769 High Jul 28 and the bull trigger 
• RES 1: 0.8725/8751 High Oct 10 & 17 / High Sep 25  
• PRICE: 0.8678 @ 15:22 BST Oct 21
• SUP 1: 0.8679/8656 50-day EMA / Low Aug 10
• SUP 2: 0.8633 Low Sep 15 
• SUP 3: 0.8597 Low Aug 14 and key support 
• SUP 4: 0.8562 50.0% retracement May 29 - Jul 28 upleg

EURGBP remains in consolidation mode. The trend condition is bullish and recent weakness appears corrective. Support to monitor lies at the 50-day EMA, at 0.8679. It has been pierced, a clear break of this level would signal scope for a deeper retracement towards 0.8633, the Sep 15 low. Key trend support lies at 0.8597, the Aug 14 low. On the upside, key resistance and the bull trigger is at 0.8769, the Jul 28 high. 

• Date $MM Issuer (Priced *, Launch #)
• 10/21 $5B *World Bank 5Y SOFR+38
• 10/21 $2B *Kingdom of Sweden 3Y SOFR+26
• 10/21 $1.5B Albertsons 5.5NC2 5.625%a, 8.5NC3 5.875%a
• 10/21 $800M #ASB Bank $500M 5Y +60, $300M 5Y SOFR+90
• 10/21 $Benchmark Kazakhstan 5Y +90a, book over $3.5B
• 10/21 $Benchmark Oman Electricity 5Y Sukuk investment calls
• Rolled to Wednesday:
• 10/22 $Benchmark Alberta 10Y SOFR+85a

A new survey from Gallup has found that, “Americans continue to see the Republican Party as better than the Democratic Party for protecting the U.S. from international threats, 48% to 41%, though the margin has narrowed since last year.” 

• The survey, which began before the government shutdown and the Israel-Hamas ceasefire deal, “also finds the GOP has lost its advantage as the party better for keeping the country prosperous.
• “In both cases, Republicans’ weaker position is mainly the result of fewer Americans than a year ago preferring the Republican Party for these responsibilities, not because of increased confidence in the Democratic Party to handle them.”

Figure 1: “Looking ahead for the next few years, which political party do you think will do a better job of ...?”

Source: Gallup