BSP: Philippine Central Bank Could Deliver Two More Rate Cuts This Year
Bloomberg runs comments from Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona, who says that he sees room for two more rate cuts this year amid slower inflation and global uncertainty. The official adds that the BSP sticks with its +2-4% Y/Y inflation target for now.
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SILVER TECHS: Impulsive Rally
- RES 4: $35.728 - 0.764 proj of the Apr 7 - 25 - May 15 price swing
- RES 3: $35.000 - Round number resistance
- RES 2: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 1: $34.789 - High Jun 2
- PRICE: $34.108 @ 08:12 BST Jun 3
- SUP 1: $32.790/31.651 - 50-day EMA / Low May 15
- SUP 2: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger
- SUP 3: $27.686 - Low Sep 6 ‘24
- SUP 4: $27.180 - Low Aug 14 ‘24
A strong rally in Silver on Monday confirms a resumption of the uptrend. The rally resulted in the breach of a number of important resistance points. This signals scope for an extension towards $34.903, the Oct 23 ‘24 high and a bull trigger. A clear break of this level would mark an important medium-term bullish development. Key short-term support is at $31.651, the May 15 low. A clear break of this level is required to highlight a reversal.
RIKSBANK: Finance Committee Hearing Backward Looking In Nature; Focus On May CPI
Riksbank Executive Board hearing on 2024 Monetary Policy opening remarks here. Unsurprisingly given the topic of the hearing, the opening remarks are backward-looking in nature. More interest will be in the upcoming Q&A, where there is some scope for MonPol signals ahead of the June 18 decision.
- However, with May flash CPIF due on Thursday morning, we don't expect any Executive Board member to make any explicit forward looking remarks.
- A June cut is ~50% implied by markets, placing a lot of focus on the flash inflation release (as well as the final reading on June 13).
USDCAD TECHS: Bear Trigger Remains Exposed
- RES 4: 1.4200 Round number resistance
- RES 3: 1.4111 High Apr 4
- RES 2: 1.3947/1.4016 50-day EMA / High May 12 and 13
- RES 1: 1.3840 20-day EMA
- PRICE: 1.3725 @ 08:00 BST Jun 3
- SUP 1: 1.3675 Low Jun 2
- SUP 2: 1.3643 Low Oct 9 ‘24
- SUP 3: 1.3579 1.500 proj of the Feb 3 - 14 - Mar 4 price swing
- SUP 4: 1.3503 1.618 proj of the Feb 3 - 14 - Mar 4 price swing
A downtrend in USDCAD remains intact. The pair traded lower Monday and pierced support at 1.3686, the May 26 low and bear trigger. A clear breach of this short-term support would confirm a resumption of the downtrend and maintain the price sequence of lower lows and lower highs. This would open 1.3643, the Oct 9 2024 low. Resistance at the 50-day EMA is at 1.3947 - a key level. The 20- EMA is at 1.3840.
