Find more articles and bullets on these widgets:
Date | Time | Period | Event |
15-Mar | 0700 | Jan | Labour Data |
17-Mar | 1200 | ---- | Bank Of England Interest Rate / BOE MPC Minutes |
22-Mar | 0930 | Feb | Public Sector Net Borrowing / Cash |
22-Mar | 1100 | Mar | CBI Industrial Trends |
23-Mar | 0001 | Mar | XpertHR pay deals for whole economy |
23-Mar | 0700 | Feb | PPI / CPI |
23-Mar | ---- | ---- | DMO 2022-23 Financing Remit |
23-Mar | 1230 | FY 2022/23 Budget statement | |
23-Mar | 1530 | ---- | DMO Quarterly Consultation Meetings Agenda |
24-Mar | 0930 | Mar | IHS Markit Manufacturing / Services / Composite (p) |
24-Mar | 1100 | Mar | CBI Distributive Trades |
25-Mar | 0001 | Mar | Gfk Monthly Consumer Confidence |
25-Mar | 0700 | Feb | Retail Sales |
28-Mar | 1530 | ---- | DMO Consultation Gilt Issuance 2022/23 |
U.S. Tsys were softer in Asia-Pac hours but operate off of worst levels ahead of European dealing. TYM2 is -0-12 at 125-18, 0-03 off the base of the 0-21 range in play overnight, while cash Tsys run 3-6bp cheaper across the curve. The 5- to 7-Year zone has led the weakening in the space. However, the cycle highs in 10-Year yields held overnight, which allowed the wider Tsy space to form a bit of a base. Early Asia trade was dominated by optimism surrounding the Russia-Ukraine discussions, with both sides pointing to the potential for an agreement in days. Still, the conflict continues, with Russia striking a facility in the west of Ukraine, near the Polish border over the weekend. The Yavoriv International Centre for Peacekeeping and Security was the target, with Russia pointing to military shipments and foreign troops gathering there. Some Western nations also identified no sign of willingness to end the war on the part of Russian President Putin in the wake of a call between the Russian, French & German leaders. Elsewhere, worry re: the COVID situation in China & HK (with the former headlined by lockdown in Shenzhen & restrictions in Shanghai) pressured mainland and Hong Kong equities, providing some light support for core FI markets. There isn’t much of note on the domestic docket on Monday (3- & 6-month bill supply), with focus on Wednesday’s FOMC. More widely, Monday will provide the latest round of Russia-Ukraine talks (set to get underway at 08:30 London). A quick reminder that U.S. clocks rolled forward over the weekend, so adjust your schedules accordingly.
EURUSD remains below resistance at 1.1121 - the Jan 28 low, a recent breakout level plus the Mar 10 high. While this resistance holds, a bearish threat remains present and attention is on key near-term support at 1.0806, Mar 7 low. On the upside, bulls will look for a clear break of 1.1121 to signal scope for a stronger corrective rally that would open 1.1232, the 50-day EMA and a Fibonacci retracement. A break of 1.0806 resumes the downtrend.