EQUITIES: Estoxx outright call seller

• MNI: US MBA: MARKET COMPOSITE -8.5% SA THRU APR 11 WK

SONIA FIX - Source: BBG/ICE

• 1M 4.39550 -0.0104
• 3M 4.25190 -0.0224
• 6M 4.11900 -0.0295
• 12M 3.92250 -0.0445

• In FX, the trend outlook in EURUSD remains bullish and the pair is holding on to the bulk of its recent gains. The recent breach of 1.1144, the Apr 3 high and a bull trigger, confirmed a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Sights are on 1.1555 next, a 1.382 projection of the Feb 28 - Mar 18 - 27 price swing. Initial support lies at the 1.1144 breakout level. Key support is unchanged at the 20-day EMA, at 1.1001.
• GBPUSD maintains a bullish tone and the pair continues to appreciate. Price has breached key resistance at 1.3207, the Apr 3 high and a bull trigger. This confirms the end of the recent Apr 4 - 7 correction, and highlights a resumption of the medium-term uptrend. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.3305 next, the Oct 2 ‘24 high. Support to watch is 1.2963, the 20-day EMA.
• The trend condition in USDJPY remains bearish and the pair is trading at its recent lows. Recent weakness confirms a resumption of the downtrend and maintains the price sequence of lower lows and lower highs. Note too that moving average studies are in a bear-mode position highlighting a dominant downtrend. Sights are on 141.65 next, the Sep 30 ‘24 low. Initial firm resistance to watch is the 20-day EMA, at 146.95. First resistance is 144.64, the Apr 11 high.