SWITZERLAND DATA: Q1 Flash GDP Stronger Than Expected
Swiss Q1 GDP came in at 0.7% Y/Y according to SECO's flash estimate. That is considerably higher than consensus at 0.4% (and Q4's 0.5% Q/Q).
- "This growth was driven significantly by the services sector, with industry also showing overall expansion.", SECO added.
- SNB chairman Schlegel has recently flagged downside risks to their 1.0% - 1.5% 2025 growth estimate following the wide-scale US tariff announcement - he has not publicly provided commentary on that yet after tensions eased recently. Also, US restrictions on pharmaceutical firms announced (which are heavily represented in Switzerland) appeared lighter than feared when announced last week.
- Full detailed data will be published on June 2.
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AUDUSD TECHS: Maintains A Bullish Tone
- RES 4: 0.6428 50.0% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 3: 0.6409 High Dec 9 and a key resistance
- RES 2: 0.6389 High Apr 3 and a reversal trigger
- RES 1: 0.6374 3.0% 10-dma envelope
- PRICE: 0.6359 @ 07:59 BST Apr 15
- SUP 1: 0.6232 20-day EMA
- SUP 2: 0.6116/0.5915 Low 10 / Low Apr 9 and the bear trigger
- SUP 3: 0.5830 2.000 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 4: 0.5729 2.236 proj of the Sep 30 - Nov 6 - 7 price swing
AUDUSD maintains a short-term bullish tone following a strong reversal last week. The pair has breached the 50-day EMA, at 0.6267. The break of this average strengthens the reversal and signals scope for a continuation higher, towards 0.6389, the Apr 3 high and the next important resistance. For bears, a resumption of weakness would refocus attention on 0.5915, the Apr 9 low and bear trigger. First support lies at 0.6232, the 20-day EMA.
GILTS: Opening calls
Gilt calls, 91.60/91.86, small upside risk on the mid, given the bid in Sonias.
EQUITIES: EU Cash Opening calls
Moves in Estoxx Futures are tiny in early trade, similar to Yesterday.
VGM5 is back to circa flat, small downside risks on these calls.
- Calls: Estox 50: +0.07%, Dax: +0.67%, CAC: -0.43%, FTSE +0.26%, SMI +0.10%.
