OIL: Oil End of Day Summary: WTI Pulls Back
WTI has pulled back today, although has pared losses after falling to an intraday low of $74.30/b. F...
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EURGBP TECHS: Briefly Pierces 50-day EMA
- RES 4: 0.8768 High Nov 20 ‘23
- RES 3: 0.8624/0.8738 High Apr 21/ High Apr 11 and the bull trigger
- RES 2: 0.8541/8557 High May 2 / High Apr 28
- RES 1: 0.8456 50-day EMA
- PRICE: 0.8441 @ 16:00 BST May 21
- SUP 1: 0.8394 Low May 16
- SUP 2: 0.8359 1.236 proj of the Apr 11 - 16 - 21 price swing
- SUP 3: 0.8316 Low Mar 28 and a key support
- SUP 4: 0.8277 1.618 proj of the Apr 11 - 16 - 21 price swing
The cross rallied to show briefly above the 50-day EMA as the EUR rallied across the board into the Wednesday close. A clear break and close above would conclude the recent bearish phase and shift attention to 0.8541 resistance, the May 2 high. To the downside, the 0.8400 handle has been breached in recent weeks, an extension below which would open 0.8359, a Fibonacci projection.
BONDS: Europe Pi: OATs Flat, BTPs Long, Gilts Very Long (2/2)
- OAT: OAT remains in "flat" structural positioning, where it has been for all of May after a spell in short territory in March/April. The most recent week's trade was indicative of long setting.
- GILT: Gilt structural positioning remains "very long" into the roll, compared with "flat" where it spent most of the prior 7 months. The latest week saw some some shorts set.
- BTP: BTP remains in its typical "long" territory. Trade indicative of short covering was seen in the most recent week.
US: Trump Approval Underwater On Inflation, Economy, And Tariffs - Marquette
A new survey from Marquette Law School has found that President Donald Trump’s approval is lagging on issues considered the most important by US voters, including inflation and the economy.
- Marquette: “Across seven specific issues, approval of the president’s job performance ranges from a high of 56% on border security to a low of 34% on inflation and the cost of living.”
- Marquette: “Inflation and cost of living is rated the most important issue by 36%, followed by threats to democracy at 19% and the economy at 13%. Medicare and Social Security is rated the fourth most important issue at 10%, followed by immigration at 9%. The federal budget deficit is seen as most important by 4%, health care by 3%, abortion policy by 2%, and foreign policy by 2%.”
Figure 1: Trump Job Approval Across Issues
Source: Marquette Law School
