JPY: USDJPY Consolidating 0.85% Advance This Week
Jul-18 09:47
* Despite the softer greenback today, the USD index is broadly consolidating a solid weekly advanc...
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OUTLOOK: Price Signal Summary - Trend Needle In S&P E-Minis Points North
Jun-18 09:46
- In the equity space, the trend condition in S&P E-Minis remains bullish and the contract is holding on to the bulk of its recent gains. For now, the latest pullback is considered corrective. The contract has pierced support at 6003.83, the 20-day EMA. A clear breach of this average would expose the 50-day EMA, at 5896.83. Key short-term resistance has been defined at 6128.75, the Jun 11 high. A break would resume the uptrend.
- EUROSTOXX 50 futures are trading closer to their recent lows. The latest pullback has resulted in a breach of the 50-day EMA at 5298.64. Price has also pierced 5255.00, the May 23 low. A clear break of both support points would signal a short-term top and highlight scope for a deeper retracement. This would open 5178.00, the May 6 low and 5081.16, 38.2% of the Apr 7 - May 20 bull leg. Initial resistance to watch is 5355.88, the 20-day EMA.
PORTUGAL T-BILL AUCTION RESULT: 11-month BTs (Source: Bloomberg)
Jun-18 09:42
| Type | 11-month BT |
| Maturity | May 22, 2026 |
| Amount | E750mln |
| Target | E0.75-1.00bln |
| Previous | E900mln |
| Avg yield | 1.941% |
| Previous | 1.949% |
| Bid-to-cover | 3.22x |
| Previous | 2.74x |
| Previous date | May 21, 2025 |
EGBS: Bunds See Light Support On Latest Iran Headline; Ranges Still Tight
Jun-18 09:40
Headlines noting that a televised message from the Iranian Supreme Leader will be aired “shortly” has provided light support to Bund futures, which are now +11 at 130.87. That brings Bunds to the top of today’s tight 34 tick intraday range. The move lower in Bunds from the June 13 high is still considered corrective for now, with key short-term support at 130.12 (June 5 low).
- German yields are up to 1bp lower, with the belly lightly outperforming. 20/30-year Bund supply was digested smoothly.
- 10-year EGB spreads to Bunds are biased wider, with Middle East tensions capping risk sentiment. The BTP/Bund spread is back to 96.5bps, from a multi-year low of 90bps last week.
- Eurozone final May HICP confirmed flash estimates at a rounded 1.9% Y/Y (vs 2.2% prior), with core also unrevised at 2.3% Y/Y (vs 2.7% prior).
- ECB’s Panetta unsurprisingly noted that the Israel-Iran conflict presents a risk to the outlook alongside US tariffs. His remarks were not market moving.
- Several ECB speakers are still scheduled today, but more focus will be on this afternoon’s US jobless claims data and the FOMC decision this evening.
