US: Brazil: Bolsonaro and Biden Hold First Bilateral Meeting Tonight
Jun-09 18:37
18:30 ET 11:30 BST: US President Joe Biden and Brazilian President Jair Bolsonaro will hold their first meeting this evening.
- A face-to-face meeting is reportedly one of the conditions Bolsonaro attached to his attendance at the Summit of the Americas.
- Bolsonaro is likely to use the meeting as a demonstration of his ability to operate on the world stage as campaigning begins for October's Brazilian presidential elections.
- For Biden, Bolsonaro's attendance was essential as his administration received criticism for organisational problems and a boycott by Mexican President Andrés Manuel López Obrador.
- Colm Quinn of FP: "The two leaders have little in common other than a desire to look busy at the Summit of the Americas."
- Oliver Stuenkel, of Getulio Vargas Foundation in São Paulo: “Biden is unlikely to offer much to Bolsonaro because most analysts expect the Brazilian president to lose the election in October. Bolsonaro is unlikely to offer much because he thinks Biden will be a lame duck after the midterms.”
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CANADA: Near-Term BAX Futures Await Direction From US CPI, BOCSpeak
May-10 18:36
- Near-term BAX contracts are near enough unchanged on the day through to end-2022 (+1.5 ticks), not far off Eurodollars (-0.5 tick) ahead of tomorrow’s US CPI and with the additional potential catalyst of BoC’s Dep Gov Gravelle speaking on Thu.
- Global growth concerns weigh further out the curve though, with the red pack rising as much as 7.5 ticks.
- Implied yields are reasonably close to the steepest the curve has been over immediate quarters but beyond that increasingly sit between where they were after the BoC meeting on Apr 13 and subsequent highs, crudely implying a terminal overnight rate falling close to 3%.
USDJPY TECHS: Probes Resistance
May-10 18:30
- RES 4: 133.11 High Apr 4 2002
- RES 3: 132.39 High Apr 15 2002
- RES 2: 131.96 1.00 proj of the Feb 24 - Mar 28 - 31 price swing
- RES 1: 131.35 High May 9 and the bull trigger
- PRICE: 130.26 @ 16:32 BST May 10
- SUP 1: 128.22 20-day EMA
- SUP 2: 126.95 Low Apr 27 and a key support
- SUP 3: 125.09 Low Apr 14
- SUP 4: 124.01 Low Apr 11
USDJPY bullish conditions remain in place. The pair probed resistance at 131.25 yesterday, the Apr 28 high. A clear break of this level would confirm a resumption of the uptrend and open the next objective at 131.96, a Fibonacci projection. A move higher would also maintain a bullish price sequence of higher highs and higher lows. Key support has been defined at 126.95, Apr 27 low. A break would signal a reversal. Initial support is at 128.22.
WHITE HOUSE: White House Daily Presser Beginning Shortly
May-10 18:30
White House Press Secretary Jen Psaki is shortly due to deliver her daily press conference.
- A livestream can be followed here: https://www.youtube.com/watch?v=h1XJoRQsUzc&featur...
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