ARGENTINA: "ARGENTINA JAN. INDUSTRIAL PRODUCTION RISES 7.1% Y/Y" - BBG

• Gold rose to a fresh record high earlier in Wednesday’s session before paring gains, with the yellow metal currently up by 0.9% at $2,868/oz.
• Earlier in the session, gold reached a high of $2,882 on the back of a further pullback in the US dollar and continued haven demand amid ongoing geopolitical and tariff uncertainty.
• With a bull cycle in gold still in play, sights are on $2,889.9 next, a Fibonacci projection, followed by round number resistance at the $2,900 level.
• Meanwhile, copper has also rallied by 2.3% today to $445/lb, taking the red metal to its highest level since Jan 17.
• Copper remains in a bull cycle, with gains this week taking it through $433.50, the Dec 12 high. The break of this level highlights a reversal and opens $452.85, the Nov 5 ‘24 high and a key resistance.
• Next resistance above here is $469.30, the Oct 3 high.
• Crude has extended earlier losses following a large US crude stocks build and with pressure from signs of increasing global trade friction.
• WTI Mar 25 is down by 2.2% at $71.1/bbl.
• According to the EIA weekly US petroleum summary, crude stocks rose by 8,664mn w/w vs. an expected +1,034mn
• WTI futures have pierced support around the 50-day EMA, at $72.27, a clear break of which would open $68.05, the Dec 20 low.

• RES 4: 158.87 High Jan 10 and the bull trigger 
• RES 3: 158.08 High Jan 15 
• RES 2: 156.75 High Jan 23 and a key resistance 
• RES 1: 155.59 20-day EMA       
• PRICE: 152.17 @ 16:06 GMT Feb 5
• SUP 1: 152.12 Low Feb 5
• SUP 2: 151.81 Low Dec 12 
• SUP 3: 151.72 2.0% 10-dma envelope  
• SUP 4: 151.06 76.4% retracement of the Dec 3 - Jan 10 bull leg   

USDJPY traded lower again Wednesday, resulting in a break of key short-term support at both 153.72, the Jan 27 low, as well as 152.55, a Fibonacci retracement. This expands the downside range, with the pair narrowing the proximity with the December low. 151.06 marks the next key level. On the upside, initial firm resistance is seen at 155.59, the 20-day EMA. Key short-term resistance has been defined at 156.75, the Jan 23 high, where a break would highlight a bullish reversal.

At least $28.25B domestic/foreign corporate and supra-sovereign debt to price Wednesday, still waiting on $2.5B Republic of Turkiye 7Y to price

• Date $MM Issuer (Priced *, Launch #)
• 02/05 $5.5B #Republic of Poland $2.75B 5Y +75, $2.75B 10Y +105
• 02/05 $4.75B #IBM $1B 3Y +45, $1B 5Y +60, $850M 7Y +70, $900M 10Y +80, $1B 30Y +105
• 02/05 $3.5B #PepsiCo $500M 2Y +22, $750M 3Y +27, $1B 5Y +40, $1.25B 10Y +60
• 02/05 $3B #UBS $1.5B PerpNC5.5 7%, $1.5B PerpNC10 7.125%
• 02/05 $2.5B #US Bancorp $1.3B 6NC5 +80, $1.2B 11NC10 +100
• 02/05 $2.5B #IDA 10Y SOFR+61
• 02/05 $2B *Citigroup PerpNC5 6.95%
• 02/05 $1B #Citadel Finance 5Y +170
• 02/05 $1B #Minera Mexico 7Y +140
• 02/05 $1B *KFW 4% 2026 TAP SOFR+20
• 02/05 $1B #BBVA Mexico 10NC5 7.625%
• 02/05 $500M #Healthpeak LLC 10Y +102
• 02/05 $2.5B Republic of Turkiye 7Y 7.2%
• Expected Thursday:
  • 02/06 $Benchmark IFC 4.5Y SOFR+36a