PHILIPPINES: Economic Cluster Emerges Unshaken From Marcos Cabinet Reshuffle
Executive Secretary Lucas Bersamin holds a press conference a day after all Cabinet members submittted courtesy resignations in response to President Ferdinand 'Bongbong' Marcos Jr.'s call. The official, whose position is sometimes called 'the Little President' (as suggested by Rappler), says that Marcos rejected his resignation, despite deciding to make several replacements.
- Local media outlets report that secretaries from the economic cluster will be allowed to retain their posts. These include Finance Secretary Ralph Recto, Trade and Industry Secretary Cristina Aldeguer-Roque, Economy, Planning, and Development Secretary Arsenio Balisacan, Budget and Management Secretary Amenah Pangandaman, and Special Assistant to the President for Investment and Economic Affairs Frederic Go.
- When it comes to key changes, Raphael Lotilla will replace Toni Yulo-Loyzaga as Environment and Natural Resources Secretary, while Theresa Lazaro will replace Enrique Manalo as Foreign Affairs Secretary. Manalo will be reassigned to the Philippine diplomatic mission to the United Nations.
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UK DMO UPDATE: Long issuance reduced; shorts and unallocated increased
- Increase in GBP5.6bln short auctions (increasing number of auctions to 25 from 24)
- Increase in unallocated potion of gilt issuance by GBP4.7bln
- Reduction of GBP8.9bln long auctions (including three cancelled auctions: now 16 auctions from 19)
- Decrease in long syndications bucket by GBP1.5bln from GBP13.5bln to GBP12.0bln
- This is likely to flatten the curve a little when gilts open
EURJPY TECHS: Trading Above Support
- RES 4: 165.43 High Nov 8
- RES 3: 164.90 High Dec 30 ‘24 and a key medium-term resistance
- RES 2: 164.55 High Jan 7
- RES 1: 163.55/164.19 High Apr 14 / High Mar 18 and the bull trigger
- PRICE: 161.40 @ 07:31 GMT Apr 23
- SUP 1: 160.99/159.48 50-day EMA / Low Apr 9
- SUP 2: 158.30 Low Apr 7 and key support
- SUP 3: 157.02 76.4% retracement of the Feb 28 - Mar 18 bull cycle
- SUP 4: 155.60 Low Low Mar 4
EURJPY is in consolidation mode. The recent pullback appears corrective and trend conditions remain bullish. Key short-term support has been defined at 158.30, the low on Apr 7. A break of this level is required to signal scope for a deeper retracement. This would open 157.02, a Fibonacci retracement. For bulls, a resumption of gains would expose 164.19, the Mar 18 high and the bull trigger. Clearance of this hurdle would resume the uptrend.
UK DMO UPDATE: Gilt remit revised down GBP0.1bln, UKTB sales increase GBP5bln
- Gilt issuance now expected at GBP299.1bln (prior GBP299.2bln).
- UKTB net issuance now expected at GBP10bln (from GBP5bln prior)
