EUROZONE ISSUANCE: EGB Supply
Italy is due to return to the market to hold an auction today. Austria held syndications while the EU, the Netherlands, Germany and Italy have held auctions already this week. We look for estimated gross issuance for the week of E39.1bln, down from E57.5bln last week.
- Today, Italy will hold an auction to sell 5/10-year BTPs and a CCTeu. On offer will be E2.50-2.75bln of the on-the-run 5-year 3.00% Oct-29 BTP (ISIN: IT0005611055) alongside two off-the-run BTPs in the 10-year area: E1.5-2.0bln of the 3.85% Feb-35 BTP (ISIN: IT0005607970) and E1.0-1.5bln of the 3.35% Mar-35 BTP (ISIN: IT0005358806). E2.25-2.75bln of the Apr-33 CCTeu (ISIN: IT0005620460) will also be on offer.
For more details on issuance this week and next week see the full document here: EZ250130.pdf
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China To Boost EV Use In Government Procurement
China's Ministry of Finance said the proportion of electric vehicles in the total annual official vehicle procurement should not be less than 30% in principle, China Securities Journal reported citing a statement on MOF website. The procurement ratio for EVs should be 100% for official vehicles with relatively fixed routes and single usage scenarios, and mainly operating in urban areas such as vehicles for confidential communication, the statement said.
USDJPY TECHS: Corrective Pullback
- RES 4: 160.00 Round number resistance
- RES 3: 159.45 High Jul 12
- RES 2: 159.26 0.618 proj of the Sep 16 - Nov 15 - Dec 3 price swing
- RES 1: 158.08 High Dec 26
- PRICE: 156.29 @ 06:47 GMT Dec 31
- SUP 1: 155.89/155.19 High Nov 20 / 20-day EMA
- SUP 2: 153.25/150.90 50-day EMA / Low Dec 10
- SUP 3: 149.37 Low Dec 06
- SUP 4: 148.65 Low Dec 03 and the bear trigger
USDJPY has pulled back from this week’s high, however, the move down appears corrective in light of an over-arching bullish condition. The recent breach of 156.75, the Nov 15 high, confirmed a resumption of the uptrend and has paved the way for a move towards 159.45, the Jul 12 high. Moving average studies are in a bull-mode position highlighting a dominant uptrend. Initial firm support is 155.19, the 20-day EMA.
EUROZONE T-BILL ISSUANCE: W/C December 30, 2024
Greece is due to sell bills this week. We expect issuance to be E0.5bln in first round operations, in-line with last week.
- Today, Greece will sell E500mln of the new 13-week Apr 4, 2025 GTB.
For more on future auctions see the full MNI Eurozone/UK T-bill auction calendar here.
