(ECUA; Caa3/B3neg/CCC+) "Ecuador Bonds Slump as Jefferies Flags Fiscal, Valuation Risks" - Bbg ECU...
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The trend set-up in EURJPY remains bullish and the latest rally reinforces current conditions. The cross has breached key resistance at 165.21, the May 13 high, and traded to a fresh cycle high today. This confirms a resumption of the uptrend and opens 166.69 next, the Oct 31 2024 high and a key resistance. Key short-term support lies at 161.09, the May 23 low, where a break is required to highlight a stronger reversal. First support lies at 163.78, the 20-day EMA.
There doesn't appear to be much more clarity on PCE estimates after today's CPI report, with a wide range of expectations. CPI looks to have lowered those at least somewhat, but there appears to be a wide range of opinion for PPI inputs into PCE due tomorrow, especially the volatile ones. Recall that eight pre-CPI estimates for core PCE saw a median 0.22%/ average 0.24% M/M for May.