BRENT TECHS: (K5) Bears Remain In The Driver’s Seat

Mar-13 07:19

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* RES 4: $79.98 - High Jan 15 and a reversal trigger * RES 3: $76.78 - High Feb 11 and a bull trigge...

Historical bullets

BUNDS: Heavy suppply and Fed Powell are in focus Today

Feb-11 07:17
  • There's very little change for Bund, although the overnight session sees a slightly wider range, volumes on both sides of the Atlantic are on the low side.
  • Bund and Tnotes are offered, after Trump ordered a 25% Tariff on all Steel and Aluminium Imports, but the German contract remains within the Initial support of 132.72 and resistance at 133.86.
  • For the US 10yr, TYH5 is testing trendline right here at 109.03, although most desks will look for immediate support at 109.01, the fast market printed low, post NFP.
  • This is a lighter Week on the Data front, with the US CPI (Wednesday) the key release, and for the UK, GDP (Thursday).
  • There's no notable Data due for today.
  • BoE Mann gave an Interview with the FT Yesterday, so today could be a lesser event, attention will be on Powell who testifies at the Senate.
  • SUPPLY: Early focus will be on supply in Europe and later in the US, Netherlands €2bn 2047 (equates to 30.3k Bund) should weigh, Germany €5bn Bobl (equates to ~47.5k Bobl) will weigh. US Sells $58bn of 3yr Notes.
  • SYNDICATION: EU 2031 Tap/2050 Green, Italy 2040, UK 2035.
  • SPEAKERS: BoE Mann, Bailey, Fed Powell, Hammack, Williams, Bowman, ECB Schnabel.

MNI: NORWAY Q4 MAINLAND GDP -0.4% Q/Q

Feb-11 07:07
  • MNI: NORWAY Q4 MAINLAND GDP -0.4% Q/Q

NORWAY: Q4 Mainland GDP Much Weaker Than Expected

Feb-11 07:03

Mainland GDP at -0.4% Q/Q was quite a bit weaker than both consensus and the Norges Bank December MPR projections of 0.3% Q/Q. Further details to follow.

  • NOSEK is around 10 pips below pre-release levels at typing.
  • A 25bp Norges Bank cut in March has already been well-signalled, but the weak reading may have dovish implications for the rate path further out the curve.

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