EUR: FX Exchange traded Weekly Option
EURUSD (10th Mar) 1.0950c, bought for 0.0026 in ~2.14k....
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EGB OPTIONS: Bobl call fly
OEH5 117/118/118.50 broken c fly sold at 51 in 1k.
EGBS: Bund Futures Pierce Monday's High, Following USTs Higher
Bund futures have pierced Monday’s high, currently +47 ticks at 133.59. Regional data/speakers have not been market moving, with major EGB futures following USTs higher through the session.
- Today’s rally in Bunds exposes 133.73 (50.0% retracement of the Dec 2 - Jan 14 bear leg) and 133.86 (Jan 2 high) on the upside.
- The German curve has bull flattened, with 30-year yields ~4.5bps lower today.
- 10-year EGB spreads are within 0.5bps of yesterday’s closing levels. French PM Bayrou is expected to survive two censure motions later this afternoon.
- Eurozone January services/composite PMIs were broadly in line with flash prints, while December PPI was close to consensus.
- The ECB wage tracker was little changed compared to the December release, still pointing to a deceleration of wage growth this year.
- ECB Vice President de Guindos played down the role of the neutral rate in setting near-term policy an interview. This comes ahead of an ECB staff report on the concept on Friday.
- Global focus turns to the US Quarterly Refunding Announcement at 1330GMT/1430CET, with US services sentiment data also due this afternoon.
GOLD TECHS: Impulsive Bull Wave Extends
- RES 4: $2917.5 - 1.764 proj of the Nov 14 - Dec 12 - 19 price swing
- RES 3: $2900.0 - Round number resistance
- RES 2: $2889.9 - 1.618 proj of the Nov 14 - Dec 12 - 19 price swing
- RES 1: $2872.30 - Intraday high
- PRICE: $2842.40 @ 10:26 GMT Feb 5
- SUP 1: $2807.3 - Low Feb 4
- SUP 2: $2746.5 - 20-day EMA
- SUP 3: $2730.6 - Low Jan 27
- SUP 4: $2698.4 - 50-day EMA
A bull cycle in Gold remains in play. Last week’s extension higher and this week’s appreciation, confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on $2889.9 next, a Fibonacci projection. The first key support to watch is $2698.4, the 50-day EMA. The 20-day EMA is at $2746.5.
