EM LATAM CREDIT: Argentina: Issuance of BOPREAL Bonds - Neutral
(ARGENT; Caa3pos/CCC/CCC+) "*ARGENTINA SOLD $810M OF BOPREAL SERIES 4 BONDS" - Bbg...
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EURJPY TECHS: Monitoring Support At The 50-Day EMA
- RES 4: 166.69 High Oct 31 2024 and a key resistance
- RES 3: 166.10 High Nov 6
- RES 2: 165.21/43 High May 13 / High Nov 8 2024
- RES 1: 164.07 High May 15
- PRICE: 163.05 @ 16:40 GMT May 19
- SUP 1: 162.23/15 50-day EMA / Intraday low
- SUP 2: 161.60 Low May 6
- SUP 3: 160.99 Low Apr 22
- SUP 4: 159.48 Low Apr 9
EURJPY maintains a bearish tone following the pullback from its recent high. The move down is for now, considered corrective. However, the cross is testing a key support at 162.23, the 50-day EMA. A break of this level would undermine a bearish theme and signal scope for a deeper retracement. For bulls, a resumption of gains would refocus attention on key resistance and the bull trigger at 165.21, the May 13 high.
US INFLATION: Manheim Used Vehicle Index Down M/M, Potential CPI Pullback Ahead
Manheim Auctions's gauge of US used vehicle prices fell by the most in 13 months at-1.1% in May (after +2.8% the prior month), more or less returning the index level to where it was at the start of the year.
- On an individual month-to-month percentage change basis the series hasn't corresponded particularly well with CPI used vehicles, with Manheim instead working with a very rough 2-month lead. The last two months, used vehicle prices in CPI have dropped 0.5% M/M and 0.7% M/M.
- Manheim points to a potential uptick in May/June CPI before pulling back, but it's unknown how much of the price effect is tariff- and tariff-front-running related.
USDJPY TECHS: Testing Support At The 20-Day EMA
- RES 4: 150.49 High Apr 2
- RES 3: 149.28 High Apr 3
- RES 2: 148.54/65 76.4% of Mar 28 - Apr 22 bear leg / High May 12
- RES 1: 146.29 50-day EMA
- PRICE: 144.89 @ 16:39 BST May 19
- SUP 1: 144.67/143.45 Low May 19 / Low May 8
- SUP 2: 142.36 Low May 6
- SUP 3: 141.97 Low Apr 29
- SUP 4: 139.89 Low Apr 22 and a bear trigger
USDJPY continues to trade below the May 12 high and the pair maintains a softer tone. The latest pullback underpins the view that gains since Apr 22 appear corrective. A stronger reversal lower would refocus attention on 142.36, the May 6 low. First support to watch is 145.21, the 20-day EMA. It has been pierced, a clear break would strengthen a bearish theme. Key short-term resistance has been defined at 148.65, the May 12 high.
