CANADA DATA: Canada Has 11th Consecutive Current Account Deficit
May-29 14:07
- Canada's current account deficit narrowed to CAD2.1B in Q1 after CAD3.6B in Q4. Deficit has narrowed from CAD5.3b in Q2 2024.
- Tariff threats drove up imports and exports of goods, but the overall balance was little changed at -CAD0.5b, StatsCan said Thurs. Services deficit was also little changed at -CAD0.9b.
- That meant the deficit narrowed on the income account. StatsCan said that was led by transfers, followed by higher profits on Canada's foreign direct investments abroad.
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US TSYS: Post-JOLTS, Consumer Confidence React
Apr-29 14:07
- Treasury futures gapped higher, extended top end of range after higher than expected March JOLTS quits rate (Jul'24 lvl), declining Confidence levels.
- Jun'25 10Y currently +5.5 at 112-02 vs. 112-06 high (10Y yld tapped 4.1736% low), through round number resistance, next level at 112-12 (61.8% retracement of the Apr 7 - 11 bear leg).
- Cross asset: BBG US$ index firmer off session low at 1221.79 (+1.97); stocks inexplicably bouncing: S&P eminis +13 at 5566.00.
GILTS: Testing the 4.46% Yield support post US Data
Apr-29 14:06
- The 4.46% level in the 10yr Gilt is now tested as US JOLTS and Consumer Confidence come below consensus.
- While this Yield level is still holding, printed a 4.459% low, further push lower in Yield terms will have Investors staring at the 4.363% Yield, this was the April and 2025 low.
- Today, this would equate to 94.30.
EQUITY TECHS: E-MINI S&P: (M5) Resistance To Watch Is At The 50-Day EMA
Apr-29 14:03
- RES 4: 5837.25 High Mar 25 and a bull trigger
- RES 3: 5773.25 High Apr 2
- RES 2: 5619.66 50-day EMA and a key resistance
- RES 1: 5578.75 High Apr 28
- PRICE: 5549.25 @ 14:52 BST Apr 29
- SUP 1: 5355.25/5127.25 Low Apr 24 / 21 and a key support
- SUP 2: 4996.43 76.4% retracement of the Apr 7 - 10 bounce
- SUP 3: 4832.00 Low Apr 7 and the bear trigger
- SUP 4: 4760.88 1.618 proj of the Feb 19 - Mar 13 - 25 price swing
The corrective bull cycle in S&P E-Minis that started on Apr 7, remains in play. The contract has breached a number of important short-term resistance points. Price has cleared the 20-day EMA and pierced 5528.75, the Apr 10 high. The next key resistance is 5619.66, the 50-day EMA. A clear breach of this EMA would strengthen a bull theme. Initial key support lies at 5127.25, the Apr 21 low. A break would be bearish
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