France, Spain, Belgium, Finland and Italy have all issued this week. Issuance was E22.2bln in first round operations, down from E25.8bln last week.
For more on future auctions see the full MNI Eurozone/UK T-bill auction calendar here.
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A bull cycle in the Eurostoxx 50 futures contract remains intact and the latest pullback appears corrective. Initial support is at 4939.33, the 50-day EMA. It has been pierced, a clear break of this EMA would undermine a bullish theme and signal scope for a deeper retracement. For bulls, resistance at 5040.00, Dec 9 high, has recently been pierced. Clearance of it would resume the bull cycle that started on Nov 21 and open 5068.13, a Fibonacci projection.
EURGBP maintains a firmer tone and the cross traded higher Tuesday. The latest recovery undermines the recent bearish theme and suggests scope for a stronger short-term recovery. 0.8376, the Nov 19 high and a key resistance, has been cleared. Note too that 0.8448, the Oct 31 high, has been pierced, a clear break of this hurdle would strengthen the bullish theme. Support at the 50-day EMA is at 0.8325.
The current bear cycle in Schatz futures remains intact and recent weakness, including fresh cycle lows this week, reinforce this theme. The move down confirms a resumption of the bear leg and sights are on 106.375 next, the Oct 31 ‘24 low (cont). Firm resistance is seen at 106.835, the 20-day EMA. Short-term gains would be considered corrective and allow an oversold condition to unwind.