EUROZONE T-BILL ISSUANCE: W/C 26 May
Greece and Italy are still due to sell bills this week, while France and Austria have already come to the market. We expect issuance to be E17.1bln in first-round operations, down from E20.0bln last week.
- This morning, Greece will look to sell E500mln of the new 26-week Nov 28, 2025 GTB.
- Also this morning, Italy will look to sell E6.5bln of the new 6-month Nov 28, 2025 BOT.
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EURGBP TECHS: Doji Candle Formation
- RES 4: 0.8800 Round number resistance
- RES 3: 0.8781 2.236 proj of the Mar 3 - 11 - 28 price swing
- RES 2: 0.8768 High Nov 20 ‘23
- RES 1: 0.8624/0.8738 High Apr 21/ High Apr 11 and the bull trigger
- PRICE: 0.8539 @ 06:36 BST Apr 28
- SUP 1: 0.8528/11 20-day EMA / Low Apr 25
- SUP 2: 0.8477 61.8% retracement of the Mar 28 - Apr 11 rally
- SUP 3: 0.8457 50-day EMA
- SUP 4: 0.8415 76.4% retracement of the Mar 28 - Apr 11 rally
The retracement in EURGBP that started Apr 11, appears corrective and has allowed a recent overbought trend condition to unwind. Support to watch is 0.8528 (pierced), the 20-day EMA. A clear break of it would expose the 50-day EMA at 0.8457. A doji Japanese candle pattern on Friday, highlights an early reversal signal and if correct, the end of the correction. A resumption of gains would refocus attention on 0.8738, the Apr 11 high and bull trigger.
SCHATZ TECHS: (M5) Bull Cycle Remains In Play
- RES 4: 107.812 0.618 proj of the Mar 6 - Apr 7 - 9 price swing
- RES 3: 107.800 Round number resistance
- RES 2: 107.775 High Apr 7 and the bull trigger
- RES 1: 107.735 High Apr 22
- PRICE: 107.525 @ 06:13 BST Apr 28
- SUP 1: 107.425 Low Apr 23
- SUP 2: 107.358 20-day EMA
- SUP 3: 107.125 Low Apr 10
- SUP 4: 106.965 Low Apr 9 and a key support
Schatz futures maintain a firmer tone despite the latest pullback and sights are on 107.775, the Apr 7 high and bull trigger. The recent move down between Apr 7 - 9, appears corrective. Clearance of 107.775 would confirm a resumption of the uptrend and open 107.812, a Fibonacci projection. Moving average studies remain in a bull-mode position, highlighting a dominant uptrend. Firm support to watch lies at 107.358, the 20-day EMA.
CHINA: Country Wrap: Authorities to Support Exporters.
- China authorities will continue to support for exporters impacted by tariffs and will show greater urgency to shore up the economy said policymakers in a press conference in Beijing today (source BBG)
- China will lower RRR and interest rates based on domestic and international economic situation, to ensure ample liquidity, PBOC Deputy Governor Zou Lan says at a briefing today stating that China will step up efforts to implement more proactive macroeconomic policies and make full use of moderately loose monetary policy. (source BBG).
- China's major bourses were mixed today with the Hang Seng barely gaining up +0.07% whilst the CSI 300 was flat. Shanghai was down -0.03% and Shenzhen -0.72%.
- Yuan Reference Rate at 7.2043 Per USD; Estimate 7.2843
- China’s bonds eked out gains today with the CGB 10YR at 1.65% (-1bp today)
