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Reverse Repo Operation


Review 30Y Bond Auction, Stops Through


WI 30Y Bond

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  • In the equity space, S&P E-minis remain in an uptrend as the contract approaches the psychological 4000.00 handle. EUROSTOXX 50 is trading higher too as the uptrend extends. This reinforces the underlying bullish theme and opens 3987.14 next, 2.00 projection of the Dec 21 - Jan 8 rally from the Jan 28 low.
  • In the FX space, EURUSD maintains a weaker tone. The focus is on 1.1695 next, 38.2% retracement of the Mar 2020 - Jan rally. The GBPUSD outlook remains bearish with scope for a move towards 1.3641, 38.2% of the Sep 23 - Feb 24 bull cycle. Resistance is at 1.3883, the former bull channel base drawn off the Nov 2 low. USDJPY remains bullish and is holding onto recent gains. The focus is on 111.30 next, Mar 26, 2020 high.
  • On the commodity front:
    • Gold remains vulnerable despite yesterday's gains. The focus is on the key support at $1676.9, Mar 8 low and the bear trigger.
    • Brent (M1) key directional triggers are:
      • Resistance at $65.39, Mar 29 high and key support at $60.33, Mar 23 low and the bear trigger
    • WTI (K1) directional triggers are:
      • Resistance at $62.27, Mar 30 high and support at $57.25, Mar 23 low and the bear trigger
  • In the FI space, Bunds (M1) remain vulnerable. Key support to watch is at 170.52, Mar 18 low. The key support and bear trigger in Gilts (M1) is at 126.79, Mar 18 low. Treasuries traded to fresh trend lows Tuesday. The focus is on 130-07, Feb 2, 2020 low and the psychological 130-00 handle.
MNI London Bureau | +44 203-586-3805 |

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