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Technical analysis: Short Sterling
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Short Sterling – September 2009
Wed, Jun 3 2009, 09:03 GMT
by Nicole Elliott
Comment: The UK yield curve is steeper than it’s been in at least twenty years, benchmark short-dated Gilts ‘firmly anchored’ around the 1.00% mark while fives and tens swing violently, thirty’s and fifty’s a bit better behaved. This is expected to be a feature of interest rate structures in the US and Eurozone too, as well as Japan, for a very long time yet. Three-month Libor remains stuck at 1.26%, two-week money considerably lower at 0.61%, so no wonder futures contracts are marching sideways; allow for more of the same this week. We feel the front December has a little more room for manoeuvre so that the Z9/Z0 spread should widen to 160/175 basis points.
Strategy: Possibly attempt tiny longs at 98.900, adding to 98.840; stop below 98.700. Cover longs around 99.000 even though a brief squeeze to a new record high is possible.
Published on Wed, Jun 3 2009, 09:05 GMT
Archive
- Short Sterling – March 2010
Published On Wed, Nov 18 2009, 08:56 GMT - Short Sterling – March 2010
Published On Wed, Nov 11 2009, 09:50 GMT - Short Sterling – March 2010
Published On Wed, Nov 4 2009, 10:00 GMT - Short Sterling – March 2010
Published On Wed, Oct 28 2009, 09:16 GMT - Short Sterling – March 2010
Published On Wed, Oct 21 2009, 08:36 GMT
Mizuho Corporate Bank
| 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210
http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk
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