EU CONSUMER STAPLES: Walgreen Boots: tender extended
(WBA Unsec: B1 CW Neg/BB- CW Neg)
Deadline for tender (cash repurchase) extended to Aug 26, reminder consents for doc changes have already been received across all lines (required majority) and will apply to any outstanding bonds. Tendered thus far:
- £266m of the £300m 25s (tender px £99.77)
- €693m of the €750m 26s (tender px €100.08)
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SILVER TECHS: Fresh Cycle High
- RES 4: $41.064 - 1.764 proj of the Apr 7 - 25 - May 15 swing
- RES 3: $40.285 - 1.618 proj of the Apr 7 - 25 - May 15 swing
- RES 2: $40.000 - Psychological round number
- RES 1: $39.655 - 1.500 proj of the Apr 7 - 25 - May 15 swing
- PRICE: $39.371 @ 08:15 BST Jul 23
- SUP 1: $37.464 - 20-day EMA
- SUP 2: $36.073 - 50-day EMA
- SUP 3: $35.285 - Low Jun 24
- SUP 4: $33.967 - Low Jun 3
Trend signals in Silver are unchanged and continue to point north. THis week’s gains reinforce bullish conditions - the metal has traded above resistance at $39.132, the Jul 14 high. The break confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Sights are on $39.655 next, a Fibonacci projection. On the downside, initial support to watch lies at $37.464, the 20-day EMA.
JGBS: No Reaction To Ishiba Pushback Over Future
Note that JGB futures haven’t reacted to Japanese PM Ishiba’s pushback against reports that he is set to step down, with ongoing Japanese fiscal challenges, the poorly received 40-Year JGB auction and news of the Japanese-U.S. trade deal continuing to dominate.
- Contract operates just above Tokyo lows, -3 at 137.59. Support at the July 16 low (137.70) has been breached, strengthening the bearish technical theme, switching focus to a cluster of Fibonacci support levels that are some way below prevailing levels.
FOREX: Westpac Still Recommend Long Basket Of EUR, JPY, AUD & CAD Vs. USD
Westpac continue to recommend a long basket of AUD, CAD, JPY and EUR vs. USD, looking for “structural medium term USD downside risks to continue to unfold more evenly and consistently against a mix of both more liquid safe havens (the clean USD alternatives) and “riskier” business cycle currencies (the less clean alternatives)”.
- The basket weights are AUD: 18.04%, CAD: 33.74%, EUR: 25.37% & JPY: 22.85%, the (inverse) of the realised volatility of each pair vs the USD over the past 3 months.
