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Bearish Extension


USDCHF Hovering Below Notable Resistance Area


Support Appears Exposed

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Germany, France, Spain, Belgium, the ESM and Italy have all issued bills this week with issuance at first round operations of E24.6bln, up from E19.3bln last week.

  • Germany kicked off issuance for the week Monday morning allotting E3.695bln of the 6-month Feb 23, 2022 bubill with issuance volmues of E4.0bln.
  • France came to the market Monday afternoon, selling E5.154bln of BTFs against a target of E4.0-5.2bln: E2.594bln of the new 13-week Nov 10, 2021 BTF, E1.265bln of the 22-week Jan 12, 2022 BTF and E1.295bln of the 48-week Jul 13, 2022 BTF.
  • On Tuesday, Spain sold E5.135bln of letras against a target of E4.5-5.5bln: E884mln of 6-month Feb 11, 2022 letras and E4.251bln of new 12-month Aug 12, 2022 letras.
  • Belgium then sold E2.202bln of 3/5-month TCs against a target of E1.8-2.2bln: E801mln of the Nov 11, 2021 TC and E1.401bln of the Jul 14, 2022 TC.
  • Also Tuesday morning, the ESM sold E1.1bln of the new 12-month Aug 11, 2022 bill.
  • Finally, Italy concluded bill issuance for the week on Wednesday, selling E7bln of the new 12-month Aug 12, 2022 BOTs.