US DATA: Residential Construction Starts 2025 On Mixed Note
The residential construction sector started 2025 off on a slightly weak note, with housing starts mi...
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FRANCE T-BILL AUCTION RESULTS: 14/27/33/49-Week BTFs
| Type | 14-week BTF | 27-week BTF | 33-week BTF | 49-week BTF |
| Maturity | Apr 30, 2025 | Jul 30, 2025 | Sep 10, 2025 | Dec 31, 2025 |
| Amount | E3.094bln | E1.894bln | E698mln | E2.195bln |
| Target | E2.7-3.1bln | E1.5-1.9bln | E0.3-0.7bln | E1.8-2.2bln |
| Previous | E3.397bln | E1.594bln | E597mln | E1.897bln |
| Avg yield | 2.633% | 2.532% | 2.473% | 2.408% |
| Previous | 2.695% | 2.592% | 3.800% | 2.495% |
| Bid-to-cover | 3.38x | 3.86x | 3.56x | 4.85x |
| Previous | 2.82x | 4.43x | 2.3x | 3.53x |
| Previous date | Jan 13, 2025 | Jan 06, 2025 | Oct 23, 2023 | Jan 13, 2025 |
MONTH-END EXTENSIONS: CIBC Look For "Decent CAD FI Extension
CIBC note that “the FTSE Canada Universe Bond Index will experience a decent extension of +0.062yrs on Feb 1st (technically the 3rd since Feb 1st falls on a weekend this year), mainly from Canada Feb 1/26 bond (C$23.35bln) rolling out of the index.”
- “The Short segment will also extend by +0.042yrs for the same reason. Meanwhile, modified duration of the Mid (-0.003yrs) and Long (-0.001yrs) segments will remain basically unchanged that day.”
- “Payment of approximately C$1.75bln in Feb 1st to 3rd coupons will have minimal contribution to the extension in the Universe Index."
GBPUSD TECHS: Monitoring Resistance
- RES 4: 1.2607 High Dec 30
- RES 3: 1.2554 50-day EMA
- RES 2: 1.2376 20-day EMA
- RES 1: 1.2306 High Jan 06
- PRICE: 1.2302 @ 14:02 GMT Jan 20
- SUP 1: 1.2100 Low Jan 10 and the bear trigger
- SUP 2: 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing
- SUP 3: 1.2037 Low Oct 4 ‘23 and a key support
- SUP 4: 1.2000 Psychological round number
The trend direction in GBPUSD remains down and short-term gains are considered corrective - for now. Initial firm resistance to watch is 1.2398, the 20-day EMA. A clear breach of the average would highlight a stronger corrective phase and signal scope for an extension, possibly towards the 50-day EMA, at 1.2554. The bear trigger has been defined at 1.2100, the Jan 10 low. Clearance of this support would resume the downtrend.
