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Wednesday, 22 February 2017 Rates: Bund resistance should hold, underperformance US Treasuries? Currencies: EUR/GBP tests 0.8450 support Calendar Headlines
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marktenzaal pdf morning sunrise market commentary ... · 2 l 3! " · µ Á ¼ ¸ ¹ À ´ ¶ µ Á ¹ ¸ ½ º ¾ µ Á ¹ ¸ » À ´ º ·! µ Á º ¸ ·! · µ ¼ ½ ¸ å Ç

Jun 05, 2020

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Page 1: marktenzaal pdf morning sunrise market commentary ... · 2 l 3! " · µ Á ¼ ¸ ¹ À ´ ¶ µ Á ¹ ¸ ½ º ¾ µ Á ¹ ¸ » À ´ º ·! µ Á º ¸ ·! · µ ¼ ½ ¸ å Ç

Wednesday, 22 February 2017

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Rates: Bund resistance should hold, underperformance US Treasuries? � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ! " # $ % " & ' (� � � � � � � � � � � � � � � � ) � � � � � � � � � � � � � � � � � � * � � � � � � � � � � � � � � � " + � � � � ' , ' � � � � � � � � - � � � � � � � � � ) � � � � � � �� � � � � � � � � � � � � � � � � - � . � � � � � � � � � � � � " / � � � ) � � � � � � � � � � � � � ( 0 + � � � � � � � � � � � � � � � � � � � � � � � � � "Currencies: EUR/GBP tests 0.8450 support + � � � � � � � � � � � � � � � � � � � ) � � - � � � � � � � � � � � � � � � � � � � � � � � � � " & ( � 1 ( 0 2 � � � � � � � � 3 � � � � � � � � � � � � " $ 4 � � � *� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � " � � � � � * � � � � � � � � � 5 � � � � � � � � " & � � � � � � � � � �� � � � � � � � � � & ( � 1 � 6 � � � � � � � � � � � � $ " 7 ! 4 $ � � � � � � � � "Calendar

8 9 : ; < = > ? @ A B ? C < ; C D < C E F C F < G C H B B C > = B F B A > C I 5 � � � � � 5 � � � � � � $ " 4 J � � � ' � � � � � - � � � � � � � � � � � � � � " K L C B E H M G < I N � � � � � O � � � � � � � � � � � � � � � � � � � � � � � * � � �� � � � � � � � � � � � � � � � 5 � � � � � 5 � � � � "8 : G A B C ; H E P A E E H C Q A C A E F P B C F F H C Q A D < R @ S T C F S U @ = B C < G A E A < G H B F � � � � � �� � � � � � � � � � � � � � 5 � � � � � � � ) � � � � � � � � � O � � � � � ) � � � � �5 � ) � � � � � - � � � � � � � � � � � � � � � � � � � � ( 0 � � 5 � 5 � 5 � � � � - � � � � � "8 V G H E A G = @ C W B H > C ; H E > B C A ; C F T A ; < @ = E < G H E < G C X C Y C ; < > H < H C ; H E A U C A B I � � 5 � � � � � � 5� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 5 � � � � � � � � � � � � 5 � � � � � " Z � �� � � � � � � � � * � � � � " � � � � � � � [ � � � � � � � � 5 * 5 � � � � � � � � � � � � � � ! 4 � � � � \ $ � � � � �8 ] = ^ _ = L C B E = B ` R B = F A ; A H F < G C > G A E > C < G C > C E < B A T S A E ? Y H T T F C C W C E E C M A < H L CH E < C B C ; < B A < C ; H ; T = Y X = B E = Y I � � � � � � 5 � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � 5 � � � � � � � � � � 5 � � � � � � � � � � � "8 + � � � � � � � � N � � � � � � a � � � � � � � � � � * b = Y C I M A L C < G C > T C A B C ; < ; H M E A T U C < < G A <X R B < G C B > R < ; H E H E < C B C ; < B A < C ; Y = R T F E = < S C H E < G C E A < H = E A T H E < C B C ; < � � � �� � � 5 � � � � � � � 3 � � � � � � � � � � � � � � � � � � � � c � � � � � � ) � � "8 d = T H < H > A T R E > C B < A H E < U H ; ; T = Y H E M < B A F C M B = Y < G I A e = B T F ] A E ? B C W = B < G A ;> = E > T R F C F I � � � � � � � � 5 � � � � � � � � � 2 � � � � � + � � � � � � � � � � � � � � � � � � � 5 �� � � � � � � ) � � � 5 � � � � � � � � � � � � "8 V T C L C T A E F P C F Q C ; < C B ; A H F W = T H > U @ A ? C B ; F = E f < Y A E < < = ; R B W B H ; C < G C @ A B ? C < � �� � � � � � � � � � � � � � � � ) � � � � g � � � � � � h � � � c � � � � � � � � � � � � � � � 5 � � � � �� � � � � � � � � � � � � � "8 i = F A U f ; C > = > A T C E F A B � � � � � � � � � � � � � � * � � � � � � � � � � � � � 5 � � ( j k l 2 6 *� � � � � � & ' ( , 6 � � � � * ( 0 � � � � � � 5 � � � � � � � � � � � � P K Q V Q H E R < C ; " P C F d = Y C T T� � � � � � � � � � � � � � � � � � � � � � � � � � � _ C B @ A E U A E F < G C 9 : < A W < G C @ A B ? C < m

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Page 2: marktenzaal pdf morning sunrise market commentary ... · 2 l 3! " · µ Á ¼ ¸ ¹ À ´ ¶ µ Á ¹ ¸ ½ º ¾ µ Á ¹ ¸ » À ´ º ·! µ Á º ¸ ·! · µ ¼ ½ ¸ å Ç

Wednesday, 22 February 2017

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Bonds recoup losses despite strong equities & higher oil � C ; < C B F A U I M T = S A T > = B C S = E F ; T = ; < @ = F C ; < < = @ = F C B A < C M B = R E F H E < G C � R B = W C A EA E F 9 : @ = B E H E M ; C ; ; H = E I A ; � Q 9 S R ; H E C ; ; ; C E < H @ C E < ; R B M C F I ; R M M C ; < H E M < G A <C R B = A B C A M B = Y < G H ; ; < H T T A > > C T C B A < H E M m i G C H E H < H A T F C > T H E C Y C E < M B A F R A T A E F G A E FH E G A E F Y H < G B H ; H E M C � R H < H C ; A E F G H M G C B = H T W B H > C ; m N � � � � � � � * � � � � � � � � � � � � � � � �� � � � � * � � � � � � � � � � � � � � � � � � � � � � & � � � � � � � � � � � � � � � � � � � * � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � * � � � � � � � � � � � � m i G C < R B E A B = R E F Y A ;< B H M M C B C F S U A Y C A ? 9 : Q A B ? H < d Q � I Y G H > G H ; R ; R A T T U > = @ W T C < C T U H M E = B C F A E F S UA E = < G C B P B C E > G W = T T ; G = Y H E M < G A < b C d C E f ; > G A E > C ; X = B Y H E E H E M < G C ; C > = E FB = R E F I Y G H T C ; < H T T A T = E M ; G = < I A B C H @ W B = L H E M m V = B C S = E F ; C B A ; C F H E H < H A T d Q � �H E H < H A < C F T = ; ; C ; m � < < G A < < H @ C I < G C > A ; G @ A B ? C < ; Y C B C > T = ; C F m + � � � � � � � � � ) �� � � � � � � � � � � � � l 3 � � � 4 3 � � � � � � � � � � � ! � � � � � 5 � � " + � � l 3 � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � ) � � � � ) � � � � � � 5 � � � ! 4 � � � * � � 5 5 � � � � 5 � � H E L C ; < = B ; ; < A B < < = W B H > C H E B C F C E = @ H E A < H = E B H ; ? m � ; H @ H T A B R E F C B W C B X = B @ A E > C = X< G C ; G = B < C B � S R < G C B C A T ; = T = E M C B � C E F Y A ; L H ; H S T C = E < G C � < A T H A E > R B L C m� E A F A H T U W C B ; W C > < H L C I � � � � � � � � � � � � � ) � � � � � � � � � � � � 5 � � � � � � � 5 � � � � � �� � � � � � � � � � � � � � � � � 5 � � ) � � � � 5 � � � � � � 3 � " 4 � � � � l 3 � % � � � � � � � � � $ 3 � % " ( 0� � � � � � � � � � � � " ! � � " 7 � � � � � 5 � � " K E H E < B A � � Q 9 S = E F @ A B ? C < ; I � $ 3 � � � � � �� � � � � � � � � 5 � � ) � � � � � � � � � � � 5 � � � � � � � � � � � � � � � � � � � 1 \ � � � � � � � � � � � � 0 � � � � � � � � � � 5 � � % " � � � � � 3 � � � � � % � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � 3 � � � ) � � � � � � � � � � � � � � � � � � � � � � � � � 5 � � � � � � � � � � � � � � � � � � � � � % � � � � � � � � " "German IFO and US Fed Minutes eye-catchers today + � � � � � � � � � � � � � � � � � � � � 5 � � � � � � � � � � � � � � � � � � � � � $ # " � � � � � $ # " 7 %� � � � � � � ) � � � � � � � � � � � � " � � � � ) � * � � � ) � � � � � 5 � � � � 6 ' � - �� � � � � � � * Y C W R < < G C B H ; ? ; = E < G C R W ; H F C = X > = E ; C E ; R ; " � � � � ( 0 * � � � � � �5 � � � � < G C ^ A E R A B U P K Q V Q H E R < C ; m / � � � � - � � � � � � � ' � � � � � � � �� � � � � � � 5 * � � � � � � � � � � � � � � � � � � � � . � � � � � - � � � � � � � � � � � � % � � � � � � � � � � � �, � � 5 � � � � � � � � � � " + � � � � � � � � � � � � � - 5 � ) � � � � � � � � � � 5 � � � � � � � � � 5 � � � �� � � � � � � � � " + � � � � � � � � � � ' , � � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 5 � � � � � � � � � � � � � � " � � � � ) � * � � C > = E = @ H > F A < A G A L C S C C E L C B U ; < B = E M A E F H E X T A < H = E ; R B W B H ; C F = E < G C R W ; H F CB C > C E < T U m . � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �   ¡ ¢ £ ¤  ¥ � � ¦ ¤ � � � § � � � � � ¡ � ¥ ¨ £ ¤ © � ª ¤ � � ¨ « � ¤ ¥ � ¥ ¨ ¬ � � � � � � � � � � � 5 � ) � � � � � � � �� � � � * j � � � � � * � � � ) � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ' � � � � �� � � � " / � � � � � � � � � � � � � � � � � � � � ) � � � � ' � � � � � � � � � � � � � � � % � � � � � � � � � � � *� � � � � � � + � � � - � � � � � � � � � � � � � � � - � � � � � � � * � � � � � � � � � � � � - � � � � � � � � "/ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 5 "

Rates

­ ® ¯ ° ± ² ³ ´ µ ¶· µ ¸ · ¹ º ¸ º »¼ µ ¸ ½ ¹ º ¸ º ·µ º · ¸ ¹ ¼ º ¸ º µ» º » ¸ º ¼ º ¸ º µ¾ ¿ ¯ ° ± ² ³ ´ µ ¶· ´ º ¸ À Á ´ º ¸ º ·¼ ´ º ¸ ¹ ½ ´ º ¸ º µµ º º ¸ » º ´ º ¸ º µ» º µ ¸ µ » º ¸ º ·

Â Ã Ä Å Æ Ç È É Æ É Ê Ç Ë Ì Í Î Ï Ð Ñ Ò Ó Ò Ô Ë Å Ê Î Õ Ö Ç Ñ Ë × Õ Æ Ê Î Ø Î Ù Ñ Ú Û Å Æ Ü É Ý Þ ß Å Ê Ç Ì Å Õ Ø àÇ Ê Î à Ç × Õ × Æ × Î Í Í Å à à Ç à Å Õ á Ç Î Ð â Ó ã Ó ä Î Õ Ø Ç Í Ç Ï Æ × Å Õ É Õ Ï Ç Ê Æ Î × Õ Æ Ù å Ç Ê æ Î Õ Ã ç Ê Ç Õ Ï Ü è Ã Ù Ê Ù × Ç Í Ø à Ý Ê Ç Î Ø É Ý à Ü Î Ê Ý Í Ù é Î à à Å æ Ç × Õ ê Ç à Æ Å Ê à È Ç Î ÊÊ Ç Ø Ç Õ Å æ × Õ Î Æ × Å Õ Þ

ë ì í î ï ì ð ñ ò ó í ì ô õ ö ô í ì ÷ ø í î ð ù ú î û î ù ö õ ì ðü ð ù î í ö ý õ ð ö þ ÿ ú õ ù ú ù ì ÷ ó î ð ò ý ö î ò ò ö í ì ð �� � � � ò �� ú ì í ö î ð ñ ø í î ð ù ú ý ð ñ ó î í õ ó ú î í ý ûù ü í � î ò ü ð ñ î í ó î í ô ì í ÷ ý òí î ñ î ð ì ÷ õ ð ý ö õ ì ð í õ ò � õ ò ó í õ ù î ñ õ ð �

ó ò õ ñ î í õ ò � ò � ø ï ü ò õ ð î ò ò ò î ð ö õ ÷ î ð ö� õ û û � õ ð ü ö î ò ò ü í ó í õ ò î � � î ñ ì ð � ö ö ú õ ð �ò ì

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Wednesday, 22 February 2017

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German and US auctions i G C _ C B @ A E P H E A E � A M C E < R B < A W ; < G C = X X < G C B R E � � � U B ] R E F � � � ] � m � � ^ R T � � � � � m+ � � � � � � � � � � � � ) � � � � ! � $ 3 � � � � � � � � � � � � � ) � � 5 � � � � � � � � " l \ � " + � � � � � � � � � � � � � � � � � � � � N 0 / � � � � � � � � 5 � � � 5 � � � � � � � � � � � * � � � � � �� � � � � � � � � � � � � � � � � � ) � � � � � 5 � � � � � � � � � ) � " / � � � � � � � � � � � �) � � � � � � � � � � � � "i G C 9 : i B C A ; R B U ; < A B < C F H < ; C E F � = X � @ = E < G B C X H E A E > H E M = W C B A < H = E � � � � � � � 5� l � l 3 � Z � � � � � � � � " + � � � � � � � � � � � � � � � � � 5 � � � � � $ $ � � � � � � � � � � � � � � � � � 5 � � � � � � � ) � � � � � � N � 5 � � � l " 7 l % " � � � � � � 5 � � � � � � � � � ) � � � � � 5 *� � � � � � � � � � � � � � � � � � � � � � � � � � � � � " + � � � � * � � ( 0 + � � � � � � � � � � � � � � �� � � � � � � � � � � � � l 3 � � � Z � � � � � ! � 4 3 � Z � � � � � � � � � " , � � � � � * � � / � � � � � � � � � � � � � � � � � � " # ! J "Underperformance US Treasuries vs Bunds?

K L C B E H M G < I � � � N � � � � � � � � � � � � � � � � � � � � � � � 5 � � � � * � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ( 0 � � � � � � 5 � " + � � ( 0 Z � � � � � �� � ) � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 5 � � "/ � � � � � � � � � � � � � � � � � 5 � � � � � � � � � � � � � � "i = F A U f ; C > = > A T C E F A B > = E < A H E ; _ C B @ A E � P K m � H ; ? ; A B C < H T < C F < = < G C R W ; H F C = XC D W C > < A < H = E ; I Y G H > G ; G = R T F ? C C W < G C ] R E F A Y A U X B = @ E C A B S U � � � m � �B C ; H ; < A E > C � � m � � � ; R W W = B < X = B _ C B @ A E � � � U B U H C T F � m � E 9 : F C A T H E M ; I X = > R ;; G H X < ; < = < G C P K Q V Q H E R < C ; m � � � � � � � - � . � � � � � - � � � � � � � � � � 5 5 � � � � � � � � � � � - � ) � � � � � � � � � � � � � � � � � � � � � - � � � � � � � � � � � � 5 � � � � � � � � * � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � " P B C E > GC T C > < H = E Y = B B H C ; > = R T F > = E < H E R C < = F A @ W C E � � Q 9 � C � R H < U A E F S = E F; C E < H @ C E < � ; W B C A F Y H F C E H E M � A E F A B C A Y H T F > A B F X = B < B A F H E M I � � � � � � �& � � 5 � � � � � � � � � � � � � � � � � � � � � � � � � � � � "9 : i B C A ; R B H C ; ; < A B < R E F C B W C B X = B @ H E M ] R E F ; m b A ; < Y C C ? f ; . � � � � � � � � � � � � *� � � � � � � � � � � � � � � � � � � � � � � 5 ( 0 � � � � � � � � � � � � � � � � � � � � � � � �' � � � � � � � � � � ! ! J � � � � � � � � 7 J % " / � � � � - � � � � � � ' � � � � � ) � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � ' � � � � � � � � � � � � � � � � � � � � � � - � � � � � � � � � � � � � � � " � � � � � � 3 � � � + � � � - � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � l 7 � % * � � ( 0 Z � � � � � � � � � � � � � � � � � � � � �2 � � � � � � � � � � � � � � � l l 3 � ! � "

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Wednesday, 22 February 2017

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‘By default’ USD buying continues � Q 9 d Q � f ; Y C B C ; < B = E M C B < G A E C D W C > < C F U C ; < C B F A U m V = B C � _ C B @ A E A E F 9 : � U H C T F ;A E F C � R H < H C ; B = ; C A X < C B < G C d Q � B C T C A ; C I S R < F H F E f < G C T W < G C C R B = m P B A E > CB C @ A H E C F A C R B = E C M A < H L C A E F < G C B C ; R @ W < H = E = X < G C B C X T A < H = E < B A F C ; R W W = B < C F< G C F = T T A B m i G C B A T T U ; T = Y C F T A < C B H E < G C ; C ; ; H = E A ; 9 : S = E F U H C T F ; ; = X < C E C F m � L C E; = I < G C 9 : > R B B C E > U ; < H T T > T = ; C F < G C ; C ; ; H = E Y H < G F C > C E < M A H E ; m � 9 � 3 9 : 4 > T = ; C F< G C ; C ; ; H = E A < � m � � � � � X B = @ < G C � m � � � � � A B C A m 9 : 4 3 ^ d � X H E H ; G C F < G C F A U A < � � � m � 5� X B = @ � � � m � � � mK L C B E H M G < * � � � N � � � � � O � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ( 0 � � � � � � � "� � � � � � � � � O � � � � � � � 5 5 � � � � ) � � � � � � � � � � ( 0 2 1 � 6 . � � � � � � � � 5 � � � � " � � �� � � � � � � � 0 � � 5 � � � � * � � � ' � � � � � � � � � � � � � � � ) � � � � � � � � � � � � � � � � � � �� � � � � - � � � � � � � � � � � � � � � � � � � � � � � � � " + � � � � � � � * � � � � � � � � � � ( 0 2 1 � 6 . *� � � � � � � � � � " N � � � � � � � � � * ( 0 � � � � � � � � � � � � � � � � � � � � � 5 � � � � � � � � � � � � "0 � * � � � � � � 5 � � � � � � � 5 � � � � � � � � � � � � � � � � � � � � � " ( 0 2 1 � 6 . � � � � � � 5 � � � � � � " 4 $ " & ( � 1 ( 0 2 � � � � 5 � � � � � � � � � � � � " $ 4 l 4 � � � " � � N - � � � � � � � � � � � � � �� � � � � � � � � N � � � � � � � � � � � � � � � � � " N � � � � 5 � � * � � � � � � � � � � � 5 � � � � � � 5 � � � � � � � � � N � � � � � � � � � � � � � � � � � " N ( 2 1 ( 0 2 � � � � � � � 5 � � � � ) � � � 5 � *� � � � � � � � � � 5 � � � � $ " \ # $ � � � "i = F A U I � � � � � � � � � � � � � � � � � � � � � 5 � � � � � � � � � $ # " � � � � � $ # " 7 % " N � � � � � 5 � � � � 6 ' � - � * � � � � � � � � � � � � � � � � � � � � � � � " � � � � ( 0 * � � ' � � � � � � � � �� � � � � � � � ' , � � � � � 5 � � � � � � � � � " + � � � � � � � � � � � � � - 5 � ) � � � � � � � � � � 5 � � � � � � � � � 5 � � � � � � � � � � � � � " � � � � ) � * � � � � � � � � � � � � 5 * C > = E = @ H > F A < A G A L CS C C E L C B U ; < B = E M A E F H E X T A < H = E ; R B W B H ; C F = E < G C R W ; H F C m . � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � , � � 5 � � � � � � � � � � � � � � � � �   ¡ ¢ £ ¤   ¥ � � ¦ ¤ � � � § � � � � � ¡ � ¥ ¨£ ¤ © � ª ¤ � � ¨ « � ¤ ¥ � ¥ ¨ ¬ " 0 � ) � � � 5 � ) � � � � � � � � � � � � � � � � � � � � � � � � � � ' � � � � �� � � � " N � � � 5 � � � � � � � � � � � � � � � � � ' � � � � � � � � � � � � - � � � � � � � � � � � � � " K L C B< G C W B C L H = R ; F A U ; I � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � & � � � � � �� � � � � � � � � � � � � � � � � � � � � � � 5 % " � � � � 5 � � � � � � � � � � � � � � � � � � � �( 0 2 1 & ( � 5 � � � � * � � � � 5 � � � � � 1 ( 0 � � � � � � � � � � � � � � � � � � " , � � � � � � � � � � � � ( 0 2� � � � � 5 1 � � � � � � � � � 5 " ( 0 2 1 � 6 . � � � � � � � � � � � � � ( 0 2 1 & ( � 5 � � � � " + � � � � � � � � � �� � � � � � � � � � & � � � � � � � � � � � � � � � � � � � � � � � � � " N � � � � � � � � � * � � � � � � � � � � � ( 0 � � � � � � � + � � � - � � � � � � � � � � � � � � � � � � � � � � � � " i G C > = @ S H E A < H = E = XS = < G X A > < = B ; ; R M M C ; < ; X R B < G C B 9 : 4 S R U H E M A M A H E ; < A Y C A ? C R B = m / � � � � � � � � �� � � � � � � � � � � � � � � � ( 0 2 1 � 6 . " 0 � � � � � 5 � � � � � � � � � & ( � 1 � 6 . � � 5 � � � � � � � � �� � � 5 � "

Currencies

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Wednesday, 22 February 2017

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_ T = S A T > = E < C D < m + � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � + � � � � � � � � � � � � � � � � � � � � � � � " i Y = Y C C ? ; A M = I < G C F = T T A B S = < < = @ C F = R < I; R W W = B < C F S U i B R @ W f ; < A D W B = @ H ; C m 9 E F C B T U H E M � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � " e C ; C C � m � 5 > � A ; ; = T H F B C ; H ; < A E > C A E FX A L = R B A ; C T T � 9 � 3 9 : 4 = E R W < H > ? ; A W W B = A > G m i G C F = Y E ; H F C < C ; < = X 9 : 4 3 ^ d � H ; A T ; =B C ? C > < C F m ( 0 2 1 � 6 . � � � " � � � 7 J � � � � � � � � � � � # # " $ l 1 � � 7 " � � � � % � � � � � � �� � � � � � � � " + � � � � � � � � � � � . � � � � � � � � � � , � � 5 � � � � � � � � � � � � � � �� � � � � � % � � � ( 0 2 � � � � � � ) � * � � � � � � � � � � � � � � 5 � � � � � � � � � � � � � " / � � � � � �� � � � � � � ( 0 2 � � � � � ) � � � � � * � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �( 0 2 1 � 6 . � � � � � � � � ( 0 2 1 & ( � "EUR/GBP sliding below 0.8450 support. � C ; < C B F A U I ; < C B T H E M M A H E C F M B = R E F A M A H E ; < A E = L C B A T T Y C A ? C R B = I S R < ; < A S H T H � C FA M A H E ; < S B = A F T U ; < B = E M F = T T A B m N � � � � � � 5 � � � � � 6 � � � � � � � * � � & - � , � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � " + � � � � � � � � � � � � � � � �� � 5 � � � � � � � � � * � � � � � � � � � � � � � � � � � � � � � � � � � � � 5 � � � � � � � � & � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 5 � � � � � " 0 � � � � � & 5 � ) � � � �� � � � � � � , � � � � - � � � � � � � � � � " & ) � � � � * � � � � � 5 � � � � � � � � � � � � � � " & � � � � � � � � � *� 9 � 3 _ ] d Y A ; W B C ; ; R B C F S U < G C F C > T H E C = X � 9 � 3 9 : 4 m i G C W A H B > T = ; C F < G C ; C ; ; H = EA < � m 5 � � 5 I < C ; < H E M < G C ? C U � m 5 � � � ; R W W = B < m V A S T C > T = ; C < G C ; C ; ; H = E A < � m � � > �� X B = @ � m � � � � � mK L C B E H M G < I & ( � 1 � 6 � � � � � � � � � 5 � � � � � � � � � � � � $ " 7 ! 4 $ � � � � � " & � �� � � � � � � � � � � � � � � � � � ) � " + � � � � � � � 5 � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � - � � � 5 � � � � � � � � � � � � � � � � � 6 ' ' � � " + � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � " + � � � � � 3 � � � � � � � � � � � � � � 0 + � � � � � 5 � � � � � � ) � " � � � � � � � * � � � � � � � � � � � � ( j 2 6 k ! 2 6 � � � � � � � � � � � � � � � " N � � � � � � � � � � � � � � $ " Jk 1 k � � � l " l J . 1 . 5 � � � � � � � � � � � � " / � � � � - � � � � � � � � � � � 5 � � � � � � �� � � � � 5 � � � � 5 " � 9 � 3 _ ] d B C > C E < T U G = L C B C F H E A < H M G < B A E M C E = B < G = X < G C � m 5 � � �; R W W = B < m 0 � � � � 5 � � � � � � � � � � � � � � � � � 5 � � � � � � � � � � � � � � � � � � � � � & � �� � � � � � � � � � ) � � � � � � � � " N � � � � � � � � � * � � � � � � � � � � � � � 5 � � � � � & ( � 1 � 6 "b = E M C B < C B @ I Y C G A L C A ; < C B T H E M E C M A < H L C L H C Y A ; < G C ] B C D H < ; < H T T G A ; < =� E C M A < H L C T U � H @ W A > < < G C 9 ` C > = E = @ U m � � � � ) � * � � � � � � � � � � � � � � � � � � 5 � " & � �� � � � � � � � � � ) � � � � " N � � � � � � � � � � � � � � � � � � � � m 5 � � � @ H M G < < B H M M C B A F F H < H = E A T; < = W � T = ; ; ; C T T H E M m i G C � 9 � 3 _ ] d � m 5 � � � > = B B C > < H = E T = Y H ; < G C E C D < ? C U ; R W W = B < m

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Wednesday, 22 February 2017

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E F G H I J J K F L M N O M P Q R S T F S T N T U M F V W R N TX YZ [ \ ] ] ^ _ ` a b ` c d e f g h i j k h a l m f m n o j c p q r q q g l Z r Z s q r t u g l v w r x sJ y z y y K { | Q | F F } W S ~ | W S N } F T � � � �X �� y z � y � � U � R � � � R � � � � U � y H � � � J H J � y H � � � J H J �Z ] \ � ] � � ` � j b h � f c a � g � b ` f c � f � n t � � p ] r � s ] r � sZ ] \ � ] � f � h � c g h c b i � h c � ` c d � f � n t � � p ] r Z s ] r ] sZ ] \ � ] � � f a a � ` _ h � � j � ` b j k � f � g j b ` f c � f � n t � � p ] r w s ] r u sZ ] \ � ] ^ _ � f � b a � f � l � g � f � b a � f � n t � � p w s l ] r � s v w r [ s l Z r t sZ ] \ � ] � c � h _ f � i h � � ` � h a m f m � � m l � m n � h � p ] r Z s l ] r x s ] r � s l Z r ] sZ ] \ � ] � f b j k � � a ` c h a a � c � h a b g h c b � f � l   f   n t � � p ] r Z s l ] r � s ] r t s l v w r w s¡ | X� � z y y Q U ¢ | R | � � R � � £ O S K � � y H ¤ � � � H ¤ � y H ¥ � � � H ¤ �� � z y y Q U ¢ Q R M F � R � � £ O S K � y H ¦ � y H ¦ �� F M § O S PZ ] \ ] ] � � ¨ � � a ` c h a a � k ` g j b h n � h © p Z ] u r [ Z ] u r x� y z y y ¢ K { ¡ ª « F ¬ } O } W R S T � K F L � � y � � y � H JZ ] \ ] ] � � ¨ � � � � h c b ­ a a h a a g h c b n � h © p Z Z [ r [ Z Z [ r u¢ } O ® PZ ] \ ] ] � � � ^ ¯ e j � g f c ` ° h �   f   n o j c � p ] r � s ] r � s± F ® ~ W N §Z q \ ] ] � � a ` c h a a � f c � ` � h c � h n � h © p ] r u ] r q² R M ³ O P] x \ ] ] ¯ c h g � k f ´ g h c b µ j b h ­ ¶ ¯ n � h � p t r � s t r � s¡ V F S } TZ Z \ � ] � h � g j c ´ b f i h k k · Z � w r q s w ] t t � f c � aZ w \ ] ] � f ^ o f c � � c k ` � � h a � h j ¸ a ` c ¹ f c � f cZ w \ � ] � f ^ i º j � ` ¸ ` c b » ` b b h � � � ­ n a � h j ¸ a j k a f ` c ¨ _ � f � � j b � Z \ ] ] pZ � \ � ] � Z u \ ] ] ¯ i b f a h k k ¼ Z � � w v ´ � � µ ½ ½ f b h a � ¼ � t � q v ´ � ½ f b h a� ¦ z y y K F G ¾ T U R ³ F ® ® Y « F O ¿ T R S ¡ ¬ R S R § W ¬ { N } ® R R ¿ W S ² F ³ � R M ¿

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Wednesday, 22 February 2017

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Á Â Ã Ä Å Æ Ç È É Ê Ë É Ì Ã Ä Å Æ Ç È É Ê Ë É Í Î Ï Ð Ñ Ò È É Ê Ë ÉÓ Í Ô Õ Ö × Ø Õ Ø Ë Ó Í Ë Õ Ô Ö Ø Õ Ø Ù Ú Û Ü Ô Ø Ý Ö Ù Ë Ë Þ Õ ß ×Ú à Ø Õ Ù Ø Ê Ø Õ Ø Ë Ú à Ê Ø Õ Þ á Ê Ø Õ Ø Ô â ã Í Ú ã ä × Þ á × Õ ß Ö ß Ô Ý Õ Ù Ýå à Ø Õ Þ á Ê Ø Õ Ø Ë å à Ê Ø Õ Ö ß Ø Õ Ø Ø â æ ç ç à æ Ë ß Ù Ý ß Õ Þ Ý Ê Ë Õ × ÝÓ ç Ë Õ Ô Ö Ø Õ Ø Ë Ó ç Ø Õ Ë Ø Ø Õ Ø Ø Ú ã è Ë Ë ß á Ý Õ Ö ß Ë Ù ß Õ Þ Ýé ê Ø Õ Ø Þ Ê Ø Õ Ø Ë é ê Ê Ø Õ Ô á Ê Ø Õ Ø Ô Ú é Å ë Ç Ï Ã ì Â Ù Ù Ù ß Õ Ù Ù Ô á Õ ß Öæ í Í î ï ð ï ñ ò ó ô õ à Ó í Ê Ë É Ê Ô É Ó Í Ú È É Ê Ë Éö Ä Ê Ø Õ Ø Ý Ë Õ Ý ß Ø Õ á Þ à Ï ÷ ø Æ Ê Ø Õ Ù × á Ø Ê Ø Õ Ø Ø Ô Øì Ä Ø Õ Ë Ö Ô Õ Ø á Ø Õ Þ Þ à ë Ç ø ù Ï Ç Ã Á Ê Ø Õ Ù Ý Ø Ø Ê Ø Õ Ø Ø Ë Ø ú ø ù Ï Ç Ã Á Ø Õ Ý Ý Ý Ô Ê Ø Õ Ø Ø Ô ÔÁ Â Ä Ø Õ Ý Ý Ô Õ Ö Ù Ë Õ Ô ß à ë Ç ø ù Ï Ç Ã ö Ê Ø Õ Ù Ô ß Ø Ø Õ Ø Ø Ø Ø ú ø ù Ï Ç Ã ö Ë Õ Ø × Ø Ë Ê Ø Õ Ø Ø Ô Ôà ë Ç ø ù Ï Ç Ã û Ê Ø Õ Ô Ù Þ Ø Ø Õ Ø Ø Ø Ø ú ø ù Ï Ç Ã û Ë Õ Ù × Ý Ë Ê Ø Õ Ø Ø Ø Ùü ë Ç Ç Å ÷ Ð ø Å Ò È É Ê Ë É ü ë Ç Ç Å ÷ Ð ø Å Ò È É Ê Ë É ü Ï ý ý Ï þ ø Î ø Å Ò È É Ê Ë Éà Ó í ÿ Ó Í Ú Ë Õ Ø × Ô Þ Ê Ø Õ Ø Ø × Þ à Ó í ÿ é ê � Ë Ë ß Õ Ö Ö Ê Ø Õ Ý Ö ü í å Ë ß Ô Õ Ø × Ê Ø Õ Ø ÝÓ Í Ú ÿ é ê � Ë Ë Ù Õ Ö × Ê Ø Õ Ø Ý à Ó í ÿ � å ê Ø Õ Þ Ö Ô Ý Ê Ø Õ Ø Ø Ý Ù � Ï � þ Ë Ô Ù × Õ Ë Ø Ê Ø Õ × Ø� å ê ÿ Ó Í Ú Ë Õ Ô Ö ß Ù Ø Õ Ø Ø Ö Ø à Ó í ÿ ü � � Ë Õ Ø á Ö Ø Ê Ø Õ Ø Ø Ø Ô å Ç Å ÷ Î × á Õ Þ Ô Ø Õ × ßã Ó Ú ÿ Ó Í Ú Ø Õ Ý á ß Ø Õ Ø Ø Ë Þ à Ó í ÿ Í à ç ß Õ Ö × Ö Ë Ê Ø Õ Ø Ô ß ßÓ Í Ú ÿ ü ã Ú Ë Õ Ù Ë Ù Ý Ø Õ Ø Ø Ø Ø à Ó í ÿ â Û ç Þ Õ Þ Ø Ë á Ê Ø Õ Ø Ö Ù Þ] B R ; ; C T ; � C ; C A B > G � ` ] V � _ T = S A T : A T C ; P = B > C6 � � � � � � � � � � � l l ! � \ 4 # ! � ] B R ; ; C T ;6 � � / � � � � � l l ! � \ � l � 4 , � � � � � 2 � � � � � l l ! � \ ! 4 7 l' � � � � � ) � � � � � � � 5 � � l l ! � \ 4 � # ! � � � � � � � � � � 2 � � � � � l l ! � \ ! l 44 R S T H E � C ; C A B > G � � � � � � � l l ! � \ � l 4N � � � � � � 5 � � � � � 4 � � ! 7 7 # � � � � � � � ! ! l $ \ l 4 ! 7 ! 70 � � � � � � � � � � 4 � � ! 7 # l 0 � � 5 � � � � � 4 4 � � � ! � $d B A M R C � C ; C A B > G � V : K ] �� � � , � � � � � ! l $ l � � 4 � 4 \ 7 d B A M R C � ! l $ l � � 4 � 4 � 4� � � � � � � � ! l $ l � � 4 � 4 \ !6 � � � � � � ! l $ l � � 4 � 4 \ $] B A < H ; T A L A � C ; C A B > G � V : K ] �' � � � � � � � � ! l � l 4 # 7 7 $ # ] B A < H ; T A L A � ! l � l 4 # 7 7 l $] R F A W C ; < � C ; C A B > G2 � ) � � Z � � � � � � � � l 7 # # 7 # ] R F A W C ; < � � � � l 7 # # 7 4� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � ! " � # � $ � � � % � & ' ! # � � � � � ( ! � � ) � � � � � & # # � & ' % � & � * ! � # � % � & � + � * # � ) ) � $ � , � + ' � � # �- . / 0 1 2 1 3 4 5 . 6 7 0 8 / 9 4 / 1 : 2 ; < 6 8 / 2 1 / 0 = 6 0 4 > 2 1 0 . 2 ; 8 3 8 4 ; < : 2 ; 4 ? 6 0 8 0 : 2 ; 4 5 @ 4 ? 8 4 > > 4 9 4 A 2 @ < 4 1 8 0 2 1 8 . 4 : / 1 6 1 ? / 6 A < 6 ; B 4 8 0 C D E F E 6 1 B ? 6 1 1 2 8 G 7 6 ; 6 1 8 4 48 . 6 8 8 . 4 0 4 : 2 ; 4 ? 6 0 8 0 H / A A < 6 8 4 ; / 6 A / I 4 6 1 > ? 6 1 1 2 8 = 4 . 4 A > A / 6 = A 4 / 1 6 1 J H 6 J : 2 ; > / ; 4 ? 8 2 ; ? 2 1 0 4 K 7 4 1 8 / 6 A A 2 0 0 6 ; / 0 / 1 G : ; 2 < 6 1 J 7 0 4 2 : 8 . / 0 > 2 ? 7 < 4 1 8 2 ; / 8 0? 2 1 8 4 1 8 C - . 4 > 2 ? 7 < 4 1 8 / 0 1 2 8 / 1 8 4 1 > 4 > 6 0 @ 4 ; 0 2 1 6 A / I 4 > / 1 9 4 0 8 < 4 1 8 6 > 9 / ? 4 6 1 > > 2 4 0 1 2 8 ? 2 1 0 8 / 8 7 8 4 6 ; 4 ? 2 < < 4 1 > 6 8 / 2 1 8 2 = 7 J L 0 4 A A 2 ; . 2 A >/ 1 9 4 0 8 < 4 1 8 0 > 4 0 ? ; / = 4 > . 4 ; 4 / 1 C M A 8 . 2 7 G . / 1 : 2 ; < 6 8 / 2 1 . 6 0 = 4 4 1 2 = 8 6 / 1 4 > : ; 2 < 6 1 > / 0 = 6 0 4 > 7 @ 2 1 0 2 7 ; ? 4 0 D E F = 4 A / 4 9 4 0 8 2 = 4 ; 4 A / 6 = A 4 L D E F > 2 4 0 1 2 8G 7 6 ; 6 1 8 4 4 8 . 4 6 ? ? 7 ; 6 ? J 2 : 8 . / 0 / 1 : 2 ; < 6 8 / 2 1 L H . / ? . < 6 J = 4 / 1 ? 2 < @ A 4 8 4 2 ; ? 2 1 > 4 1 0 4 > C M A A 2 @ / 1 / 2 1 0 6 1 > 4 0 8 / < 6 8 4 0 ? 2 1 0 8 / 8 7 8 4 6 D E F N 7 > G < 4 1 8 6 0 2 : 8 . 4> 6 8 6 2 : 8 . 4 ; 4 @ 2 ; 8 6 1 > 6 ; 4 0 7 = N 4 ? 8 8 2 ? . 6 1 G 4 H / 8 . 2 7 8 1 2 8 / ? 4 C

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