EM LATAM CREDIT: Argentina's President Milei Comments on Corruption Scandal

• RES 4: 1.1923 2.000 proj of the Feb 28 - Mar 18 - 27 price swing
• RES 3: 1.1917 2.0% 10-dma envelope
• RES 2: 1.1851 High Sep 10 2021 
• RES 1: 1.1749/1829 High Jul 24 / 01 and the bull trigger 
• PRICE: 1.1591 @ 19:30 BST Jul 28
• SUP 1: 1.1585 Low Jul 28
• SUP 2: 1.1559/57 50-day EMA / Low Jul 17
• SUP 3: 1.1446 Low Jun 19
• SUP 4: 1.1405 Low Jun 11  

EURUSD traded sharply lower Monday, posting the largest one-day downmove since November last year. This puts price further through support at the 20-day EMA, at 1.1684. The next key support to watch lies at the 50-day EMA, at 1.1559. A clear break of this average is required to signal a stronger reversal. Note that medium-term trend indicators continue to highlight a dominant uptrend. A resumption of gains would refocus attention on 1.1829, the Jul 1 high and the bull trigger. 

• EUR/USD: $1.1425-30(E607mln), $1.1500(E629mln), $1.1540-50(E830mln), $1.1600(E772mln), $1.1650(E1.7bln), $1.1700-20(E1.5bln), $1.1725-45(E2.1bln)
• USD/JPY: Y145.00($1.3bln), Y146.65-70($1.0bln), Y147.50-55($1.1bln), Y147.85-00($757mln)
• EUR/JPY: Y172.50(E706mln)
• AUD/USD: $0.6530-50(A$736mln), $0.6600(A$968mln)
• USD/CAD: C$1.3770($540mln)

• Date $MM Issuer (Priced *, Launch #)
• 07/28 $12B #Mexico 5Y +170
• 07/28 $2.75B #RBC $1.25B 4NC3 +62.5, $500M 4NC3 SOFR+88, $1B 6NC5 +73
• 07/28 $2B #Deutsche Bank $1.7B 6NC5 +98, $300M 6NC5 SOFR
• 07/28 $1.5B Community Health Systems 8.5NC3 9.5%a
• 07/28 $750M #M&T Bank 10NC5 +143
• 07/28 $600M #Ally Financial 8NC7 +137
• 07/28 $650M EW Scripps 5NC2 investor calls (expected to launch 7/29)