GOLD: Down $17 Dollars
Feb-06 08:39
- Gold has now lost $17 in the past two hours, taking its cue from the higher Dollar, with the Greenback supported by some recovery in Yield after the 10yr Yield tested its lowest level since the 18th December Hawkish Powell Yesterday.
- Yesterday's low in Gold is at $2839.76, but some bounce off the lows at typing now.
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MNI: EUROZONE DECEMBER CONSTRUCTION PMI 42.9 (NOV 42.7)
Jan-07 08:30
- MNI: EUROZONE DECEMBER CONSTRUCTION PMI 42.9 (NOV 42.7)
GILTS: Flat Start, Long End Supply Due
Jan-07 08:20
Little net movement in gilts as softer-than-expected French CPI counters earlier selling in Bunds.
- Futures +10 at 92.05,
- Bearish technicals intact in the contract.
- Initial support at the Dec 19 low/bear trigger (91.64), while initial resistance is located at the Jan 2 high (92.88).
- Yields little changed across the curve to start.
- Gilt/Bund 10-Year yield spread flat at 216bp.
- SONIA futures 0.5-1.5bp higher on the day with wider bonds off lows and BoE-dated OIS showing 57bp of cuts through ’25 vs. 56bp early today.
- DMO issuance for calendar ’25 gets underway this morning, via GBP2.25bln of the 4.375% Jul-54 gilt.
BONDS: Bobl/Bund Block trade
Jan-07 08:13
Bobl/Bund block trade suggest a steepener, perfectly weighted.
- RXH5 ~2.35k sold at 132.40.
- OEH5 ~4.95k bought for 117.25.
