EMISSIONS: EUAs Rise On Week On Potential Bullish Momentum
Aug-22 11:18
{EUAs Dec25 has strengthened over the week, up nearly 3% w/w, rising above its 10, 50, and 100-day moving averages for the first time in two weeks. Momentum indicators point to potential bullish signals.
- Prices moving above all key short and medium-term moving averages reinforce bullish momentum, with traders now eyeing on short-term catalysts, such as Federal Reserve interest rate decision.
- The RSI has climbed to 56, marking the highest level in two weeks, suggesting further room to the upside before entering overbought territory.
- The MACD has turned positive at 0.17, its highest in a week, and is standing above the signal line, a bullish shift after having been in negative territory since last Friday.
- Volatility has eased, with the 14-day ATR dropping to its lowest level since late July, signalling a tighter trading range that could see a stronger breakout if news led momentum emerges.
- EUA DEC 25 up 2.72% w/w at 72.37 EUR/t CO2e
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SOFR OPTIONS: BLOCK: Aug'25 SOFR Puts
Jul-23 11:06
- 50,000 SFRQ5 95.62 puts, cab (0.25) at 0652-0656ET (open interest at 39,810 coming into the session).
EU: EU Plans 30% Tariffs On E100bn Of Goods To US If No US Deal - Bloomberg
Jul-23 11:02
- Bloomberg reports that "The European Union plans to quickly hit the US with 30% tariffs on some €100 billion ($117 billion) worth of goods in the event of no deal and if US President Donald Trump carries through with his threat to impose that rate on most of the bloc’s exports after Aug. 1.
- As a part of a first wave of countermeasures, the EU would combine an already approved list of tariffs on €21 billion of US goods and a previously proposed list on an additional €72 billion of American products into one package, an European Commission spokesman said on Wednesday."
- The broad piece chimes with our policy team exclusive from last week (see "MNI: Support Grows For Retaliation Against US - EU Officials" - Jul 17).
- However, the following would be a notable firming in Germany stance. "Berlin would be willing to even support the activation of the EU’s anti-coercion instrument, or ACI, in a no-deal scenario, a government official said on condition of anonymity. This tool would come into play only if a deal fails to materialize."
- From our policy piece last week: "There is also the prospect of enacting the EU’s Anti-Coercion Instrument, which would apply charges to a wide range of U.S. services, though concerns over whether this would do excessive harm to Europe’s economy mean there is widespread reluctance to see it deployed."
MNI: US MBA: MARKET COMPOSITE +0.8% SA THRU JUL 18 WK
Jul-23 11:00
- MNI: US MBA: MARKET COMPOSITE +0.8% SA THRU JUL 18 WK
