UK T-BILL AUCTION RESULTS: Corrected table: 1/3/6-month UKTBs

• The Kiwi has taken over the SEK as the worst performing Currency in G10, both are now circa 0.33% down versus the Greenback.
• Main initial support in NZDUSD is still at 0.5588, the early January low, and the lowest printed level since October 2022.
• The SEK is also eyeing the next decent level at 11.1860, the November high for USDSEK and its best level since early November 2023, price action has been helped following the Swedish CPI coming below expectations this Morning.

• In FX, the trend condition in EURUSD remains bearish and recent gains appear corrective. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. The 20-day EMA, at 1.0405, has been pierced. The next resistance to watch is 1.0458, the Dec 30 high. The bear trigger is 1.0226, the Jan 2 low.
• The trend condition in GBPUSD remains bearish. The sharp sell-off on Jan 2 confirmed a resumption of the medium-term downtrend. Note too that MA studies are in a bear-mode position, highlighting a downtrend. The latest recovery is for now, considered corrective. Initial firm resistance is at 1.2550, the 20-day EMA (pierced). The bear trigger is 1.2353, the Jan 2 low.
• USDJPY bulls remain in the driver’s seat and the pair is trading at its recent highs. Tuesday’s fresh cycle high reinforces current bullish conditions. The recent breach of 156.75, the Nov 15 high, confirmed a resumption of the uptrend and this has paved the way for a move towards 159.45, the Jul 12 high. Initial firm support is 156.24, the 20-day EMA.

Short setting dominated in SOFR futures on Tuesday, with only limited pockets of net long cover seen.

• Firmer-than-expected ISM services prices paid & JOLTS jobs data drove yesterday’s hawkish adjustment.