EM CEEMEA CREDIT: ACCESS: 1Q25 results headlines, neutral read

• RES 4: 5886.86 50-day EMA 
• RES 3: 5837.25 High Mar 25 and a key resistance    
• RES 2: 5766.74 20-day EMA
• RES 1: 5672.75 High Mar 31                       
• PRICE: 5639.50 @ 07:27 BST Apr 1   
• SUP 1: 5559.75/33.75 Low Mar 13 and the bear trigger / Low Mar 31                   
• SUP 2: 5500.00 Round number support 
• SUP 3: 5483.50 2.00 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
• SUP 4: 5396.00 2.236 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing

S&P E-Minis maintains a softer tone following recent bearish price action. Attention is on key support and the bear trigger at 5559.75, the Mar 13 low. It has been pierced, a clear break of it would confirm a resumption of the downtrend that started Feb 19, and open 5483.30, a Fibonacci projection. MA studies are in a bear-mode position, highlighting a dominant downtrend. Key short-term resistance has been defined at 5837.25, the Mar 25 high.

• MNI's tracking estimate for EZ HICP is currently around 2.1%Y/Y with around 83% of country-level data having been released.
• We assume that Dutch HICP (5.9% of EZ weighting) also comes in inline with consensus and that there is no big change to the Y/Y rates of Austria (3.4% of EZ weighting) versus February's print.
• The Bloomberg median is at 2.2% - but there are more analysts forecasting 2.3%Y/Y than 2.1%, so there may be some very modest downside risks to expectations.

• A mixed Dollar against G10 going into the European session, the AUD was and still is the early best performer, now just up 0.13%, the RBA kept its rate unchanged as expected, and like other Central Bank it is sticking to a Data dependency going Forward.
• Besides the busy Week on the data front, the Globe awaits the Tariff announcement due Tomorrow at the Rose garden, and potential escalation in the trade War.
• The EUR is the early worst performer, albeit by just 0.14%, and similar to other G10 pairs/crosses, most trades well within ranges.