EM LATAM CREDIT: Argentina: CPI Better than Expected - Positive

[The below is a small section on latest travel demand in the US from the MNI US CPI Preview ahead of Tuesday's CPI report for July]

• Travel-related prices have been a source of generally larger than expected disinflationary pressure in recent months, although some travel data crudely suggest we might have seen the peak for this sequentially.
• TSA checkpoint numbers have returned closer to last year’s seasonal pattern after some weakness in prior months.
• APIS data meanwhile have stabilized at low Y/Y rates with US citizens returning rising 3.6% Y/Y in July (after 1.4% Y/Y in June or 3% Y/Y averaged since February) and foreign originating flights -4.9% Y/Y (after -6.6% Y/Y in June or -5% Y/Y since February). 

• RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing 
• RES 3: 175.43 High Jul 11 ‘24 and a key medium-term resistance
• RES 2: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
• RES 1: 173.97 High Jul 28 and the bull trigger 
• PRICE: 171.70 @ 15:31 BST Aug 11
• SUP 1: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
• SUP 2: 169.62 50-day EMA
• SUP 3: 168.46 Low Jul 1  
• SUP 4: 167.46 Low Jun 23   

A bullish trend condition in EURJPY remains intact and for now the recent move down is considered corrective. Key support to watch lies at the 50-day EMA at 169.62. A clear break of the EMA is required to highlight a stronger short-term bearish threat. Moving average studies remain in a bull-mode position highlighting an uptrend. A break of the Jul 28 high of 173.97, would resume the bull cycle.  

Elsewhere in Europe Pi:

• OAT remains in flat territory, where it has been almost the entire year. Last week's trade was indicative of reduced longs.  
• Gilt structural positioning remains in short territory. There were some longs set last week, however.  
• BTP continues to edge further into "very long" territory. Indeed, trade indicative of further long-setting was seen in the most recent week.