EUROZONE T-BILL ISSUANCE: W/C 14 July
Germany, the ESM, France, Portugal and the EU have all sold bills this week. We expect issuance to have been E14.7bln in first round operations, down from E27.4bln last week.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
SCHATZ TECHS: (U5) Support Remains Exposed
- RES 4: 107.690 High Apr 30
- RES 3: 107.610 High May 23 and a key near-term resistance
- RES 2: 107.430/475 High Jun 13 / High May 27
- RES 1: 107.319 20-day EMA
- PRICE: 107.220 @ 06:03 BST Jun 18
- SUP 1: 107.195/185 Low Jun 6 / 16
- SUP 2: 107.125 Low May 12 and a key support
- SUP 3: 107.000 Round number support
- SUP 4: 106.890 2.000 proj of the May 23 - 29 - 30 price swing
Schatz futures remain below last week’s high. Support to watch lies at 107.195, the Jun 6 low. It has been pierced, a clear break of this level would reinstate a bearish threat and signal scope for an extension towards 107.125, the May 12 low. On the upside, a breach of 107.470, the May 30 high, is required to strengthen a bullish condition. First key resistance is 107.430, the Jun 13 high.
LOOK AHEAD: UK Timeline of Key Events (Times BST)
| Date | UK | Period | Event |
| 18-Jun | 0700 | May | Consumer inflation report |
| 19-Jun | 1200 | Bank Of England Interest Rate | |
| 20-Jun | 0001 | Jun | Gfk Monthly Consumer Confidence |
| 20-Jun | 0700 | May | Public Sector Finances / Retail Sales |
| 20-Jun | 1630 | Q3 | BOE to announce Q3 APF sales schedule |
| 23-Jun | 0930 | Jun | S&P Global Flash PMIs |
| 24-Jun | 1030 | ---- | BOE Green On CB Balance Sheet Mgmt |
| 24-Jun | 1100 | Jun | CBI Industrial Trends |
| 24-Jun | 1435 | ---- | BOE Ramsden At Barclays-CEPR MonPol Forum |
| 24-Jun | 1500 | ---- | BOE Bailey At Lords Econ Affairs Committee |
| 24-Jun | 1650 | ---- | BOE Breeden At UK Finance Digital Innovation Summit |
| 25-Jun | 0001 | Jun | Brightmine pay deals for whole economy |
| 25-Jun | 0945 | ---- | BOE Lombardelli At BOE MonPol Conference |
| 25-Jun | 1000 | ---- | BOE Pill On Panel At BOE MonPol Conference |
| 25-Jun | 1330 | ---- | BOE Lombardelli Chairs Riksbank's Breman Speech At BOE MonPol Conf |
GBPUSD TECHS: Corrective Pullback Extends
- 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: 1.3632 High Jun 13 and the bull trigger
- PRICE: 1.34441 @ 06:17 BST Jun 18
- SUP 1: 1.3415 Low Jun 17
- SUP 2: 1.3350 50-day EMA
- SUP 3: 1.3237 Trendline support drawn from the Jan 13 low
- SUP 4: 1.3140 Low May 12 and key support
A sharp sell-off in GBPUSD Tuesday resulted in a breach of support at the 20-day EMA, at 1.3496. The latest move down is considered corrective and key trend signals remain bullish. The next important support lies at 1.3350, the 50-day EMA. On the upside, the key resistance and bull trigger has been defined at 1.3632, the Jun 13 high. A break of this hurdle would confirm a resumption of the primary uptrend.
