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Mar-14 10:21

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EUROZONE ISSUANCE: Greece Auction Results: 3.625% Jun-35 GGB

Feb-12 10:21
 3.625% Jun-35 GGBPrevious
ISINGR0124041758 
AmountE250mln 
Avg yield3.24%3.637%
Bid-to-cover4.75x 
Avg Price103.37099.913
Pre-auction mid102.790 
Previous date 14-Jan-25

FOREX: JPY Weakness Stands Out, as Markets Looks for Inflection Point

Feb-12 10:13
  • The JPY's overnight step lower stands out among G10 FX Wednesday, headlined by USD/JPY's rally back above Y153.00, closing in on the first major resistance at 154.46. Clearance here would be bullish. Despite pulling back from the morning highs, EURJPY remains 0.8% higher today as the cross extends the rebound from Friday’s low. While the move higher is allowing a recent oversold condition to unwind, the impressive recovery reached as much as 406 pips, perhaps exacerbated by a short-term positioning squeeze ahead of US inflation data. Furthermore, the hawkish ECB repricing and strength for European equities will have provided additional tailwinds.
  • Meanwhile, GBP/USD's strong rally off yesterday's lows means the pair has now retraced over 50% of the post-BoE decision losses, putting the price within 100 pips of last week's highs. This signals that markets are taking Mann's views at face value this week - and that her vote for 50bps last week isn't the beginning of series of votes for aggressive easing given her preference for restrictive policy (we gauge bank rate as being ~100bps above her top estimate of neutral, therefore leaving little room for sizeable cuts).
  • In contrast with JPY, CHF is firmer against all others in G10 - benefiting from the unwind of the sharp pullback in the CHF/JPY cross over the course of 2025. Moves come ahead of the January Swiss CPI print, at which markets expected the Y/Y inflation release to retreat further - hitting 0.4% and the lowest rate since early 2021.
  • The US inflation print takes focus for the rest of the day, with markets anticipating a moderation in inflationary pressures for January - but the release could be muddier than usual due to the concurrent posting of annual revisions for inflation. Central bank speak also comes through thick and fast, as Powell faces a second appearance in front of lawmakers on top of appearances from BoE's Greene, ECB's Nagel and Fed's Bostic. 

ITALY T-BILL AUCTION RESULTS: 12-month BOT Results

Feb-12 10:06
Type12-month BOT
MaturityFeb 13, 2026
AmountE8bln
TargetE8.0bln
PreviousE8bln
Avg yield2.323%
Previous2.517%
Bid-to-cover1.52x
Previous1.49x
Previous dateJan 10, 2025