CREDIT RATING: Thames Water: Upgrade
Feb-27 17:30
"Thames Water Rating Raised To 'CCC' From 'D' On Completed Debt Restructuring; Outlook Negative" - S...
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FOREX: Currency Markets Stabilise Ahead of CB Decisions, Greenback Recovers
Jan-28 17:29
- Overall, G10 FX markets have traded in a more stable manner on Tuesday following the sharp volatility exhibited during Monday’s session. Following a brief bout of greenback strength during APAC hours on tariff related headlines, currency ranges have since held contained ranges as major central bank decisions are awaited across Wednesday/Thursday.
- Both AUD and NZD are among the poorest performers, with AUDUSD extending its pullback this week to around 1.2% from last Friday’s close. Recent gains stalled at resistance around the 50-day EMA (intersecting at 0.6325), and the subsequent reversal lower suggests the possible end of the correction between Jan 13 - 24.
- Key quarterly inflation data from Australia is scheduled on Wednesday, that may prompt the RBA to consider rate cuts. Q4 CPI is expected to show a drop to 2.5% from 2.8% y/y prior. A continuation lower for AUDUSD would bring the focus back on 0.6131, the Jan 13 low and the bear trigger. On the upside, a clear breach of the 50-day average is required to signal scope for a stronger recovery.
- In similar vein, EUR and GBP have tracked around 0.5% lower on the session. Significantly, cable tested resistance at the 50-day EMA on Monday (intersecting today at 1.2520), and with this level holding, medium-term signals remain bearish for the pair. Fiscal matters remain in the spotlight this week with Chancellor of the Exchequer Rachel Reeves due to deliver a speech on Wednesday regarding how the government intends to boost economic growth.
- Headlining the central bank docket tomorrow will be the Fed decision, with the press conference seen key in determining the FOMC’s stance on policy easing through 2025. Elsewhere, the Riksbank and the Bank of Canada decisions are scheduled, ahead of the ECB on Thursday.
US TSY OPTIONS: APril'25 2Y Put Buy
Jan-28 17:23
- +6,000 TUJ5 102 puts, 1.5
US TSYS/SUPPLY: Preview 7Y Auction
Jan-28 17:16
- Tsy $44B 7Y-Note auction (91282CMK4) is at the top of the hour, WI currently running around 4.470%, 6.2bp rich to last month's stop.
- December auction recap: Tsys futures gapped off lows (TYH5 currently 108-17.5 last, -0.5) after the $44B 7Y note auction (91282CMC2) stopped 2.2bp through with 4.532% high yield vs. WI of 4.554%; bid-to-cover 2.76x vs. 2.71x prior.
- Peripheral stats: Indirect take-up jumped to 87.88% vs. 64.08% in November; Direct take-up fell to record low of 2.84% vs. 25.94% prior, Dealers took 9.27% vs. 9.99% prior
- Timing: The 7Y note results will available shortly after the competitive auction closes at 1300ET.
