EUROZONE T-BILL ISSUANCE: W/C 23 June
Italy is still due to sell bills this week, while Germany, France, Austria and Greece 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, 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.
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US TSYS: 2yr Block trade
2yr Block trade, suggest Buyer:
- TUM5 ~2.7k at 103.1025.
SCHATZ TECHS: (M5) Has Cleared Resistance
- RES 4: 107.812 0.618 proj of the Mar 6 - Apr 7 - 9 price swing
- RES 3: 107.775 High Apr 7 and the bull trigger
- RES 2: 107.600 High Apr 30
- RES 1: 107.550 High May 7 and last Friday’s high
- PRICE: 107.380 @ 06:25 BST May 27
- SUP 1: 107.195/070 Low May 22 / 13 and the bear trigger
- SUP 2: 106.965 Low Apr 9 and a key support
- SUP 3: 106.928 61.8% retracement of the Mar 6 - Apr 7 bull cycle
- SUP 4: 106.830 Low Mar 27
A bull cycle in Schatz futures remains intact and resistance at 107.335, the May 12 / 20 high, has been cleared. The break signals a stronger reversal. This exposes 107.550, the May 7 high. A break of this level would strengthen a bullish theme. For bears, a resumption of the recent bear leg would instead signal scope for an extension towards 106.965, the Apr 9 low. The bear trigger has been defined at 107.070, the May 13 low.
GBPUSD TECHS: Bulls Remain In The Driver’s Seat
- RES 4: 1.3913 High Sep 14 2021
- RES 3: 1.3681 1.500 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 2: 1.3605 1.382 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 1: 1.3593 High May 26
- PRICE: 1.3551 @ 06:23 BST May 27
- SUP 1: 1.3444/3351 High Apr 28 and 29 / 20-day EMA
- SUP 2: 1.3189/40 50-day EMA / Low May 12 and key support
- SUP 3: 1.3041 Low Apr 14
- SUP 4: 1.2968 Low Apr 11
The trend needle in GBPUSD continues to point north and the pair traded higher Monday, starting the week on a bullish note. The bull trigger at 1.3444, the Apr 28 / 29 high, has been cleared. The break confirms a resumption of the uptrend and sights are on 1.3605, a Fibonacci retracement. Medium-term trend signals highlight a dominant uptrend - moving average studies remain in a bull-mode position. First support lies at 1.3351, the 20-day EMA.
