STIR: 3.5 ECB Cuts Priced Through Year-End, Flash Inflation Data Eyed
Feb-28 07:40
Dovish moves in ECB-dated OIS as trade war worry continued to support core global FI markets overnig...
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EQUITY TECHS: E-MINI S&P: (H5) Trend Structure Remains Bullish
Jan-29 07:38
- RES 4: 6200.00 Round number resistance
- RES 3: 6178.75 High Dec 6 and key resistance
- RES 2: 6163.75 High Dec 16
- RES 1: 6162.28 High Jan 24
- PRICE: 6103.25 @ 07:27 GMT Jan 29
- SUP 1: 6013.75 50-day EMA
- SUP 2: 5961.75/5948.00 Low Jan 16 / 27
- SUP 3: 5943.94 61.8% retracement of the Jan 13 - 24 bull leg
- SUP 4: 5892.37 76.4% retracement of the Aug 5 - Dec 6 bull leg
The S&P E-Minis contract remains above Monday’s low. Key short-term support to watch lies at 5961.75, the Jan 16 low (pierced). For now, the recent sharp pullback appears corrective, however, a clear breach of 5961.75 would strengthen a bearish threat and signal scope for a deeper retracement, towards 5943.94, a Fibonacci retracement. Key resistance is 6178.75, the Dec 6 high.
GILT SYNDICATION: DMO announces 10-year syndication to be held W/C 10 February
Jan-29 07:37
- The DMO has announced that the upcoming 10-year syndication (new issue maturing 7 March 2035 with ISIN GB00BT7J0027 and long first coupong) will launch in the W/C 7 March.
- This is in line with our expectations - we had pencilled in 11 February for the launch date since the FQ4 calendar was announced (the DMO had previously announced it would be a 10-year gilt to be held in February and the W/C 10 February was the obvious choice).
- There is GBP8.5bln in the DMO's medium-dated gilt syndication bucket, but we see potential to upside the deal to as much as GBP10.0bln (so pencil in a GBP8.5-10.0bln range).
USD: Focus is on the Equity Cash Open
Jan-29 07:30
- A steady session for the Dollar overnight, similar to what has been witnessed in Govies, looking at multi Assets.
- The Early story is squarely on the Equity spike overnight, this has been led by the Tech sector and the Dutch ASML recording a beat in early.
- Looking at the Dollar against G10s, it is mixed, the Pound is up 0.24% and at the other end of the spectrum, the Aussie is down 0.16%.
- Equities are always a potential driver for the Dollar, and besides the Tech sector, Luxury Goods will also be watched on the open, since LVHM's earnings disappointed last night.
- In Terms of Dollar Technical, most pair/crosses still trade within ranges, the most traded EURUSD pair trades in a very tight 18 pips range, although it is testing session low now.
