EUROZONE T-BILL ISSUANCE: W/C 2 June
Germany, the Netherlands, France, Spain, Belgium, Finland, the ESM, Greece and the EU are all due to sell bills this week. We expect issuance to be E28.0bln in first-round operations, up from E17.1bln last week.
- This morning, Germany will look to sell E2bln of the 6-month Dec 10, 2025 Bubill.
- Also this morning, the Netherlands will look to issue E1.0-2.0bln of the 4-month Sep 29, 2025 DTC and E1.0-2.0bln of the new 6-month Nov 27, 2025 DTC.
- This afternoon, France will come to the market with up to a combined E7.6bln of 13/16/28/50-week BTFs: E2.8-3.2bln of the 13-week Sep 3, 2025 BTF, E0.2-0.6bln of the 16-week Sep 24, 2025 BTF, E1.6-2.0bln of the new 28-week Dec 17, 2025 BTF and E1.4-1.8bln of the 50-week May 20, 2026 BTF.
- Tomorrow morning, Spain will look to sell the 6-month Dec 5, 2025 letras and the new 12-month Jun 5, 2026 letras, with details set to be announced today.
- Also tomorrow morning, Belgium will look to issue a combined E2.4-2.8bln of TCs: An indicative E0.8bln of the 3-month Sep 11, 2025 TC, an indicative E1.0bln of the 6-month Dec 11, 2025 TC and an indicative E0.8bln of the 11-month May 14, 2026 TC.
- Additionally tomorrow, Finland will come to the market with up to a combined E2bln of the 8-month Feb 13, 2026 RFTB and the new 11-month May 13, 2026 RFTB.
- Finally tomorrow, the ESM will look to sell up to E1.1bln of the new 3-month Sep 4, 2024 bills.
- On Wednesday, Greece will come to the market with E500mln of the new 52-week Jun 5, 2026 GTB.
- To conclude issuance for the week on Wednesday, the EU will look to sell up to E1.0bln of the 3-month Sep 5, 2025 EU-bill, up to E1.5bln of the new 6-month Dec 5, 2025 EU-bill and up to E1.5bln of the new 12-month Jun 5, 2026 EU-bill.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
USDCAD TECHS: Hits Bear Trigger, New Cycle Low
- RES 4: 1.4415 High Apr 1
- RES 3: 1.4296 High Apr 7
- RES 2: 1.4087 50-day EMA
- RES 1: 1.3906/3935 High Apr 17 / 20-day EMA
- PRICE: 1.3793 @ 17:00 BST May 2
- SUP 1: 1.3760 Low Apr 21 and the bear trigger
- SUP 2: 1.3744 76.4% retracement of Sep 25 ‘24 - Feb 3 bull run
- SUP 3: 1.3696 Low Oct 10 2024
- SUP 4: 1.3643 Low Oct 9 ‘24
The trend set-up in USDCAD deteriorated further Friday, with prices slipping through the bear trigger to narrow the gap with next support. The fresh cycle low reinforces the bear cycle and signals scope for a continuation near-term. Potential is seen for a move towards 1.3744, a Fibonacci retracement. Moving average studies are in a bear mode position, highlighting a dominant downtrend. First resistance to watch is 1.3943, the 20-day EMA.
AUDUSD TECHS: Consolidation Phase
- RES 4: 0.6550 61.8% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 3: 0.6528 High Nov 29 ‘24
- RES 2: 0.6471 High Dec 9 ‘24
- RES 1: 0.6470 High May 2
- PRICE: 0.6445 @ 16:59 BST May 2
- SUP 1: 0.6344/6316 Low Apr 24 / 50-day EMA
- SUP 2: 0.6181 Low Apr 11
- SUP 3: 0.6116 Low Apr 10
- SUP 4: 0.5915 Low Apr 9 and key support
AUDUSD remains inside a consolidation phase, having traded either side of the 0.6400 level for 10 consecutive sessions. The underlying trend remains bullish and the pair is trading close to recent highs. Price has recently breached a key resistance at 0.6409, the Dec 9 ‘24 high. This breach reinforces bullish conditions and signals scope for a continuation higher near-term. Sights are on 0.6471 next, the Dec 9 2024 high. Initial key support to monitor is 0.6316, the 50-day EMA. A clear break of this EMA would be a concern for bulls.
US TSYS: Rates Retreat, Sentiment Improved Though Trade Risk Remains
- Treasuries look to finish near late Friday session lows after trading firmer on the open, higher than expected Nonfarm payrolls at 177k (sa, cons 138k) of which private contributed 167k (sa, cons 125k) triggered the early reversal.
- However, two-month revisions of -58k offset the 39k beat for nonfarm payrolls, with a similar story for private (a 42k surprise vs -48k two-month revision).
- Stocks are back near four week highs - pre-"Liberation Day" levels as hopes of some trade deal being made improved sentiment.
- The Wall Street Journal reports that "Beijing is considering ways to address the Trump administration’s gripes over China’s role in the fentanyl trade... potentially offering an off-ramp from hostilities to allow for trade talks to start." The Journal notes that "discussions remain fluid" and China "would like to see some softening of stance from President Trump".
- Currently, the Jun'25 10Y contract trades -20 at 111-07.5 vs 111-02 low -- initial technical support (50-dma) followed by 110-16.5/109-08 (Low Apr 22 / 11 and the bear trigger). Curves bear flattened, 2s10s -3.480 at 48.002, 5s30s -4.911 at 86.807.
