EU COMMUNICATIONS: BT: Q126 Results Headlines                    

• An incredibly volatile few sessions in FX, the Kiwi and the Aussie are leading today, up 0.85% and 0.74% respectively.
• The printed high on Friday in NZDUSD was at 0.6009, the Kiwi fell all the way to 0.5883 Yesterday, and is now above Friday's high at 0.6026, after printing a 0.6034 high earlier.
• For the USDJPY, the cross gained close to 300 pips from Friday's low of 145.12, to a 148.03 high Yesterday.
• USDJPY is now back at 145.19, after printing a 145.05 low earlier.
• Today is full of speakers, but Fed Powell will be at the forefront for the session.
• Yesterday, Bowman joined Waller supporting a rate cut in July if Inflation stayed subdued.
• Trump's earlier post included " I hope Congress really works this very dumb, hardheaded person, over".

• Dowload full report here
• There is considerable uncertainty heading into the June 25 decision which may drive BoT to cut again as risks around the economic outlook persist at a time of softening growth or it may want to watch & wait and maintain room to ease at a more “effective” time. 6 out of 21 analysts on Bloomberg are forecasting a 25bp cut.
• Political uncertainty has resulted in the governing coalition holding a slim majority which risks the passing of the upcoming budget and the introduction of any further fiscal stimulus to support the economy. There is also a considerable chance there will be earlly elections.
• With growth softening as heightened uncertainties weigh, the possibility that fiscal policy will be frozen and the next meeting not until August 13 as well as retreating oil prices, the MPC is likely to remain cautious and retain its easing bias while a June rate cut is still a possibility.

• RES 4: 6249.00 - High Feb 21      
• RES 3: 6200.00 1.500 proj of the Apr 7 - 10 - 21 price swing 
• RES 2: 6172.50 High Feb 24
• RES 1: 6131.00 Intraday high    
• PRICE: 6125.75 @ 07:24 BST Jun 24  
• SUP 1: 5959.00/5913.50 Low Jun 23 / 50-day EMA
• SUP 2: 5811.50 Low May 23    
• SUP 3: 5645.75 Low May 7
• SUP 4: 5500.00 Low Apr 30

The trend condition in S&P E-Minis is unchanged, it remains bullish and this week’s strong start reinforces current conditions. Short-term resistance and a bull trigger at 6128.75, the Jun 11 high, has been pierced. A clear break of this level would confirm a resumption of the uptrend that started Apr 7. This would open the 6200.00 handle, a Fibonacci projection. Key support remains at the 50-day EMA - at 5913.50. A clear break of it would signal a reversal.