NATGAS: Funds Reduce Net long TTF Positions Again

Germany has announced the coupon of its new Mar-27 Schatz on auction tomorrow at 2.20%. E5bln of that Schatz will be on offer.

• US Tnotes is met by some decent selling above the 109.00 figure, and already some notable volumes across Core Govies on both sides of the Atlantic.
• Further upside momentum in TYH5 opens to the next resistance seen at 109.08+, and this would be followed by 109.28, not a Tech level but where the contract was trading at before the Hawkish Powell at the last FOMC meeting in December.
• In yield terms, 4.50% is at 109.10 today.

• A broader bid goes through for the Yen, testing an intraday high versus the EUR, USD, AUD and GBP, the US Tnotes has broken above 109.00, helping Yields lower.
• Next immediate support in USDJPY comes at 155.15/154.97 50-day EMA / Trendline drawn from Sep 16 low, but note that it traded as low as 154.78 last Week.