FOREX: Weaker Risk Boosting Dollar Indices, AUD and EM FX Pressured
* Ongoing upside for crude prices (WTI rising 7.5%) and pressure on the major equity benchmarks ha...
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GBPUSD TECHS: Monitoring Support
- RES 4: 1.3913 High Sep 14 2021
- RES 3: 1.3889 1.00 proj of the Nov 4 - Jan 6 - Jan 19 price swing
- RES 2: 1.3868 High Jan 27 and the bull trigger
- RES 1: 1.3814 High Jan 30
- PRICE: 1.3698 @ 16:12 GMT Feb 03
- SUP 1: 1.3623 Low Feb 02
- SUP 2: 1.3586 20-day EMA
- SUP 3: 1.3479 50-day EMA
- SUP 4: 1.3402 Low Jan 22
GBPUSD continues to trade below its recent highs. The latest pullback is considered corrective and a continuation lower is allowing a recent overbought condition to unwind. The initial firm support to watch is at the 20-day EMA, at 1.3586. Support at the 50-day EMA lies at 1.3479 - a pivot level. The medium-term trend condition remains bullish. The bull trigger has been defined at 1.3868, the Jan 27 high.
PIPELINE: Corporate Bond Update: $7B Bank of America 3Pt Debt Launched
- Date $MM Issuer (Priced *, Launch #)
- 02/03 $7B #Bank of America $2.75B 6NC5 +63, $500M 6NC5 SOFR+108, $3.75B 11NC10 +78
- 02/03 $4B *EIB 10Y SOFR+43
- 02/03 $2.75B #Lloyds $1.25B 4NC3 +60, $500M 4NC3 SOFR+77, $1B 21NC20 +82
- 02/03 $2B *New Development Bank 3Y SOFR+49
- 02/03 $2B Black Pearl Compute 5NC2
- 02/03 $1.3B #NextEra Energy $700M 5Y +57, $600M 30Y +97
- 02/03 $1.2B #National Rural Utilities 1.5Y SOFR+43, 3Y +43
- 02/03 $1.1B #PacifiCorp 30.5NC5.25 7.125%
- 02/03 $1B #Deutsche Bank 6NC5 +90
- 02/03 $1B United Airlines 3NC 4.875%
- 02/03 $500M #McCormick 3Y +53
- 02/03 $Benchmark American Express 3NC2 +45, 3NC2 SOFR+59, 6NC5 +63, 15NC10 +115
- 02/03 $Benchmark Visa 3Y +20, 5Y +30, 7Y +40, 10Y +45
EURUSD TECHS: Corrective Cycle Still In Play
- RES 4: 1.2081 High Jan 27 and key resistance
- RES 3: 1.2045 High Jan 28
- RES 2: 1.1975 High Jan 30
- RES 1: 1.1896 Low Jan 28
- PRICE: 1.1813 @ 16:11 GMT Feb 3
- SUP 1: 1.1776 Low Feb 2
- SUP 2: 1.1732 50-day EMA
- SUP 3: 1.1693 76.4% retracement of the Jan 19 -0 27 bull leg
- SUP 4: 1.1670 Low Jan 22
EURUSD is trading at its recent lows. A corrective cycle is in play following the sharp reversal from last week’s high. The move down highlights an unwinding of a recent overbought reading in the trend and the 20-day EMA, at 1.1792, has been pierced. A clear break of the EMA would open the 50-day EMA at 1.1732. A breach of this 50-day average would suggest scope for a deeper retracement. Initial firm resistance is at 1.1896, the Jan 28 low.
