POWER: Mid-Day Renewable Forecast
See the latest European renewables forecast for base-load hours for the next seven days from this afternoon, including the midday change. Wind forecast in Germany still points to low wind over 30-31 May, with wind revised sharply higher over the weekend and on 3 June – potentially weighing down prices. But in France, wind generation is still forecast to remain firm over 30-31 May before dropping early next week.
- France: Wind for 30 May- 5 June: 6GW (unchanged), 6.99GW (+247MW), 6.44GW (+641MW), 6.34GW (+570MW), 5.33GW (+1.27GW), 3.70GW (unchanged), 2.65GW (unchanged), according to Spot Renewables.
- France: Solar for 30 May- 5 June: 3.22GW (unchanged), 3.52GW (unchanged), 3.01GW (unchanged), 3.12GW (unchanged), 3.47GW (unchanged), 3.79GW (-111MW), 4.02GW (-138MW).
- Germany: Wind for 30 May- 5 June: 3.69GW (unchanged), 5.75GW (+836MW), 14.60GW (+3.72GW), 19.87GW (+1.8GW), 19.46GW (+3.48GW), 13.29GW (+174MW), 6.43GW (unchanged).
- Germany: Solar for 30 May- 5 June: 9.91GW (unchanged), 7.66GW (-266MW), 5.91GW (-103MW), 8.13GW (-125MW), 9.05GW (+174MW), 8.94GW (-299MW), 12.28GW (-450MW).
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EURGBP TECHS: Bearish Threat
- RES 4: 0.8704 76.4% retracement of the Nov 20 - Feb 14 bear cycle
- RES 3: 0.8683 High Jan 2
- RES 2: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
- RES 1: 0.8600/45 High Apr 24 / 23
- PRICE: 0.8544 @ 14:54 BST Apr 29
- SUP 1: 0.8539 Intraday low
- SUP 2: 0.8521/8504 Low Apr 17 / Low Mar 8
- SUP 3: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
- SUP 4: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
EURGBP is trading lower today having started the week on a bearish note. The extension lower undermines a recent bullish theme and instead highlights potential for a deeper retracement. This has exposed 0.8521, the Apr 17 low. Clearance of this level would signal scope for a move towards the key support at 0.8498/93, the Feb 14 low and Aug 23 2023 low. Key resistance has been defined at 0.8645, the Apr 23 high.
EGB OPTIONS: Bund call spread
RXM4 132.50/134.00cs bought for 21 in 3.53k.
CANADA: USDCAD Potential Month-End Upward Pressure
- USDCAD has pushed higher to ~1.3670 with the S&P e-mini reversing initial gains seen after the cash open, although it remains below Friday’s high of 1.3696.
- There could be a softening in equity correlation in the near-term, with Credit Agricole seeing the strongest USD buy signal vs the CAD for their month-end rebalancing model (as noted above).
- The earlier low of 1.3632 marked another step closer to support at 1.3607 (50-day EMA) although the technical trend still points higher with resistance at 1.3763 (Apr 22 high).
- Latest CFTC positioning showed only a modest trimming of CAD net shorts as of Apr 23, to -33.7% of open interest from the -34.9% the week prior after weak core CPI metrics helped drive the largest net short position since Jan 2019.
- That modest trimming came ahead of softer than expected retail sales along with declines for manufacturing and wholesale sales.
