OUTLOOK: Price Signal Summary - Monitoring Resistance In WTI
Sep-26 10:38
- On the commodity front, the trend condition in Gold is unchanged and a bull cycle remains in play. A fresh all-time high once again, on Tuesday, confirms a resumption of the primary uptrend and an extension of the sequence of higher highs and higher lows. The next objective is the $3800.0 handle. Initial firm support lies at $3622.2, the 20-day EMA.
- In the oil space, WTI futures are trading closer to this week’s highs. Despite recent gains, the trend condition remains bearish and the recovery is considered corrective - for now. Initial resistance to watch is $65.43, the Sep 2 high. A clear break of it would suggest potential for a stronger recovery, towards key short-term resistance at $68.43, the Jul 30 high. On the downside, key support and the bear trigger has been defined at $60.85, Aug 13 low.
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STIR: US Terminal Yields Hover Near Recent Lows On Fed Independence Fears
Aug-27 10:24
- Fed Funds implied rates hold most of yesterday’s decline attributed primarily to Fed independence concerns – see the 0551ET bullet for latest developments here.
- Cumulative cuts from 4.33% effective: 21.5bp Sep, 34.5bp Oct, 54.5bp Dec, 68bp Jan and 82bp Mar.
- SOFR implied yields are up to 2bp higher on the day in the reds, including the terminal yield of 2.995% for nearing 135bp of cuts from current levels.
- Yesterday’s close of 2.975% was a new lowest since late April having cleared the 3.01% on the Monday after the Aug 1 payrolls report.
- Further Trump-Fed headlines are likely to remain in the driving seat today with no major data releases or new Fed appearances scheduled. Data picks up Thu/Fri with Q2 GDP/Jul PCE reports.
MNI EXCLUSIVE: Official Comments On French Austerity Outlook
Aug-27 10:23
French officials discuss the likely effect of the political crisis on austerity plans -- on MNI Policy MainWire now, for more details please contact sales@marketnews.com.
LOOK AHEAD: Wednesday Data Calendar
Aug-27 10:22
- US Data/Speaker Calendar (prior, estimate)
- 08/27 0700 MBA Mortgage Applications (-1.4%, --)
- 08/27 1130 US Tsy $28B 2Y FRN reopen (91282CNQ0) & $28B 17W bill auctions
- 08/27 1300 US Tsy $70B 5Y Note auction (91282CNX5)
- Source: Bloomberg Finance L.P. / MNI
