TECHNOLOGY: Nokia Announces Collaboration With NVIDIA
Feb-21 11:19
- Not likely a credit mover but potentially an equity mover given that AI is such a hot topic.
- Nokia and NVIDIA partner to advance mobile networks with Cloud RAN and AI, enhancing flexibility in Cloud RAN solutions.
- Aimed at leveraging AI to transform telecom networks and offer innovative AI services to end users.
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LOOK AHEAD: Monday/Tuesday Data Calendar
Jan-22 11:17
Quiet start to the new week, Fed entered blackout regarding monetary policy late Friday (through February 1, day after the first policy annc for 2024).
- US Data/Speaker Calendar (prior, estimate)
- Jan-22 1000 Leading Index (-0.5%, -0.3%)
- Jan-22 1130 US Tsy $77B 13W, $70B 26W Bill auctions
- Jan-23 0830 Philadelphia Fed Non-Manufacturing Activity (6.3, --)
- Jan-23 1000 Richmond Fed Mfg Index (-11, -6)
- Jan-23 1000 Richmond Fed Business Conditions (0, --)
- Jan-23 1130 US Tsy $46B 52W Bill, $75B 42D CMB auctions
- Jan-23 1300 US Tsy $60B 2Y Note auction (91282CJV4)
US TSY FUTURES: CORRECT: OI Suggests Modest Net Short Setting Seen On Friday
Jan-22 11:15
***Corrected as the previous bullet covered Friday's price action but Thursday's OI data***
The combination of Friday's general downtick in Tsy futures and preliminary OI data points to the following net positioning swings ahead of the weekend:
- Short setting: FV, UXY & US futures.
- Long cover: TY & WN futures.
- It is hard to be sure when it comes to TU futures given the unchanged price status on the day come settlement.
- Net positioning swings across the curve were seemingly titled to net short setting, although the apparent net long cover in TY futures provided the largest DV01 equivalent OI swing on the day.
| 19-Jan-24 | 18-Jan-24 | Daily OI Change | OI DV01 Equivalent Change ($) | |
| TU | 3,921,886 | 3,912,520 | +9,366 | +353,888 |
| FV | 5,909,826 | 5,903,218 | +6,608 | +283,256 |
| TY | 4,632,475 | 4,649,058 | -16,583 | -1,062,075 |
| UXY | 2,101,481 | 2,092,692 | +8,789 | +801,858 |
| US | 1,451,133 | 1,444,560 | +6,573 | +887,067 |
| WN | 1,673,523 | 1,673,943 | -420 | -88,488 |
| Total | +14,333 | +1,175,507 |
OUTLOOK: Price Signal Summary - USDJPY Bulls Remain In The Driver's Seat
Jan-22 11:13
- In FX, EURUSD maintains a short-term bearish tone. Last week’s move lower resulted in the break of a trendline drawn from the Nov 1 low, signalling scope for a continuation of the corrective cycle. Note that price action since Jan 17 appears to be a flag formation - a bearish continuation signal. A resumption of weakness would open 1.0793, 50.0% of the Oct - Dec bull leg. Firm resistance is at 1.0998, Jan 5 high. A break would signal a reversal. Initial resistance is at 1.0932, the 20-day EMA.
- GBPUSD traded lower last week but has managed to recover from 1.2597, the Jan 17 low. The pair has recently pierced key short-term support at 1.2611, the Jan 2 low and traded through the 50-day EMA, at 1.2624. A clear breach of both support points would highlight a short-term top and signal scope for a deeper retracement, opening 1.2500, the Dec 13 low. Key resistance is 1.2827, the Dec 28 high. A break would resume the uptrend.
- USDJPY maintains a bullish tone and last week’s gains reinforce current conditions. Resistance at 146.41, the Jan 11 high, has recently been cleared, confirming a resumption of the bull cycle. The move higher opens 149.16 next, 76.4% of the Nov 13 - Dec 28 bull leg. On the downside, a key short-term support has been defined at 144.36, the Jan 12 low. Clearance of this level is required to signal a top. Initial support lies at 147.08, the Jan 17 low.
