RBNZ: VIEW: TD Securities Pull Forward Start Of Projected Hiking Cycle
In the wake of yesterday's hawkish hold from the RBNZ, TD Securities retain 4x 25bps hikes in their ...
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GILT AUCTION RESULTS: 0.125% Jan-28 Gilt Tender
| 0.125% Jan-28 Gilt | Previous | |
| ISIN | GB00BMBL1G81 | |
| Amount | GBP1.00bln | GBP0.50bln |
| Avg yield | 4.219% | 3.336% |
| Bid-to-cover | 4.28x | 4.05x |
| Tail | 0.3bp | 0.7bp |
| Avg price | 93.136 | 93.986 |
| Low price | 93.131 | 93.974 |
| Pre-auction mid | 93.122 | 93.966 |
| Previous date | 17-Feb-26 |
COMMODITIES: WTI Trend Structure Remains Bullish, Sights Back on $100/bbl
Recent weakness in WTI futures appears to have been corrective. Key support around the 50-day EMA, at $85.08, remains intact. It has been pierced, however, a clear break of it is required to signal scope for a deeper retracement. A continuation higher would open $104.34, the Mar 9 high and bull trigger. Clearance of this hurdle would confirm a resumption of the primary uptrend. Note that MA studies are in a bull-mode position. Gold is trading closer to its recent highs despite the latest pullback. A resumption of gains would resume the correction that started on Mar 23 and pave the way for an extension towards the $5000.0 handle and $5107.6, a Fibonacci retracement point. Initial firm support to watch lies at $4554.2, the Apr 2 low. A break of this level would be bearish. Note that MA studies are in a bear-mode position. This continues to highlight a stronger bearish threat.
- WTI Crude up $2.77 or +2.87% at $99.16
- Natural Gas down $0.04 or -1.45% at $2.513
- Gold spot down $52.44 or -1.12% at $4629.76
- Copper down $5.4 or -0.89% at $602.45
- Silver down $1.97 or -2.61% at $73.5255
- Platinum down $28.56 or -1.44% at $1956.09
EQUITIES: Recent Pullback in EuroStoxx Futures Appears Corrective for Now
The latest pullback in EuroStoxx 50 future for now, appears to be corrective. Support to monitor lies at levels around the 50-day EMA - currently at 5783.06. It has been pierced, a clear break of this average would signal scope for a deeper retracement. The recent breach of 5945.47, the 76.4% retracement for the Feb 26 - Mar 23 bear leg, is notable. This exposes key resistance and the bull trigger into 6143.00, the Feb 26 high. The primary long-term uptrend in S&P E-Minis remains intact and recent all-time cycle highs reinforce this condition. The move higher also maintains the trend sequence of higher highs and higher lows. Price has pierced the 7200.00 handle exposing 7271.91, a Fibonacci retracement projection. Note that moving average studies are once again in a bull-mode position, a strong bullish signal. Initial support lies at 6964.63, the 20-day EMA.
- Japan's NIKKEI closed lower by 619.9 pts or -1.02% at 59917.46 and the TOPIX ended 36.91 pts higher or +0.99% at 3772.19.
- Elsewhere, in China the SHANGHAI closed lower by 7.707 pts or -0.19% at 4078.637 and the HANG SENG ended 245.87 pts lower or -0.95% at 25679.78.
- Across Europe, Germany's DAX trades higher by 38.6 pts or +0.16% at 24123.17, FTSE 100 higher by 21.23 pts or +0.21% at 10342.07, CAC 40 up 9.92 pts or +0.12% at 8151.84 and Euro Stoxx 50 up 15.19 pts or +0.26% at 5875.51.
- Dow Jones mini up 83 pts or +0.17% at 49426, S&P 500 mini down 7.5 pts or -0.1% at 7198.5, NASDAQ mini down 100 pts or -0.36% at 27341.5.
