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USDCAD TECHS

Stronger In a Range

AUDUSD TECHS

Weaker In A Range

US TSYS SUMMARY

Ending The Week On A Soft Note

EURJPY TECHS

Bearish Risk Growing

USDJPY TECHS

Stronger, But Still Vulnerable

US

SP500 PE Ratio vs. CPI Inflation

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Germany, France, Italy, Spain, Belgium, Finland, and the ESM will issue bills in the W/C May 10. We estimate supply of E24.6bn compared to E25.6bn last week.

  • Germany will kick off bill issuance for the week with an auction of the Nov 24, 2021 bubill for E4bn on Monday.
  • Finland will then hold an auction of 6- and 9-month bills for E1-2bn each.
  • On Monday afternoon France will sell a combination of 3-/6-/12-month BTFs for E5.3-6.5bn.
  • On Tuesday Spain will sell 3- and 9-month letras with target volumes TBA.
  • Belgium will then sell short/long TCs with details TBA.
  • The ESM will then sell 12m bills for E1.1bn.
  • Italy will conclude issuance for the week with an auction of 12m BOTs for E7.5bn on Wednesday.