Spanish auction results… Sold Eur3.89 bln of 12 and 18 mth bills

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Over and above the targeted max of Eur 3.5 bln, made up of …

Eur 2.39 bln of  12 month bills , yield 2.556% from 2.797%, cover 2.46 from 2.12 last

Eur 1.5 bln of 18 month bills, yield 2.778% frokm 3.034% cover 2.7 from 5.72 last


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spanish auction

Pete Jackson


  1. Sets us up for the real test in a few days. I think we could see spreads trade back down in prep for the real show, FOMC :).

  2. Eur/$ has indeed found at least temporary support just below the 1.2900 area (50% from the Nov 13th low at 1.2665,.Note too with the broader view over last month of upward pressure into the end of the year, want to be/stay long. But such upside may be more a period of ranging (versus a surge), so will want to be aggressive with trailing stops on further, nearby gains. Note too that even a break below this 1.2875/90 support area would not abort the view of another few weeks of upside pressure, so would be looking to rebuy on such a break. Further support below there is seen at the bull trendline from July (currently at 1.2800/10), while nearby resistance is seen at 1.2995/05 then the key 1.3125/70 area which has provided resistance since Sept (also a 38% from the May 2011 high at 1.4940).


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