LOOK AHEAD: Monday/Tuesday Data Calendar
- US Data/Speaker Calendar (prior, estimate)
- Apr-29 1030 Dallas Fed Manf. Activity (-14.4, -11.3)
- Apr-29 1130 US Tsy $70B 13W, $70B 26W Bill auctions
- --
- Apr-30 0830 Employment Cost Index (0.9%, 1.0%)
- Apr-30 0900 FHFA House Price Index MoM (-0.1%, 0.1%)
- Apr-30 0900 S&P CoreLogic CS 20-City MoM SA (0.14%, 0.10%)
- Apr-30 0945 MNI Chicago PMI (41.4, 44.3)
- Apr-30 1000 Conf. Board Consumer Confidence (104.7, 104.0)
- Apr-30 1000 Conf. Board Present Situation (151.0, --)
- Apr-30 1000 Conf. Board Expectations (73.8, --)
- Apr-30 1000 Dallas Fed Services Activity (-5.5, --)
- Apr-30 1130 US Tsy $65B 42 Day CMB auction
- Apr-30 1400 Day one of two FOMC policy meeting
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EURUSD TECHS: Bear Threat Remains Present
- RES 4: 1.1034 76.4% retracement of the Dec 28 - Feb 14 bear leg
- RES 3: 1.0998 High Jan 5
- RES 2: 1.0981 High Mar 8 and the bull trigger
- RES 1: 1.0864/0943 20-day EMA / High Mar 21
- PRICE: 1.0819 @ 15:44 GMT Mar 27
- SUP 1: 1.0802 Low Mar 22 / 25 low
- SUP 2: 1.0796 Low Feb 29
- SUP 3: 1.0762/0695 Low Feb 20 / 14 and the bear trigger
- SUP 4: 1.0656 Low Nov 10
A bearish theme in EURUSD remains intact following the reversal from the Mar 21 high and short-term gains are considered corrective. Support at 1.0835, the Mar 19 low, has been breached. A continuation lower would open 1.0796, the Feb 29 low. Clearance of this level would strengthen a bearish theme. For bulls, a move above 1.0943, the Mar 21 high, is required to expose key resistance at 1.0981, the Mar 8 high.
PIPELINE: $1.2B New York Life 2Pt Debt Launched
- Date $MM Issuer (Priced *, Launch #)
- 3/27 $1.2B #New York Life $600M 3Y +55, $600M 3Y SOFR+67
- 3/27 $750M #Swiss Re 11NC10 +150
- 3/27 $700M #Blue Owl Tech 5Y +285
- 3/27 $500M #St Marys Cement Inc Canada 10Y +170
US: White House "Likely" To Tap Up Congress For Funds To Rebuild Key Bridge
US Secretary of Transport Pete Buttigieg has told reporters at the White House that the Biden administration is "likely" to turn to Congress in the coming days for supplemental funding to rebuild the Baltimore Francis Scott Key Bridge, which collapsed when a container ship struck a support structure on Tuesday morning.
- Buttigieg says that emergency funds are immediately available to carry out preliminary work on salvage and clear the site but declined to speculate on the total cost of the reconstruction and salvage operation.
- The bridge collapse has raised concerns that a lengthy process to fully reopen the Port of Baltimore effort could contribute to supply chain snares in the northeast and return of some inflationary pressures, particularly in the automotive sector. It is also unclear how quickly the bridge can be rebuilt – likely to be measured in years rather than months.
- It is also unclear what level of support Biden can expect from Congress considering ongoing disputes over spending. Journalists have pointed at 2007 when Congress approved USD$250 million to rebuild the I-35W bridge in Minnesota just days after its collapse as an example of Congress moving quickly to address an infrastructure crisis.
- Bloomberg noted today: “The catastrophic consequences are set to stretch out for weeks. As much as 2.5 million tons of coal, hundreds of cars made by Ford Motor, and General Motors, and lumber and gypsum are threatened with disruption…”
