EM LATAM CREDIT: Argentina: Venezuelan Cartel - Neutral
(ARGENT; Caa1/CCC/CCC+)
"ARGENTINA DESIGNATES CARTEL DE LOS SOLES AS A TERRORIST GROUP" - Bbg
Venezuelan opposition leader Maria Corina Machado praised Milei for the decree, following similar actions by Ecuador and Paraguay, while Colombia President Gustavo Petro said the Venezuelan cartel doesn't exist.
The U.S. Has sent warships to the southern Caribbean off the coast of Venezuela to address what they said was a threat from drug cartels.
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USDJPY TECHS: Support At The 50-Day EMA Holds
- RES 4: 151.21 High Mar 28
- RES 3: 150.49 High Apr 2
- RES 2: 149.38 50.0% retracement of the Jan 10 - Apr 22 bear leg
- RES 1: 148.66/149.18 High Jul 21 / High Jul 16 and the bull trigger
- PRICE: 148.40 @ 12:31 BST Jul 28
- SUP 1: 146.76 20-day EMA
- SUP 2: 146.01/145.86 50-day EMA / Low Jul 24
- SUP 3: 145.16 61.8% retracement of the Jul 1 - 16 bull cycle
- SUP 4: 144.21 76.4% retracement of the Jul 1 - 16 bull cycle
A bull cycle in USDJPY remains in place. Today’s strong start to the week signals the end of the corrective pullback between Jul 16 - 24. Attention is on key resistance and the bull trigger at 149.18, the Jul 16 high. A break of this hurdle would confirm a resumption of the uptrend. Pivot support to monitor is 146.01, the 50-day EMA. A clear breach of it would instead signal scope for stronger reversal. First support is at 146.76, the 20-day EMA.
GLOBAL: Greer Doesn't Expect Big Breakthrough on China Trade Today
USTR Greer speaking on CNBC:
- "ON EU TRADE: WANT TO KEEP WORKING ON STEEL, DIGITAL SERVICES TAXES ALSO AREA TO KEEP WORKING ON
- ON CHINA TRADE: WANT TO MOVE FORWARD IN A POSITIVE WAY, DON'T EXPECT BIG BREAKTHROUGH TODAY" - Reuters
OUTLOOK: Price Signal Summary - Monitoring Support In Gilts
- In the FI space, Bund futures traded lower Friday, extending the reversal from the Jul 22 high. The move down resulted in a print below key support and a bear trigger, at 129.08, the Jul 14 low. The 129.00 handle represents a key area of support and a clear break of it would represent an important bearish development. It marks the base of a 3.5-month range. Initial key resistance to watch is 129.97, the 20-day EMA.
- Gilt futures have pulled back from the Jul 22 high. For now the contract remains above its recent lows. A rally early last week resulted in a break of the 20-day EMA. A resumption of gains would signal scope for a climb towards 92.42 next, a 50.0% retracement of the Jul 1 - 18 bear leg. On the downside, key support and the bear trigger has been defined at 91.08, the Jul 18 low.
