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France EUR

France OATi Auction

Impact:
Low

Latest Release:

Date:
Actual:
 
Forecast:
Previous/Revision:  
Period:

Next Release:

Date:
Period:
What Does It Measure?
The France OATi Auction measures the government’s issuance of medium to long-term bonds known as Obligations Assimilables du Trésor indexées (OATi), which are inflation-indexed bonds. This auction assesses the demand for French government debt and evaluates investor sentiment regarding future economic conditions and inflationary pressures, focusing primarily on funding costs and market liquidity.
Frequency
The OATi Auction occurs regularly, typically on a quarterly basis, with specific dates announced in the government’s bond issuance calendar.
Why Do Traders Care?
Traders pay close attention to the OATi Auction because the results can significantly impact the yield on French government bonds, informing expectations for interest rates and inflation. Strong demand at the auction is often bullish for the euro and can affect broader equity markets by signaling confidence in government fiscal health, while weak demand can lead to bearish sentiment for both currencies and stocks.
What Is It Derived From?
The OATi Auction is derived from competitive bidding by institutional and retail investors who submit offers on the amount and yield they are willing to accept. The auction employs a Dutch-style mechanism, where all successful bidders pay the same price (the lowest accepted yield), and the data is collected and processed by the French Treasury.
Description
The French OATi Auction results include the total amount allocated, average yield accepted, and bid-to-cover ratio, which provides insights into market demand. Preliminary reports may show early allocation results, while final figures will confirm the auction details, with the final data released shortly after the preliminary announcement, reflecting the accurate outcomes and any revisions.
Additional Notes
The OATi Auction acts as a coincident measure of market conditions and fiscal health, being closely related to other financing measures such as conventional OAT auctions. It also reflects broader economic trends within the Eurozone, as investor interest in French debt can be influenced by simultaneous events in neighboring economies or by European Central Bank policies.
Bullish or Bearish for Currency and Stocks
Higher than expected: Bullish for EUR, Bullish for Stocks. Lower than expected: Bearish for EUR, Bearish for Stocks.

Legend

High Potential Impact
This event has a strong potential to move markets significantly. If the 'Actual' value differs enough from the forecast or if the 'Previous' value is significantly revised, it signals new information that markets may rapidly adjust to.

Medium Potential Impact
This event may cause moderate market movement, especially if the 'Actual' deviates from the forecast or there's a notable revision to the 'Previous' value.

Low Potential Impact
This event is unlikely to affect market pricing unless there's an unexpected surprise or a major revision to prior data.

Surprise - Currency May Strengthen
Actual deviated from Forecast on a medium or high impact event and historically could strengthen the currency.

Surprise - Currency May Weaken
Actual deviated from Forcast on a medium or high impact event and historically could weaken the currency.

Big Surprise - Currency More Likely To Strengthen
'Actual' deviated from 'Forecast' more than 75% of historical deviations on a medium or high impact event and may likely strengthen the currency.

Big Surprise - Currency More Likely To Weaken
'Actual' deviated from 'Forecast' more than 75% of historical deviations on a medium or high impact event and may likely weaken the currency

Green Number Better than forecast for the currency (or previous revise better)
Red Number Worse than forecast for the currency (or previous revise better)
Hawkish Supports higher interest rates to fight inflation, strengthening the currency but weighing on stocks.
Dovish Favors lower rates to boost growth, weakening the currency but lifting stocks.
Date Time Actual Forecast Previous Surprise
Oct 17, 2024