EURGBP TECHS: Breaches Resistance
- RES 4: 0.8448 High Oct 31 and reversal trigger
- RES 3: 0.8400 High Nov 5
- RES 2: 0.8376 High Nov 19 and a bull trigger
- RES 1: 0.8348/56 Intraday high / High Nov 27
- PRICE: 0.8338 @ 13:14 GMT Jan 9
- SUP 1: 0.8284 Intraday low
- SUP 2: 0.8263/23 Low Dec 31 / 19
- SUP 3: 0.8203 Low Mar 7 2022 and a major support
- SUP 4: 0.8188 1.00 proj of the Oct 31 - Nov 11 - 19 price swing
EURGBP has traded sharply higher today and in the process breached resistance at the 50-day EMA, at 0.8311. The cross is also through the December highs. This undermines the recent bearish theme and suggests scope for a stronger short-term recovery. A continuation of the bull leg would expose 0.8376, the Nov 19 high and the next important resistance. Initial support lies at 0.8284, today’s intraday low.
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STIR: Repo Reference Rates
- Secured Overnight Financing Rate (SOFR): 4.60% (+0.01), volume: $2.277T
- Broad General Collateral Rate (BGCR): 4.58% (+0.01), volume: $838B
- Tri-Party General Collateral Rate (TGCR): 4.58% (+0.01), volume: $809B
- (rate, volume levels reflect prior session)
SPAIN T-BILL AUCTION PREVIEW: On offer tomorrow
Tesoro Publico has announced it will be looking to sell a combined E2-3bln of the following letras at its auction tomorrow, December 10:
- the 3-month Mar 7, 2025 letras
- the 9-month Sep 5, 2025 letras
GLOBAL POLITICAL RISK: Week Ahead 9-15 Dec
MNI's Political Risk team has published its Week Ahead article, looking at the major political events scheduled for the next seven days. Includes info on French President Emmanuel Macron seeking to put together a new government; Canadian PM Justin Trudeau facing a confidence vote; and the UK joining the Comprehensive and Progressive Trans-Pacific Partnership.
Full article attached below:
