POWER: Irish Wind Sector Backs Report to Accelerate Grid, Renewables
Dec-05 11:33
The Irish wind energy industry has welcomed the new Accelerating Infrastructure Report, calling it a "potential landmark" plan to speed up grid upgrades and advance the country’s energy independence, Wind Energy Ireland said.
- Noel Cunniffe, CEO of Wind Energy Ireland, emphasised that Ireland’s system for delivering critical infrastructure, including renewables, has long been insufficient.
- The industry is ready to collaborate with the government to ensure the report’s actions are implemented effectively, Wind Energy Noted.
- The report contains recommendations aimed at speeding up the planning process for critical infrastructure, especially projects to strengthen Ireland’s electricity grid.
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OUTLOOK: Price Signal Summary - USDJPY Bull Cycle Remains Intact
Nov-05 11:32
- In FX, a bear leg in EURUSD remains intact and Tuesday’s extension reinforces current conditions. The move down maintains the bearish price sequence of lower lows and lower highs. Furthermore, the pair has breached a number of important short-term supports, the most recent being 1.1516, the 76.4% retracement of the Aug 1 - Sep 17 bull leg. This exposes key support at 1.1392, the Aug 1 low. Initial resistance is 1.1542, the Oct 9 low.
- A sharp sell-off in GBPUSD yesterday reinforces bearish conditions. A key support at 1.3142, the Aug 1 low, has recently been cleared. The break confirmed a resumption of the downtrend that started Sep 17. Sights are on 1.2971 next, a 1.382 projection of the Sep 17 - 25 - Oct 1 price swing. Note that the trend is in oversold territory, a recovery would allow this condition to unwind. Initial resistance is at 1.3142, the Aug 1 low.
- The trend condition in USDJPY is unchanged, it remains bullish despite the recent fade off highs. The break higher last week confirmed a resumption of the uptrend and note too that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 154.80, the Feb 12 high. First important support to watch lies at 152.21, the 20-day EMA. A deeper pullback would be considered corrective.
LOOK AHEAD: Wednesday Data Calendar: Yes, We Have Data! ADP, PMI, ISM
Nov-05 11:31
- US Data/Speaker Calendar (prior, estimate)
- 11/05 0700 MBA Mortgage Applications (7.1%, --)
- 11/05 0815 ADP Employment Change (-32k, +30k)
- 11/05 0830 US Tsy Quarterly Refunding annc
- 11/05 0945 S&P Global US Services PMI (55.2, 55.2)
- 11/05 0945 S&P Global US Composite PMI (54.8, 54.9)
- 11/05 1000 ISM Services Index (50.0, 50.8)
- 11/05 1000 ISM Services Prices Paid (69.4, 68.0)
- 11/05 1000 ISM Services New Orders (50.4, 51.0)
- 11/05 1000 ISM Services Employment (47.2, 47.6)
- 11/05 1130 US Tsy $69B 17W Bill auction
- Source: Bloomberg Finance L.P. / MNI
OPTIONS: Expiries for Nov5 NY cut 1000ET (Source DTCC)
Nov-05 11:27
- EUR/USD: $1.1525(E630mln), $1.1600-20(E1.4bln)
- EUR/GBP: Gbp0.8745(Gbp753mln)
- USD/JPY: Y153.35-50($905mln)
- NZD/USD: $0.5650(N$1.2bln), $0.5675(N$1.2bln)
