COMMODITIES: Gold Rises To Fresh Record High, Crude Gains

$11B corporate bonds to price Monday

• Date $MM Issuer (Priced *, Launch #)
• 03/17 $4B #BMW US Capital $650M 2Y +65, $650M 2Y SOFR+78, $750M 3Y +75, $700M 3Y SOFR+92, $750M 5Y +97, $500M 10Y +115
• 03/17 $2B #Santander $850M 4NC3 +145, $400M 4NC3 SOFR+161, $750M 6NC5 +165
• 03/17 $1.8B #Oncor $500M 2Y +45, $650M 10Y +105, $650M 30Y +120
• 03/17 $1.2B #Republic Services $500M 5Y +73, $700M 10Y +93
• 03/17 $1B #Hyatt $500M 3Y +105, $500M 7Y +155
• 03/17 $1B #Public Service Co of Colorado $400M 10Y +108, $600M 30Y +125

• RES 4: 1.1083 High Oct 2 2024  
• RES 3: 1.1040 High Oct 4 2024
• RES 2: 1.0961 76.4% retracement of the Sep 25 ‘24 - Feb 3 bear leg
• RES 1: 1.0947 High Mar 11  
• PRICE: 1.0920 @ 16:26 GMT Mar 17
• SUP 1: 1.0766/1.0674 Low Mar 6 / 20-day EMA   
• SUP 2: 1.0557 50-day EMA and a short-term pivot level      
• SUP 3: 1.0471 Low Mar 4     
• SUP 4: 1.0360 Low Feb 28 and a key support  

Trend conditions in EURUSD remain bullish and the pair is holding on to its recent gains. Moving average studies remain in a bull-mode position, highlighting a dominant uptrend. Bulls have their sights on 1.0961 next, a Fibonacci retracement. A break of this level would strengthen the current uptrend. Initial key support to watch lies at 1.0557, the 50-day EMA. The uptrend is overbought, a pullback would allow this set-up to unwind.    

Monday's Europe rates/bond options flow included:

• RXK5 129/130.5/132/133.5 call condor paper paid 0.335/0.345 on 20K.
• RXK5 127/126 ps, bought for 33.5 in 10k.
• RXK5 130c, bought for 49.5 in ~5.6k.
• RXK5 126.50/125.50ps, bought for 33 in 7.75k.
• ERJ5 97.875/98.00 call spread paper paid 2 on 10k
• ERK5 97.62/97.50ps 1x2, bought for 1 in 15k.
• ERM5 97.62/97.50ps bought for 1.75 in 16.5k.