US: MNI US Payrolls Preview: Watching Implications For Feb FOMC
Consensus is very similar to what it pencilled in for last month’s report, before payrolls came in stronger but the u/e rate increased more than expected as participation fell.
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EURJPY TECHS: Corrective Pullback
- RES 4: 149.46 1.382 proj of the May 12 - Jun 28 - Aug 2 price swing
- RES 3: 148.88 High Dec 9 2014
- RES 2: 148.40/45 High Oct 21 and the bull trigger / High Dec 15 2014
- RES 1: 147.75 High Oct 31
- PRICE: 145.77 @ 06:51 GMT Nov 2
- SUP 1: 145.37/143.80 20-day EMA / Low Oct 24 and key support
- SUP 2: 143.18 50-day EMA
- SUP 3: 141.78 Low Oct 13
- SUP 4: 140.90 Low Oct 10
The EURJPY trend condition is bullish despite this week’s move lower. Support to watch lies at 143.80, Oct 24 low and a break would suggest scope for a deeper pullback. Key resistance is at 148.40, the Oct 21 high and a bull trigger. Clearance of this hurdle would confirm a resumption of the uptrend and open 149.46, a Fibonacci retracement. MA studies are in a bull mode position highlighting an uptrend. Initial support is 145.37, the 20-day EMA.
EUROZONE ISSUANCE: EGB Supply W/C October 31, 2022
Germany, Spain, France and Belgium will all look to issue bonds this week. We look for estimated gross nominal issuance of E16.5bln from announced operations, down from last week’s E23.5bln.
- Germany will return to the market this morning with E1bln of the 0% Aug-31 Green Bund (ISIN: DE0001030732) on offer.
BTP TECHS: (Z2) Support Seen At The 20-Day EMA
- RES 4: 121.32 High Aug 25
- RES 3: 120.00 Round number resistance
- RES 2: 119.06 High Sep 8 and a key resistance
- RES 1: 117.93 High Oct 27
- PRICE: 115.27 @ Close Nov 1
- SUP 1: 113.33 20-day EMA
- SUP 2: 112.07/110.14 Low Oct 25 / 14
- SUP 3: 108.82 Low Oct 21
- SUP 4: 108.13 Low Sep 28 and key support
BTP futures traded lower Monday. The short-term outlook is bullish following last week’s climb. The contract has cleared resistance at 112.25, Oct 14 high and 116.71, the Oct 4 high. This signals scope for a continuation higher near-term and attention is on resistance at 119.06, the Sep 8 high. On the downside, key support lies at 108.82, Oct 21 low and 108.13, the Sep 28 trend low. Initial support is at 113.33, the 20-day EMA.
