POWER: Masdar, Iberdrola Sign Financing for East Anglia Three Offshore Wind
Jul-24 10:07
Masdar and Iberdrola achieved the financial close for the UK’s 1.4GW East Anglia Three offshore wind project, Masdar said.
- The firms secured around €4.1bln (£3.6bln) to fund the construction of the €5.2bln project.
- Earlier this month, both firms announced they had reached an agreement to co-invest in the project.
- Each firm will have a 50% stake in the East Anglia Three project.
- The offshore wind farm is scheduled to be operational by Q4 2026.
- The project has been awarded with a 15-year CfD in the AR4 and AR6 auctions in addition to a PPA with Amazon.
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CANADA: USDCAD Primary Downtrend Intact, 50-Day EMA Resistance Holds [1/2]
Jun-24 10:06
- The sharp moves/reversals for both oil markets and the dollar on Monday have provided offsetting forces for the USDCAD exchange rate, keeping the pair in a relatively confined 88 pip range this week. The spike to 1.3798 appears technically corrective, and the primary downtrend is bolstered by the 50-day EMA capping the topside for now. The pair has not been above this average since early April.
- Continued dollar weakness would place attention back on key support and the bear trigger, which has been defined at 1.3540, the Jun 16 low. Clearance of this price point would resume the downtrend.
- At 1330BST (0830ET) we get the first of two monthly CPI readings ahead of the next BOC decision on July 30. Consensus for the Y/Y headline reading is 1.7%, with a slight upward skew, while the average of the BOC's preferred trim and median core measures is seen coming in at 3.0% Y/Y (3.15% unrounded in April), the highest in over a year.
- Another upside surprise in core measures could see a retracement of recent cut repricing (last 10bp, vs 6bp last week), with analysts remaining split on July easing expectations. This would likely reinforce the underlying bearish theme for USDCAD.
EQUITIES: Estoxx Put Fly
Jun-24 10:03
SX5E (19th Sep) 5600/4800/4000p fly, sold at 236 in 5k.
MNI: UK JUN CBI INDUSTRIAL TRENDS TOTAL ORDERS -33
Jun-24 10:00
- MNI: UK JUN CBI INDUSTRIAL TRENDS TOTAL ORDERS -33
- UK CBI JUN PRICE INTENTIONS 19
