EM LATAM CREDIT: Panama's President Mulino Urges End to Banana Workers Strike
Republic of Panama (PANAMA; Baa3neg/BBB-/BB+): Neutral take
"Mulino warns: 'If they don't end the strike, there will be no law'" - La Estrella
At the weekly press conference, President Jose Mulino urged the banana industry workers union Sitraibana to end the strike which began 31 days ago and resulted in Chiquita firing 5000 workers.
The workers are protesting the recent social security reforms which they claim violate existing laws regulating the banana sector. Mulino said he will send an amendment to the reform once the strike has ended.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EURUSD TECHS: Recent Pullback Considered Corrective
- RES 4: 1.1696 1.618 proj of the Feb 28 - Mar 18 - 27 price swing
- RES 3: 1.1625 1.500 proj of the Feb 28 - Mar 18 - 27 price swing
- RES 2: 1.1608 High Nov 9 2021
- RES 1: 1.1573 High Apr 21 and the bull trigger
- PRICE: 1.1394 @ 16:21 BST Apr 29
- SUP 1: 1.1308 Low Apr 23
- SUP 2: 1.1236 20-day EMA and a key support
- SUP 3: 1.1144/0986 High Apr 3 / 50-day EMA and a pivot level
- SUP 4: 1.0805 Low Apr 3
Short-term weakness in EURUSD is considered corrective and the trend structure remains bullish. Moving average studies are in a bull-mode position signalling a dominant uptrend, and the latest move down is allowing an overbought condition to unwind. A resumption of gains would open 1.1608 next, the Nov 9 2021 high. Key support is unchanged at the 20-day EMA, at 1.1236. A break of this average would signal scope for a deeper retracement.
LOOK AHEAD: Wednesday Data Calendar: ADP, GDP, Chicago PMI, PCE, Home Sales
- US Data/Speaker Calendar (prior, estimate)
- 30-Apr 0700 MBA Mortgage Applications (-12.7%, --)
- 30-Apr 0815 ADP Employment Change (155k, 115k)
- 30-Apr 0830 US Tsy quarterly refunding annc
- 30-Apr 0830 Personal Consumption (4.0%, 1.2%)
- 30-Apr 0830 GDP Price Index (2.3%, 3.1%)
- 30-Apr 0830 GDP Annualized QoQ (2.4%, 0.3%)
- 30-Apr 0830 Core PCE Price Index QoQ (2.6%, 3.2%)
- 30-Apr 0830 Employment Cost Index (0.9%, 0.9%)
- 30-Apr 0945 MNI Chicago PMI (47.6, 45.9)
- 30-Apr 1000 Personal Income (0.8%, 0.4%); Spending (0.4%, 0.6%)
- 30-Apr 1000 PCE Price Index MoM (0.3%, 0.0%), YoY (2.5%, 2.2%)
- 30-Apr 1000 Core PCE Price Index MoM (0.4%, 0.1%), YoY (2.8%, 2.6%)
- 30-Apr 1000 Pending Home Sales MoM (2.0%, 1.0%), YoY (-7.2%, -5.6%)
- 30-Apr 1130 US Tsy $60B 17W bill auction
OPTIONS: European Rates See Call Buying, Outrights And Spreads
Tuesday's Europe rates/bond options flow included:
- ERU5 98.56c, bought for 3.25 in 6k
- ERU5 98.50/98.625cs vs 97.9375/97.8125ps, bought the cs for 0.75 in 5k
- ERH6 98.5625/98.1875ps 1x2, bought for 5.5 in 5k
- SFIZ5 96.80/97.10cs vs 2NZ5 96.90/97.20cs, bought the front for 0.25 in 9k
