EM LATAM CREDIT: Colombia's Petro Sanctioned

• RES 4: 114-12  1.0% 10-dma envelope
• RES 3: 114-10   High Apr 7 (cont.)
• RES 2: 114-00   Round number resistance 
• RES 1: 113-12/29 High Sep 18 / High Sep 11 and the bull trigger 
• PRICE:‌‌ 112-29+ @ 11:12 BST Sep 24
• SUP 1: 112-20+/112-15+ Low Sep 22 / High Aug 5  and 14 
• SUP 2: 112-10   50-day EMA
• SUP 3: 111-13+ Low Aug 18 and a key support  
• SUP 4: 110-25   Low Aug 1 

The latest pullback in Treasury futures appears corrective. Price has moved through the 20-day EMA, at 112-28. The break signals scope for a deeper retracement and attention turns to the 50-day EMA, at 112.10 and the next key support. Moving average studies remain in a bull mode position, highlighting a dominant uptrend. The bull trigger has been defined at 113-29, the Sep 11 high.

• Minister in charge of Canada Post delivering an announcement about its future tomorrow at 1245pm EST.
• Joel Lightbound "will provide details on new measures to address the challenges facing Canada Post and advance its transformation" according to a government news release.
• Postal agency required a CAD1 billion infusion earlier this year after announcing it was running out of cash after years of losses and had a bond payment coming. It has since reported another major loss amid labor disruptions.
• Management has said the losses relate to the decline of letter mail but also federal legislation requiring 5-day-a-week delivery to every address in Canada. Past governments have discussed major service cuts including to rural Canada but backed off because those moves had been seen as widely unpopular.

New survey data from Strength In Numbers/Verasight, analysed by G. Elliot Morris, shows that President Donald Trump's approval rating “is most negative on the issues Americans rate as the most important: prices/inflation (-31), health care (-24), and government funding/social programs (-19).”

• Morris writes, “Of particular note is that this -31 reading for inflation represents an all-time low for Trump, as does his approval on health care… These results underscore Trump’s enduring weakness on pocketbook — the policy domains that have decided the last several U.S. elections. Trump’s disadvantage on the issue goes a long way to explaining Democrats’ current lead on the generic ballot.”
• On the US House generic ballot, Morris notes, “Democrats lead 47% to 42% among U.S. adults (11% undecided). Among people who say they are definitely or very likely to vote, the margin is 50% to 45%.”

Figure 1: Approval of President Donald Trump on the Following Issues

Source: G. Elliot Morris, Strength In Numbers, Verasight