COLOMBIA: BanRep Governor Hints That Tightening Cycle Could Be Over
- Central Bank Could End Rate Hikes If Inflation Slows More - Villar - Reuters News
- Colombia's central bank could call time on its upward monetary cycle after inflation in Latin America's fourth-largest economy slowed in May, bank board chief Leonardo Villar said on Tuesday.
- Of note, the government's DANE statistics agency will publish May inflation data on June 7.
- "We hope that by the time we reach June, the board will have a second month of slowing inflation, which would send a message to the country that, possibly, rates would not rise further," Villar told economic commissions of Colombia's Congress.
- Separately, Villar also forecast high profits for the bank in 2023. He detailed that BanRep will post profits of around 11 trillion pesos this year, $2.5 billion at current rates, which would be delivered in 2024.
- "These profits... would be incorporated into the government's financial plan ... and would represent a record high," Villar said.
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EURJPY TECHS: Impulsive Break Higher
- RES 4: 152.81 1.50 proj of the Mar 20 - 21 - Apr 6 price swing
- RES 3: 152.00 1.382 proj of the Mar 20 - 21 - Apr 6 price swing
- RES 2: 151.00 1.236 proj of the Mar 20 - 21 - Apr 6 price swing
- RES 1: 150.43 High Apr 28
- PRICE: 150.03 @ 19:57 BST Apr 28
- SUP 1: 148.62 High Apr 25
- SUP 2: 146.92/61 Low Apr 28 / 20-day EMA
- SUP 3: 146.29 Low Apr 25 and a key short-term support
- SUP 4: 145.77 Low Apr 12
EURJPY traded sharply higher Friday, clearing last Tuesday’s 148.62 high. This confirms a resumption of the uptrend and cancels recent short-term bearish threats. The move higher signals scope for a climb towards 151.00 (with 150.00 cleared). Moving average studies remain in a bull mode position, highlighting an uptrend Key short-term support has been defined at 146.29, the Apr 25 low, where a break is required to signal a short-term reversal.
USDJPY TECHS: Clears The Bull Trigger
- RES 4: 137.91 High Mar 8 and key resistance
- RES 3: 137.38 High Mar 9
- RES 2: 136.99 High Mar 10
- RES 1: 136.56 High Apr 28
- PRICE: 136.23 @ 19:38 BST Apr 28
- SUP 1: 135.13 High Apr 19 and a recent breakout level
- SUP 2: 133.02 Low Apr 26 and a key near-term support
- SUP 3: 132.02 Low Apr 13
- SUP 4: 131.53 Low Feb 2
USDJPY rallied sharply higher Friday and this cancels recent bearish threats. The bull trigger at 135.13, Apr 19 high, has been cleared. The break confirms a resumption of the trend that started Mar 24. The pair has cleared a number of key short-term resistance points and this paves the way for gains towards 137.91, the Mar 8 high and a key resistance. Key short-term support has been defined at 133.02, the Apr 26 low.
EURGBP TECHS: Clears Support
- RES 4: 0.8918 76.4% retracement of the Feb 3 - Mar 15 bear leg
- RES 3: 0.8880 61.8 retracement of the Feb 3 - Mar 15 bear leg
- RES 2: 0.8875 High Apr 25 and key short-term resistance
- RES 1: 0.8813 50-day EMA
- PRICE: 0.8768 @ 19:26 BST Apr 28
- SUP 1: 0.8763 Low Apr 11
- SUP 2: 0.8729 Low Apr 4
- SUP 3: 0.8719 Low Mar 15 and key support
- SUP 4: 0.8691 Low Dec 19
EURGBP traded sharply lower Friday and in the process, cleared support at 0.8792, the Apr 19 low. The move lower undermines the recent bullish theme and instead highlights a developing bearish threat. A continuation lower would pave the way for a test of support at 0.8719, the Mar 15 low and a key level. On the upside, key short-term resistance has been defined at 0.8875, the Apr 25 high.
