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Peso Falters Amid Risk-Off Mood

JGBS AUCTION

Japanese MOF sells Y4.0667tn 3-Month Bills:

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  • The commodity outlook is going from ugly to uglier in recent trade, with WTI and Brent extending the day's sell-off to put WTI through $70/bbl for the first time since September.
  • $70/bbl puts have been among the most active strikes in trade so far Friday for the F2 (Jan'22) contract, but there has also been growing activity in $65/bbl puts in particular as well $67/bbl puts.
  • WTI is -12.1% at $68.87 and has now broken $69.58 (the 61.8% retracement of the Aug 23 – Oct 25 rally). It is now very close to testing the next support at $68.61 (Sep 21 low).
  • Brent is -10.4% at $73.73 and has broken $74.54 (the 50% retracement of the Aug 23 – Oct 25 rally) with the next support at $72.92 (Sep 22 low).
  • OPEC+ is now leaning towards ditching its planned output hike at next week's meeting on Dec 2.
  • Losses aren't limited to energy either, with platinum and palladium, down -4.3% and -5.5% respectively.
  • Gold has also dipped more recently after initial strength in early trading, -0.1% on the day at $1787 with a first support level of $1778.7 (Nov 24 low).