EM LATAM SOV: MNI LATAM Sovereign Market Wrap
* Treasury yields fell about 7bp, primarily in the front end, and oil prices declined about 2% in re...
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EQUITIES: Nvidia Lower After Hours On Earnings, Broader Markets Little Impacted
Equity index futures are a little lower with chipmaker giant Nvidia down ~3% post-market on earnings results (Bloomberg headlines below); but little impact on broader markets:
- Nvidia 2Q Revenue Beats Estimates -BBG
- NVIDIA SEES 3Q REV. $105.84B TO $110.16B, EST. $105.15B
- NVIDIA 2Q DATA CENTER REVENUE $89.0B, EST. $85.86B
USDCAD TECHS: Corrective Cycle
- RES 4: 1.4175 High Jul 13
- RES 3: 1.4129 High Jul 28
- RES 2: 1.4080 High Aug 4 and 5
- RES 1: 1.3914/1.3966 20- and 50-day EMA values
- PRICE: 1.3876 @ 17:10 BST Aug 26
- SUP 1: 1.3732 Low Aug 21
- SUP 2: 1.3715 76.4% retracement of the May 1 - Jun 24 bull cycle
- SUP 3: 1.3672 Low May 12
- SUP 4: 1.3620 Low May 7
A bear theme in USDCAD remains intact and short-term gains are - for now - considered corrective. A fresh short-term cycle low last week confirmed an extension of the bear leg and this reinforces current conditions. Key resistance to monitor is 1.3966, the 50-day EMA. Scope is seen for a deeper retracement of the May 1 - Jun 24 bull leg. 1.3817, 61.8% of the May 1 - Jun 24 downleg, has been breached. This opens the 76.4% level at 1.3715.
FED: MNI Instant Answers: Warsh Jackson Hole Speech
The questions that we have selected for Chair Warsh’s speech at Jackson Hole Friday (due at 1000 ET) are:
- Does Warsh comment on the current outlook for monetary policy?
- Does Warsh mention possible rate hike(s) without mentioning possible hold or cut(s)?
- Does Warsh mention possible rate hold without mentioning possible hike(s) or cut(s)?
- Does Warsh mention possible rate cut(s) without mentioning possible hikes or holds?
- Does Warsh reference scenarios and/or all policy outcomes being on the table?
- Does Warsh mention the possibility of reducing number of yearly policy meetings?
- Does Warsh say current policy is not sufficiently restrictive?
- Does Warsh say higher bond yields or tighter financial conditions reduce the need for tightening?
- Does Warsh suggest that headline PCE could be replaced by trimmed mean as the Fed's inflation target?
- Does Warsh discuss reducing the size of Fed’s balance sheet?
Note: Questions are subject to change before Friday, updates will be published on MNI’s bullets feed/website
