POWER: RenewableUK Cymru Warns Zonal Pricing Could Raise Welsh Energy Bills
Mar-14 10:21
Trade association RenewableUK Cymru is urging the UK government to reconsider its proposed zonal ele...
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EUROZONE ISSUANCE: Greece Auction Results: 3.625% Jun-35 GGB
Feb-12 10:21
| 3.625% Jun-35 GGB | Previous | |
| ISIN | GR0124041758 | |
| Amount | E250mln | |
| Avg yield | 3.24% | 3.637% |
| Bid-to-cover | 4.75x | |
| Avg Price | 103.370 | 99.913 |
| Pre-auction mid | 102.790 | |
| 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
| Type | 12-month BOT |
| Maturity | Feb 13, 2026 |
| Amount | E8bln |
| Target | E8.0bln |
| Previous | E8bln |
| Avg yield | 2.323% |
| Previous | 2.517% |
| Bid-to-cover | 1.52x |
| Previous | 1.49x |
| Previous date | Jan 10, 2025 |
