EM CEEMEA CREDIT: Bright Food (Group): IPT EUR

• SPAIN MAY MANUFACTURING PMI 50.5 (48.4 FCAST, 48.1 APRIL)

Swiss Q1 growth came above the flash release at 0.8% Q/Q on a sports-event and seasonally-adjusted basis and follows Q4's 0.6%. "The services sector delivered broad based growth. Domestic demand developed positively. Meanwhile, the chemical and pharmaceutical industry expanded at an above-average rate", SECO comments. This means that despite the strong print being underpinned by tariff front-running in the US, the broad-based contributions from the services sector point towards some underlying strength.

• Strong growth momentum last quarter should, on the margin, point away from an outsized 50bp cut to -0.25% at the June 19 SNB meeting, which markets currently see a 1-in-3 chance of. However, the SNB's main concern currently remains low inflation - May data will be released tomorrow, with consensus looking for -0.1% Y/Y.
• Remember that SNB Chairman Schlegel mentioned on May 19 that Swiss growth will likely be lower than expected "a few weeks ago" - the SNB's March forecast for 2025 stands at 1.0%-1.5%. It is not entirely clear if Schlegel was referring to this official forecast with the statement, or if the SNB internally saw growth stronger in the meantime.

• RES 4: $36.000 - Round number resistance 
• RES 3: $34.903 - High Oct 23 ‘24 and the bull trigger
• RES 2: $34.590 - High Mar 28  
• RES 1: $33.686/700 - High Apr 25 / High May 22
• PRICE: $33.260 @ 08:10 BST Jun 2 
• SUP 1: $31.651 -  Low May 15 
• SUP 2: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger
• SUP 3: $27.686 - Low Sep 6 ‘24   
• SUP 4: $27.180 - Low Aug 14 ‘24   

A bullish theme in Silver remains intact and price is trading closer to its recent highs. Key short-term support has been defined at $31.651, the May 15 low. A clear break of this level is required to highlight a reversal and signal scope for a deeper retracement. This would open $30.915, the Apr 11 low. For bulls, resistance to watch is $33.686, the Apr 25 high. It has been pierced, a clear break of it would confirm a resumption of the uptrend.