POWER: Malta Gets Three Bids for 300MW Offshore Wind Project
Three consortia have submitted proposals for Malta’s 300MW offshore wind farm, with the next phase of the process to qualify candidates early next year, according to the government, cited by Renews.biz.
- The three submitting consortia are Code Zero Consortium, led by SEP (Malta) Holding Ltd; Atlas Med Wind, led by Italy’s GreenIT SpA; and MCKEDRIK Sole Member Ltd, a sole Greek applicant.
- Detailed documentation has been provided by each bidding consortium.
- Submissions will be evaluated for compliance, technical experience, and financial capability.
- Pricing will be requested in a later stage of the process.
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FOREX: USDJPY Extends Relief Rally, Reversal Trigger on Horizon
- With oil prices fully reversing their initial surge to start the week, and equity benchmarks remaining resilient to geopolitical developments, Japanese Yen weakness is continuing to standout Monday. The break of a confluence of technical parameters has been assisting the move higher, namely the breach of the downtrend (drawn from the January highs) and the clean break of the May 29 high, cancelling the recent bearish theme.
- Positioning dynamics are also likely bolstering the relief rally, as price action continues to point to a market that is positioned long JPY. Indeed, in the latest CFTC report, data shows asset managers maintained their already extensive JPY longs, while leveraged funds have pared back their own longs that had just begun to be rebuild.
- Today’s advance in USDJPY (+1.16%) strengthens a bullish theme, increasing the focus on a key resistance at 148.65, the May 12 high and a reversal trigger. Clearance of this level would confirm a resumption of the bull cycle that started Apr 22. Above here, 149.28 and 150.49 represent the next targets for the move, the April 3/2 highs respectively.
- Significant events on the calendar this week include US GDP (3rd read) and May PCE, June Tokyo CPI and Fed Speak which includes Chair Powell delivering congressional testimonies.
Source: Bloomberg Finance L.P. / MNI
PIPELINE: Denmark 2-year USD Benchmark: Mandate
"The Kingdom of Denmark (DENK), rated Aaa/AAA/AAA (all stable), has mandated Danske Bank, HSBC, J.P. Morgan and Morgan Stanley as Joint Lead Managers for a new 2-year USD 144A/REGS benchmark senior unsecured transaction. The issue is expected to be launched in the near future subject to market conditions".
From market source.
COMMODITIES: WTI Futures Hit Fresh Cycle High, Bull Cycle Remains Intact
A bull cycle in WTI futures remains intact and the contract has delivered a fresh cycle high today. Price action is likely to remain volatile near-term, and from a technical standpoint, the trend remains in an extreme overbought position. A continuation higher would expose the $80.00 handle. A firm support is noted at $67.11, the Jun 13 low. A breach of this level would signal scope for a deeper retracement. A bullish theme in Gold remains intact and last week’s pullback is considered corrective. Medium-term trend signals are bullish too - moving average studies are in a bull-mode position, highlighting a dominant uptrend. Resistance at $3435.6, the May 7 high, has recently been pierced. A clear break of this level would strengthen the uptrend and open $3500.1, the Apr 22 all-time high. Initial key support to monitor is $3282.7, the 50-day EMA.
- WTI Crude down $0.2 or -0.27% at $73.61
- Natural Gas up $0.02 or +0.62% at $3.871
- Gold spot down $6.07 or -0.18% at $3361.99
- Copper down $2.5 or -0.51% at $485.95
- Silver up $0.19 or +0.53% at $36.2127
- Platinum up $28.23 or +2.23% at $1296.87
