LNG: Mozambique not looking to Review Terms of Planned LNG Projects
Jan-17 18:59
Mozambique is not looking to review contract terms with energy majors like Total and ExxonMobil, according to Reuters.
- Daniel Chapo, the new president, took office following months of opposition protests against his disputed election victory.
- The government is banking on energy projects to revolutionize its economy and stabilize public finances.
- Chapo said the government cannot review terms for TotalEnergies' $20 billion project in Cabo Delgado as it is not yet producing gas.
- Chapo, previously governor of Inhambane province, aims to assert his authority after post-election protests.
- TotalEnergies and ExxonMobil plan to resume LNG projects as security improves in Cabo Delgado.
- Mozambican authorities will continue fighting insurgents with support from Rwandan soldiers and neighbouring countries.
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Historical bullets
Likely URLs For December Fed Decision
Dec-18 18:58
Links (likely URLs based on previous meetings, would only go live at 1400ET):
USDCAD TECHS: Continues To Appreciate
Dec-18 18:52
- RES 4: 1.4485 High Mar 25 2020
- RES 3: 1.4461 2.0% 10-dma envelope
- RES 2: 1.4352 2.50 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 1: 1.4331 Intraday high
- PRICE: 1.4323 @ 16:24 GMT Dec 18
- SUP 1: 1.4232 Low Dec 17
- SUP 2: 1.4119/3980 20- and 50-day EMA values
- SUP 3: 1.3928 Low Nov 25 and a key support
- SUP 4: 1.3822 Low Nov 6
USDCAD bulls remain in the driver’s seat and the pair continues to appreciate. The recent breach of 1.4178, the Nov 26 high, confirmed resumption of the uptrend and this maintains the price sequence of higher highs and higher lows. The move higher exposes 1.4352 next, a Fibonacci projection level. Initial firm support to watch lies at 1.4119, the 20-day EMA. A pullback would be considered corrective.
US TSYS: /STIR: Only ~50bp Of Additional Cuts Seen Beyond Today’s Decision
Dec-18 18:50
- Heading towards the FOMC decision, the Treasury curve sits twist steeper with 2Y yields 2.3bps lower and 30Y yield 0.7bps higher.
- 2s10s at 17.3bps (+1.7bp) has pared its one-month high from 18.5bp earlier.
- TYH5 trades at 109-28 (-01) having held within yesterday’s range throughout.
- A bear threat is still seen, with support at 109-17 (Dec 17 low) before a bear trigger at 109-02+ (Nov 15 low, although TYZ4 was trading as the active contract at the time). To the upside, resistance is seen at 110-17+ (20-day EMA), a break of which would highlight an early bullish development.
- Fed Funds futures cumulative cuts from the current 4.58% effective: 24.5bp for today’s decision, 29bp Jan, 41bp Mar, 48bp May and 58bp Jun.
- SOFR futures point to a terminal rate of 3.83% for 75bp of cumulative cuts for the cycle (including today’s decision).
[Fed Funds run corrected from earlier post]
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