USD: Paring some small gains into the EU Session
Jun-04 06:35
- The Dollar was trading in the green against all G10s Overnight, but looking at the overall picture, the Greenback is closer to flat.
- The SEK is +0.2%, and at the other end, the CAD is down 0.08%, as noted, the USD is flat.
- While the Yen was the worst early performer the initial resistance at 144.44 has held, this was last Friday's high, and the Cross printed a 144.38 high Overnight.
- USDJPY has now settled back down to trade just below the 144.00.
- First resistance in the USDSEK moves down to 9.6500, although it did trade as high as 9.7213 last Week.
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EQUITY TECHS: E-MINI S&P: (M5) Clears The 50-Day EMA
May-05 06:35
- RES 4: 5865.42 200-dma
- RES 3: 5837.25 High Mar 25 and a bull trigger
- RES 2: 5773.25 High Apr 2
- RES 1: 5724.75 High May 2
- PRICE: 5674.25 @ 07:24 BST May 3
- SUP 1: 5511.99 20-day EMA
- SUP 2: 5355.25/5127.25 Low Apr 24 / 21 and a key support
- SUP 3: 4996.43 76.4% retracement of the Apr 7 - 10 bounce
- SUP 4: 4832.00 Low Apr 7 and the bear trigger
The latest recovery in the e-mini S&P reinforces current bullish conditions.The contract has traded through the 50-day EMA, at 5620.87. A continuation of the bull phase would expose 5837.25 next, the Mar 25 high and a bull trigger. It is still possible that the entire rally since Apr 7 is a correction. A reversal lower would signal the end of this corrective phase and expose initially, support at 5127.25, the Apr 21 low.
MNI: SWISS APR CPI +0% M/M, +0% Y/Y
May-05 06:30
- MNI: SWISS APR CPI +0% M/M, +0% Y/Y
EUROPEAN INFLATION: Swiss April CPI Below Consensus
May-05 06:30
Swiss CPI inflation printed below consensus at 0.0% in April (vs 0.2% cons; 0.3% prior), and 0.0% M/M. Core CPI also printed below consensus, at 0.6% Y/Y (vs 0.8% cons; 0.9% prior).
- This means inflation started off Q1 well below the 0.3% Y/Y SNB expectation for this quarter. Note that Chairman Schlegel has mentioned in the last press conference that negative inflation would not be totally outside of expectations if it only persists for single months (as opposed to quarters, the SNB's reference period for their official forecasts).
- The main categories appear to indicate that the headline drop vs March was relatively broad-based on first sight:
- Domestic 0.8% vs 1.0% prior
- Imported -2.5% vs -1.7% prior
- Services 1.4% vs 1.6% prior
- Goods -2.0% vs -1.6% prior
- Energy and fuels -7.8% vs -7.1% prior
- Housing rental inflation did not see its quarterly price update this month (due May).
