HALISTER1: Baht Drops Through 200-DMA for First Time Since June

Baht Drops Through 200-DMA for First Time Since June

(Bloomberg) -- Baht weakens beyond 200-DMA for the first time since June 2, amid its longest losing streak since July 2015.
  • Baht drops 0.5% to 35.253 per dollar, breaking through 200- DMA at 35.221; falling for seventh straight day
  • USD/THB 1st resistance at 35.306, July 8 high; 2nd resistance: 35.568, June 24 high; 3rd resistance: 35.814, May 19 high
  • 1st support: 35.221, 200-DMA; 2nd support: 34.976, 100- DMA; 3rd support: 34.749, 50-DMA
  • USD/THB 14-day RSI now in overbought territory at 75
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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HALISTER1: Net Buying of Core EGBs Last Week Lead by Germany, France: Citi

Net Buying of Core EGBs Last Week Lead by Germany, France: Citi

(Bloomberg) -- Last week saw net buying of core in both 10y and 30y sectors, taking the 4-week demand to its highest level in a year for both the sectors, led by German and French bonds, Citigroup strategist Aman Bansal writes in client note.
  • Demand for the non-core was flat, with net buying in Italy offset by net selling in Spain
  • Net-selling of euro linkers last week across the board, but led by Italy
  • Gilts saw net selling last week led by the fifth consecutive week of net selling in the 30y sector
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Aman Bansal (Citigroup Inc)

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HALISTER1: AUCTION PREVIEW: 10y DSL Attractive Vs Germany, Semi-Core

AUCTION PREVIEW: 10y DSL Attractive Vs Germany, Semi-Core

(Bloomberg) -- Netherlands to sell EU1.5b-2.5b 0.5% 07/2026, tap auction to begin at 10am CET; rich repo levels, cross-market levels vs Germany outright and on curve seen as supportive.
  • ABN Amro (Kim Liu)
    • Issue won’t swap, will be the penultimate auction of the DSL 07/2026; Dutch 10y sector looks cheap vs both shorter and longer maturities
    • Cross-market, 10y DSL has underperformed 10y BGBs and RFGBs, out of risk/reward perspective would rather avoid these expensive peers in favor of 10y DSL
  • Rabo (Richard McGuire)
    • Given risks around ECB changing QE parameters, gilt market concerns, reluctant to suggest using this DSL auction to enter strategic curve flatteners
    • Focus on RV opportunities, see bond as cheap vs DSL 2024 and German 10y benchmark
  • Mizuho (Antoine Bouvet)
    • 10Y point on Dutch curve offers value on 7s10s vs Germany, also supportive from RV perspective is cheapening of 07/2025-07/2026 roll, despite shorter bonds underperforming other parts of the curve
    • Auction bond trades special on repo, indicating a short base of amongst dealers
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
2539Z GR (European Central Bank)

People
Kim Liu (ABN AMRO Group NV)
Antoine Bouvet (Mizuho Financial Group Inc)
Richard McGuire (Rabobank International)

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