ENERGY: Canada Week: Alberta Premier Proposes New Pipeline To British Columbia
* Wildfires burned 3.5M hectares as of Wednesday, above 10-yr average of 820K, federal Public Safe...
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LOOK AHEAD: Wednesday Data Calendar
- US Data/Speaker Calendar (prior, estimate)
- 14-May 0515 Fed Gov Waller on central bank research (text, Q&A)
- 14-May 0700 MBA Mortgage Applications (11.0%, --)
- 14-May 0910 Fed VC Jefferson economic outlook (text, no Q&A)
- 14-May 1130 US Tsy $60B 17W Bill auction
- 14-May 1740 SF Fed Daly fireside chat (no text, Q&A)
US: FED Reverse Repo Operation
RRP usage recedes to $144.214B this afternoon from $147.505B yesterday, total number of counterparties at 32. Usage had fallen to $54.772B last Wednesday, April 16 -- lowest level since April 2021. Conversely, usage had surged to the highest level since December 31, 2024 on Monday, March 31: $399.167B.
GBPUSD TECHS: Monitoring Support At The 50-Day EMA
- RES 4: 1.3550 High Feb 24 ‘22
- RES 3: 1.3510 1.236 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 2: 1.3402/3444 High May 6 / High Apr 28 / 29 and the bull trigger
- RES 1: 1.3323 High May 9
- PRICE: 1.3276 @ 16:48 BST May 13
- SUP 1: 1.3140 Low May 12
- SUP 2: 1.3087 50-day EMA
- SUP 3: 1.3041 Low Apr 14
- SUP 4: 1.2968 Low Apr 11
GBPUSD traded lower Monday as the pair extended the correction that started Apr 29. The 20-day EMA has been breached. Furthermore, a minor head and shoulders formation on the daily chart highlights a reversal and reinforces the likelihood of a corrective pullback near-term. Key support to watch is 1.3087, the 50-day EMA. The bull trigger is unchanged at 1.3444, the Apr 28 / 29 high. A break of this level would resume the uptrend.
