INDIA: Country Wrap: RBI Debt Purchase Announced for May
Apr-30 05:24
- China has no intention to undercut markets with artificially low-priced goods, the country’s ambassador to India said, seeking to ease concerns about a potential influx of cheap Chinese products into global markets. “We will not engage in market dumping or cut-throat competition, nor will we disrupt other countries’ industries and economic development,” Xu Feihong wrote on Tuesday in an editorial in the Indian Express newspaper titled “Stand up to Washington’s bullying.” (source BBG)
- The RBI announced a $15bn debt purchase in May to boost liquidity and are expected to ease the demand-supply imbalance and support the economy, with the authority aiming to keep liquidity in 1% surplus of net deposits. (source RBI)
- India's NIFTY 50 is up +0.21% in early trading and if maintained has delivered gains of over +3.5% for the month
- Despite overnight dollar strength, Asia currencies had a strong day with the rupee gaining +.13% to 85.13, its strongest level since December.
- Bonds are weaker at the open with the IGB 10YR at 6.35% +1.5bps today. This comes after a 5bps rally yesterday on the OMO announcement
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
LOOK AHEAD: UK Timeline of Events (Times BST)
Mar-31 05:23
| Date | UK | Period | Event |
| 31-Mar | 0930 | Feb | BoE Lending Data |
| 31-Mar | - | FQ1 | DMO Quarterly Investors/GEMM consultation |
| 01-Apr | 0001 | Mar | BRC Monthly Shop Price Index |
| 01-Apr | 0915 | - | BoE's Greene on ‘UK MP/macro conjuncture’ |
| 01-Apr | 0930 | Mar | Manufacturing PMI |
| 03-Apr | 0930 | Mar | Decision Maker Panel data |
| 03-Apr | 0930 | Mar | Services / Composite PMI |
| 04-Apr | 0730 | FQ1 | DMO announce Apr-Jun issuance operations |
| 04-Apr | 0930 | Mar | Construction PMI |
| 08-Apr | 1700 | - | BoE's Lombardelli on 'What can the UK learn from the US' |
| 10-Apr | 0001 | Mar | RICS House Prices |
| 10-Apr | 1400 | - | BoE's Breeden at MNI Connect Event |
| 11-Apr | 0001 | - | KPMG/REC Jobs Report |
| 11-Apr | 0700 | Feb | Monthly Activity Data |
| 11-Apr | - | - | BoE's Saporta on 'How financial crisis reshape market and strategies’ |
| 12-Apr | - | - | BoE's Greene on 'how to coordinate economic policy' |
| 15-Apr | 0001 | Mar | BRC-KPMG Shop Sales Monitor |
| 15-Apr | 0700 | Feb/Mar | Labour Market Survey |
EURUSD TECHS: MA Studies Highlights A Dominant Uptrend
Mar-31 05:18
- RES 4: 1.1083 High Oct 2 2024
- RES 3: 1.1040 High Oct 4 2024
- RES 2: 1.0961 76.4% retracement of the Sep 25 ‘24 - Feb 3 bear leg
- RES 1: 1.0861/0955 High Mar 21 / 18 and the bull trigger
- PRICE: 1.0837 @ 06:17 BST Mar 31
- SUP 1: 1.0733 Low Mar 27 and a key short-term support
- SUP 2: 1.0649 50-day EMA and a short-term pivot level
- SUP 3: 1.0602 Low Mar 5
- SUP 4: 1.0548 50.0% retracement of the Feb 3 - Mar 18 bull run
Recent weakness in EURUSD appears to have been a correction and the trend condition remains bullish. MA studies are in a bull-mode position highlighting a dominant uptrend. 1.0733, the Mar 27 low, marks a key near-term support. A move through it would confirm a clear breach of the 20-day EMA and allow for a deeper correction towards the 50-day EMA at 1.0649. Key resistance and the bull trigger is at 1.0955, the Mar 18 high.
LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
Mar-31 05:18
| Date | Time | Country | Event |
| 31-Mar | 700 | DE | Import/Export Prices / Retail Sales |
| 31-Mar | 900 | DE | State-level Flash CPI |
| 31-Mar | 1000 | IT | HICP (p) |
| 31-Mar | 1300 | DE | HICP (p) |
| 01-Apr | 815 | ES | S&P Global Manufacturing PMI |
| 01-Apr | 845 | IT | S&P Global Manufacturing PMI |
| 01-Apr | 850 | FR | S&P Global Manufacturing PMI (f) |
| 01-Apr | 855 | DE | S&P Global Manufacturing PMI (f) |
| 01-Apr | 900 | EU | S&P Global Manufacturing PMI (f) |
| 01-Apr | 920 | EU | ECB's Cipollone At Croatian National Bank Meeting |
| 01-Apr | 1000 | EU | HICP (p) / Unemployment |
| 01-Apr | 1330 | EU | ECB's Lagarde At AI Conference |
| 01-Apr | 1730 | EU | ECB's Lane At AI Conference |
| 02-Apr | 1130 | EU | ECB's Schnabel At SciencesPo Conference |
| 02-Apr | 1505 | EU | ECB's Lane At AI Conference |
