EM CEEMEA CREDIT: REPHUN: CPI as expected but higher than target

• RES 4: 5906.75 High Mar 6  
• RES 3: 5863.46 200-dma
• RES 2: 5837.25 High Mar 25 and a bull trigger      
• RES 1: 5768.50 Intraday high                                
• PRICE: 5760.50 @ 07:23 BST May 12 
• SUP 1: 5571.80 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 bullish trend condition in S&P E-Minis remains intact. The contract has recently breached the 50-day EMA, at 5628.71, and this has exposed 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, a key support at 5127.25, the Apr 21 low. First support to watch is 5571.80, the 20-day EMA.

MNI (London) - A tweet from PhoenixTVHK notes that "The tariff reductions agreed upon by both China and the U.S. will exceed 100%, source says". We aren't seeing those suggestions anywhere else and are not familiar with the news outlet. Worth noting but treat with caution at this stage.

• Alan Taylor (17:00BST fireside chat with former shadow Chancellor Ed Balls): dissented in favour of a 50bp cut and, like Catherine Mann, has been very forthright with his views in previous public appearances.
• Former MPC member Wadhwani will appear on the 9:50 panel while former Governor King will appear alongside former Deputy Governor Tucker at a fire side chat (15:30BST).
• Note there is no public video link for the BOE Watchers' Conference but we will provide live updates in the chat.
• Later this week we will hear from Pill (tomorrow but bigger appearance Tuesday next week), Governor Bailey (fireside chat tomorrow at 16:00BST), Breeden (but unlikely on monpol) and Dhingra (Thursday). For more on their views and those appearances see our BOE Review.