US: Corporate Credit Update: Off Early 2Y Highs

Reuters has reported that Hungarian Prime Minister Viktor Orban held a lengthy call with Russian President Vladimir Putin and asked him to announce an immediate ceasefire with Ukraine.

• Orban also stated at a press conference today that he has invited Putin for ceasefire talks in Hungary with Volodymyr Zelensky, Emmanuel Macron, and OIaf Scholz.
• Orban claims that Putin's response was 'positive' although talks would be dependent on conditions. (Reuters)
• Samuel Ramani wrote a short time ago: 'Hungary says it would be prepared to pay for Russian gas with rubles and rules out energy sanctions.'
• EU talks to phase out Russian energy imports hit a block today and it is likely that Orban was a dissenting voice amongst EU ranks. Austria and Germany also reportedly spoke against the measure.
• Pre-empting a NATO and EU rift, NATO Chief Jens Stoltenberg wrote: 'Spoke to PM Viktor Orbán of Hungary. NATO Allies are united in our condemnation of Russia’s brutal war against an independent sovereign nation. We are prepared for the long haul, supporting Ukraine, strengthening our sanctions & increasing our deterrence & defence.'

• RES 4: 1.1241 2.0% 10-dma envelope
• RES 3: 1.1222 61.8% of Feb 10 - Mar 7 sell-off
• RES 2: 1.1185/1201 High Mar 31 / 3.0% Upper Bollinger Band
• RES 1: 1.1036 20-day EMA
• PRICE: 1.0908 @ 17:16 BST Apr 6
• SUP 1: 1.0875 Low Apr 6
• SUP 2: 1.0806 Low Mar 7 and the bear trigger
• SUP 3: 1.0767 Low May 7 2020
• SUP 4: 1.0727 Low Apr 24, 2020

EURUSD traded lower again early Wednesday, extending the pullback from 1.1185, Mar 31 high. The recent failure at 1.1185 and more importantly, the inability to remain above the 50-day EMA (breached last week), highlighted a developing bearish threat and this week’s sell-off has reinforced this theme. The break of 1.0945 signals scope for a deeper sell-off towards 1.0806, the Mar 7 low and a bear trigger. Clearance of 1.1185 would reinstate a bull theme.