Weekend News 12Jan

This week’s auction consisted of continued
balance within the near term trade cluster (92.40s-93.70s),
along with an upside breakout attempt/minor range extension
toward  94.70s.

Longer term buyside participants
continue to dominate auction, but the failure of this
week’s breakout suggests potential short term buyside inventory imbalance.

If the buyside fails to defend this week’s cluster and drive the market higher,
then inventory adjustment potential exists back toward Dec distribution levels,
90s, 88.5s, 87.20s. 

Graphics

Central Banks

  • ECB Maintains Benchmark Rate, (BOE Also). (Bloomberg)

Geo-Politics

Supply/Demand & Markets