CREDIT PRE-MARKET: € Credit Open
Oct-11 06:07
- US & EU Equity futures pointing to a stable open. Chinese equities were again volatile overnight as the market waits for news on stimulus measures.
- Zheng Shanjie, Chairman of the National Development and Reform Commission - wrote a piece in the People's Daily calling for increased macro-controls and economic monitoring
- Some mixed messages from Fed with 3 policy makers said to be unconcerned about the higher than expected CPI print. Bostic however is open to skipping the November rate cut.
- US PPI will be watched later today
- UST rates curve opening higher and flatter with 2yr +1.7bps ; 10yr +0.8bps
- Yesterday's movers: CKHGTH was volatile, closing 8bp wider. MTXGR closes 8 wider following recent strength. ALIVFP closes 12 tighter. PBBGR is up to 22bp tighter. CITCON remains under pressure, +12bp; analyst call 11am today
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EURGBP TECHS: Bear Flag
Sep-11 06:05
- RES 4: 0.8623 High Aug 22
- RES 3: 0.8494 High Aug 26
- RES 2: 0.8472 50-day EMA
- RES 1: 0.8455 20-Day EMA
- PRICE: 0.8432 @ 07:04 BST Sep 11
- SUP 1: 0.8400 Low Aug 30 and the bear trigger
- SUP 2: 0.8383 Low Jul 17 and a key support
- SUP 3: 0.8340 Low Aug 2 ‘22
- SUP 4: 0.8311 3.00 projection of the Aug 8 - 13 - 14 price swing
A bearish theme in EURGBP remains intact and the cross continues to trade closer to its recent lows. The latest move higher is a shallow correction and appears to be a flag formation - a bearish continuation pattern that reinforces current conditions. A break lower would resume the downtrend and open 0.8383, the Jul 17 low and the next key support. Initial firm resistance is seen at 0.8455, the 20-day EMA.
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Sep-11 06:04
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