SOUTH AFRICA: Lamola Says He May Soon Appoint Ambassador To US
- Foreign Minister Ronald Lamola told reporters that the outcome of trade talks with the US remains unclear. He said that Pretoria was unaware of any threats to South Africa's access to the SWIFT system. Over the weekend, Sowetan reported that Finance Minister Enoch Godongwana met with heads of top banks to discuss the risk of being cut off SWIFT due to potential sanctions, as US lawmakers are debating a bill calling for a full review of bilateral relations. Lamola also noted that the appointment of South African ambassador to the US was imminent, while a delegation of US Congress members was due to visit the country this week.
- Freedom Front Plus (FF+) leader Corné Mulder told Newsday that the Government of National Unity (GNU) has achieved only 2% of its goals since its formation last year. Mulder said that this was revealed during a meeting with National Assembly Speaker Thoko Didiza.
- African National Congress (ANC) Treasurer General Gwen Ramokgopa played down her presidential ambitions, calling for a greater focus on the upcoming 2026 local government elections.
- South Africa's PPI inflation may have quickened to +1.4% Y/Y in July from +0.6% prior, according to Bloomberg consensus. The data will be out at 10:30BST/11:30SAST.
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USD: The EUR is Under renewed heavy pressure
- The Dollar was flat overnight going into the European session, only the Yen was up 0.23%, although if you look at the past 4 sessions, it will show that the {r3} USDJPY rallied 285 pips from last Thursday low to Today's overnight high.
- While some of the bid in the Greenback has been attributed on Trade Deals, as well as some positioning into the FOMC, with Market Participants looking for the Fed to keep its Hawkish stance, many desks have been somewhat surprised by the strength of the Dollar move, especially Yesterday.
- Looking at the past 5 days, the EUR is the worst performer, down 1.45% and the Currency is already seeing some early selling interest albeit in very small for now.
- Yesterday's range was one of its widest since early April for the EURUSD, with the most traded Pair in the World falling nearly 200 pips, as the Street reassessed the actual details of the EU-US trade deal.
- Next immediate support in the EUR is at 1.1560/1.1557.
AUDUSD TECHS: Trading Ahead Of Support At The 50-Day EMA
- RES 4: 0.6700 76.4% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 3: 0.6688 High Nov 7 ‘24
- RES 2: 0.6677 0.764 proj of the Jun 23 - Jul 11 - 17 price swing
- RES 1: 0.6625 High Jul 24
- PRICE: 0.6522 @ 07:31 BST Jul 29
- SUP 1: 0.6505 50-day EMA
- SUP 2: 0.6455 Low Jul 17
- SUP 3: 0.6373 Low Jun 23 and a bear trigger
- SUP 4: 0.6357 Low May 12
Recent gains in AUDUSD reinforce bullish conditions and the latest pullback is considered corrective. Support to watch is at the 50-day EMA, at 0.6505. A clear break of this EMA would highlight a stronger reversal. For bulls, a resumption of gains would focus attention on 0.6625, the Jul 24 high. Clearance of this level would resume the uptrend and open the next objective at 0.6688, the Nov 7’ 24 high.
EQUITY TECHS: E-MINI S&P: (U5) Trend Needle Points North
- RES 4: 6523.63 1.764 proj of the May 23 - Jun 11 - 23 price swing
- RES 3: 6500.00 Round number resistance
- RES 2: 6477.31 1.618 proj of the May 23 - Jun 11 - 23 price swing
- RES 1: 6457.75 Intraday high
- PRICE: 6434.00 @ 07:16 BST Jul 29
- SUP 1: 6391.50/6313.51 Low Jul 24 / 20-day EMA
- SUP 2: 6241.00 Low Jul 16
- SUP 3: 6163.71 50-day EMA
- SUP 4: 6130.75 Low Jun 25
The trend set-up in S&P E-Minis is unchanged and remains bullish. Recent cycle highs confirm a resumption of the uptrend and maintain the price sequence of higher highs and higher lows. Note that moving average studies are in a bull-mode position highlighting a clear dominant uptrend. Sights are on 6477.31, a Fibonacci projection. Key support is at the 50-day EMA, at 6163.71. Support at the 20-day EMA is at 6313.51.
