EM ASIA CREDIT: Oil India: Possible support on LPG
(OINLIN, Baa3/NR/BBB-)
"*INDIA FINMIN MULLS INR350B FUNDS FOR OIL COS LPG SUBSIDY: CNBC" - BBG
According to various reports, the Government is considering plans to further compensate State run oil marketing companies for losses incurred while selling subsidised LPG to consumers. The proposed mechanism is via a INR350bn fund, though it's not clear how this will be structured. Positive bias for spreads.
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GBPUSD TECHS: Bullish Price Sequence
- RES 4: 1.3800 Round number resistance
- RES 3: 1.3757 1.618 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 2: 1.3681 1.500 proj of the Feb 28 - Apr 3 - 7 price swing
- RES 1: 1.3616 High Jun 5
- PRICE: 1.3542 @ 06:24 BST Jun 10
- SUP 1: 1.3462 20-day EMA
- SUP 2: 1.3335/3299 Low May 20 / 50-day EMA
- SUP 3: 1.3140 Low May 12 and key support
- SUP 4: 1.3041 Low Apr 14
Trend signals in GBPUSD remain bullish with price trading just ahead of its recent highs. Last week’s fresh cycle high, confirmed a resumption of the uptrend and an extension of the price sequence of higher highs and higher lows. This opens 1.3681 next, a Fibonacci projection. Initial support to watch lies at 1.3462, the 20-day EMA. A clear break of this average would suggest potential for a deeper correction and expose the 50-day EMA, at 1.3299.
LOOK AHEAD: UK Timeline of Key Events (Times BST)
| Date | UK | Period | Event |
| 10-Jun | 0700 | Apr/May | Labour Market Survey |
| 11-Jun | 0730 | ---- | BOE Saporta Speech At Bank of Finland Conference |
| 11-Jun | 1230 | ---- | Chancellor Reeves presents Spending Review |
| 12-Jun | 0700 | Apr | GDP / Services / Production / Trade / Construction |
| 13-Jun | 0001 | May | KPMG/REC Jobs Report |
| 13-Jun | 0930 | May | Bank of England/Ipsos Inflation Attitudes Survey |
| 18-Jun | 0700 | May | Consumer inflation report |
| 19-Jun | 1200 | ---- | Bank Of England Interest Rate |
| 20-Jun | 0001 | Jun | Gfk Monthly Consumer Confidence |
| 20-Jun | 0700 | May | Public Sector Finances / Retail Sales |
| 20-Jun | 1630 | Q3 | BOE to announce Q3 APF sales schedule |
| 23-Jun | 0930 | Jun | S&P Global PMI flash |
| 24-Jun | 1100 | Jun | CBI Industrial Trends |
LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
| Date | Time | Country | Event |
| 10-Jun | 0900 | IT | Industrial Production |
| 11-Jun | 1030 | EU | ECB Lane At 2025 Government Borrowers Forum |
| 11-Jun | 1300 | EU | ECB Cipollone On Digital Payments Panel |
| 12-Jun | 1000 | EU | ECB Schnabel Visits "House of the Euro" |
| 12-Jun | 1300 | EU | ECB de Guindos At Financial Integration Conference |
| 12-Jun | 1320 | EU | ECB Schnabel At Financial Integration Conference |
| 12-Jun | 1515 | EU | ECB Elderson At Senior Supervisors Conference |
| 13-Jun | 0700 | DE | HICP (f) |
| 13-Jun | 0745 | FR | HICP (f) |
| 13-Jun | 0800 | ES | HICP (f) |
| 13-Jun | 1000 | EU | Industrial Production / Trade Balance |
| 13-Jun | 1600 | EU | ECB Elderson At Senior Supervisor's Conference |
| 16-Jun | 0900 | IT | HICP (f) |
| 16-Jun | 1130 | EU | ECB Cipollone At Osservatorio Banca Impresa Meeting |
| 17-Jun | 1000 | DE | ZEW Current Expectations Index |
