- 2013 issuance seen at 410 bln euros or “something less” after 470 bln in 2012
- With today’s auction, coverage of funding needs at 91-92%. To reduce short-term auction amounts from here to end of year
The succesful Italian auctions have given euro a little lift. Light buy stops have been tripped through 1.2950 and we’ve been as high as 1.2960 (EBS) so far.
As mentioned earlier, sell orders seen clustered up at 1.2980/00, decent 1.2990/00. More buy stops gathered just above there.
At the end of the day, 1.2800-1.3200 still looking “rock solid” parameters.
I haven’t got the foggiest what might break this logjam
