RENEWABLES: CWE Morning Solar Forecast
Jul-31 06:29
See the latest CWE solar forecast for peak-load hours starting this morning for the next seven days. CWE peak solar output will be on a general upward trend over 4-7 August to be at 21-35% load factors, respectively.
CWE Solar for 1-7 August
- 1 August: 39.51GW
- 2 August: 41.66GW
- 3 August: 41.97GW
- 4 August: 33.71GW
- 5 August: 40.94GW
- 6 August: 54.76GW
7 August: 56.17GW
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USD: The Yen leads within G10 Currencies
Jul-01 06:27
- Overall the Dollar is closer to flat against all G10s, besides the Yen of course, which is up 0.25% at typing, albeit off its best level.
- As noted in the Bund comment, the US 10yr Yield had a brief test at the 4.20% level, helping the USDJPY back below 144.00, now some 20 pips off the low.
- There isn't much in terms of support at current levels in the USDJPY, the next is seen further out, down to 142.80 Low Jun 13.
BRENT TECHS: (U5) Maintains A Bearish Tone
Jul-01 06:17
- RES 4: $85.00 - Round number resistance
- RES 3: $81.99 - 2.764 proj of the Apr 9 - 23 - May 5 price swing
- RES 2: $80.72 - 2.618 proj of the Apr 9 - 23 - May 5 price swing
- RES 1: $72.66/79.40 - 50.0% of the Jun 23-30 range / High Jun 23
- PRICE: $66.76 @ 07:07 BST Jul 1
- SUP 1: $65.92 - Lowe Jun 30
- SUP 2: $61.39 - Low May 30
- SUP 3: $58.00 - Low May 5
- SUP 4: $57.70 - Low Apr 9 and a key support
Brent futures are unchanged. The contract traded sharply lower on Jun 23, and for now, maintains a softer tone. The move down has resulted in a breach of the 50-day EMA and note too that $66.17, the 61.8% retracement of the May 5 - Jun 23 bull leg, has been pierced. A continuation lower would expose $61.39 next, the May 30 low. Initial resistance to watch is $72.66, a Fibonacci retracement point.
BUNDS: The Divergence vs the US is in Focus
Jul-01 06:15
- Bund might be showing 25 ticks up going into the Cash Open, testing the intraday high on low volumes after the 2.60% area in Yield held again Yesterday, printed a 2.612% high.
- But the continued divergence against the US Tnotes (TYU5) will be watched, the US 10yr Yield tested the 4.20% level, initial support was seen Yesterday at 4.1942%, which equated to 112.11 Yesterday.
- Today's printed high in TYU5 is just 2.5 ticks off that level.
- For the German Bund, support moves down to the 130.00 figure, while the initial resistance remains unchanged at 130.80.
- Today's Manufacturing PMIs are final reading for France, Germany, EU, UK and US, the focus Today is on the EU Prelim CPI, US ISM Mfg and JOLTS.
- ECB CPI expectations are also due for release.
- SUPPLY: UK £2bn 30yr (equates to 19.3k Gilt) could somewhat weigh.
- SPEAKERS: ECB Guindos, Elderson, Schnabel, Lagarde, Fed Powell, BoE Bailey, BoJ Ueda.
