EU CREDIT HEADLINE: Volkswagen: 2Q25 Results Headlines
(VW; Baa1/BBB+/A-neg) "*VW SEES FY OPERATING ROS 4% TO 5%, SAW LOW END OF 5.5% TO 6.5%" "*VW 2Q OP...
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WTI TECHS: (Q5) Pierces Support At The 50-Day EMA
- RES 4: $82.62 - 3.000 proj of the Apr 9 - 23 - May 5 price swing
- RES 3: $80.43 - 2.764 proj of the Apr 9 - 23 - May 5 price swing
- RES 2: $80.00 - Psychological round number
- RES 1: $71.20/78.40 - 50.0% of the Jun 23-24 range / High Jun 23
- PRICE: $66.60 @ 06:06 BST Jun 24
- SUP 1: $64.50/00 - 50-day EMA / Low Jun 24
- SUP 2: $58.87 - Low May 30
- SUP 3: $54.81 - Low May 5
- SUP 4: $54.13 - Low Apr 9 and a key support
WTI futures maintain a softer tone following the reversal from Monday’s high. Support to watch is at the 50-day EMA, at $64.50. It has been pierced, a clear break of it would signal scope for a deeper retracement. This would expose $58.87, the May 30 low. On the upside, initial resistance to watch is $71.20, the 50.0% retracement of the Jun 23 - 24 high-low range. Key resistance is at $78.40, the Jun 23 high.
EUROZONE T-BILL ISSUANCE: W/C 23 June
Greece and Italy are still due to sell bills this week, while Germany, France and Austria have already come to the market. We expect issuance to be E18.1bln in first round operations, broadly similar to the E18.0bln last week.
- This morning, Greece will look to sell E500mln of the new 26-week Dec 29, 2025 GTB.
- Finally tomorrow morning, Italy will look to hold a 3/5-month BOT auction with E1.5bln of the 3-month Oct 14, 2025 BOT and E1.5bln of the 5-month Nov 28, 2025 BOT on offer.
GBPUSD TECHS: Fresh Cycle High
- RES 4: 1.3800 Round number resistance
- RES 3: 1.3757 1.618 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 2: 1.3681 1.500 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 1: 1.3648 High Jun 24
- PRICE: 1.3620 @ 06:40 BST Jun 25
- SUP 1: 1.3499 20-day EMA
- SUP 2: 1.3377 50-day EMA
- SUP 3: 1.3288 Trendline support drawn from the Jan 13 low
- SUP 4: 1.3140 Low May 12 and key support
The trend needle in GBPUSD continues to point north, affirmed by Tuesday's break to a new YTD high. The move higher maintains the bullish price sequence of higher highs and higher lows. Note too that moving average studies are in a bull-mode position, highlighting a dominant medium-term uptrend. Initial support lies at 1.3499, the 20-day EMA. The key short-term support lies at the 50-day EMA, at 1.3377.
