LOOK AHEAD: The Week Ahead: 2nd Q4 GDP and January PCE Reports
Feb-21 20:05
* The upcoming US economic calendar is backloaded, with the second release for Q4 national account...
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US TSY FUTURES: BLOCK: March'25 2Y Sale
Jan-22 20:01
- -8,000 TUH5 102-22.38, sell through 102-22.5 post time bid at 1454:19ET, DV01 $300,000. The 2Y contract trades 102-22.25 last (-1).
US TSY OPTIONS: BLOCK: Mar'25 10Y Calls
Jan-22 19:52
- 11,000 TYH5 113 calls 1 vs. 108-08.5/0.03% at 1445:11ET
COMMODITIES: Gold Extends Gains, Crude Edges Down
Jan-22 19:49
- Spot gold has risen by a further 0.4% to $2,756/oz on Wednesday, bringing the yellow metal to its highest level since October 31.
- The gains come as President Trump widened his tariff threats to include China and the EU, with talk of a 10% tariff being imposed on China.
- The clear break of key short-term resistance at $2,726.2, the Dec 12 high, this week strengthens a bullish theme and signals scope for an extension near-term. Sights are on $2,790.1, the Oct 31 all-time high.
- Meanwhile, WTI lost some ground on the day, with outages on the US gulf coast bearish for oil. However, it has struggled for clear direction, with earlier movement driven by Trump comments towards the war in Ukraine.
- WTI Mar 25 is down by 0.5% at $75.4/bbl.
- The prospect of 25% tariffs on imports from Canada starting February 1 is an upside risk to US fuel prices.
- The trend structure in WTI futures remains bullish despite the latest pullback, with attention on $79.48, the Apr 12 ‘24 high.
- Support to watch is the 20-day EMA, at $74.20.
- Henry Hub has surged today, supported by updated weather forecasts of colder temperatures ahead.
- US Natgas Feb 25 is up by 5.8% at $3.97/mmbtu.
