NATO: Rutte-Germany Takes Lead On Def Spend; Rubio Calls For 5% Of GDP Agreement
May-15 10:54
Speaking in a presser at an informal meeting of NATO foreign ministers, Secretary General Mark Rutte...
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OUTLOOK: Price Signal Summary - Resistance In WTI Remains Intact
Apr-15 10:50
- On the commodity front, the trend condition in Gold remains bullish and price is trading at its recent highs. The yellow metal last week traded through $3167.8, the Apr 3 high, to resume the primary uptrend and trade to fresh all-time highs. Moving average studies are unchanged, they remain in a bull-mode position highlighting a dominant uptrend. Initial firm support lies at 3077.5, the 20-day EMA. Sights are on 3291.8, a 1.00 projection of the Feb 28 - Apr 3 - Apr 7 price swing.
- In the oil space, a bearish theme in WTI futures remains intact and the rally last Wednesday is - for now - considered corrective. The move higher is allowing an oversold trend condition to unwind. Recent weakness has resulted in the breach of a number of important support levels, reinforcing a bearish threat. A resumption of the bear cycle would open $54.26, a 2.236 projection of the Feb 11 - Mar 5 - Apr 2 price swing. Initial firm resistance is seen at $64.85, the Mar 5 low and a recent breakout level.
EUR: FX Exchange traded Option
Apr-15 10:45
FX Exchange traded Options, cover the next 3 ECB meeting (April, June, July).
- EURUSD (8th Aug) 1.1800/1.1850cs, bought for 0.0984 and 0.0994 in 1k.
EUROZONE DATA: February IP Data Stronger-than-expected, But Stale
Apr-15 10:44
Eurozone February industrial production was 1.1% M/M, above the 0.3% consensus thanks to a 10.8% M/M print in Ireland. January’s reading was revised two tenths lower to 0.6%. The IP data is of course stale, with market expectations for Eurozone manufacturing prospects being heavily dictated by volatile US tariff policies. Nonetheless, 3m/3m IP growth reached its highest since November 2022 at 0.2% (vs -0.3% prior).
- The Eurozone manufacturing PMI remained contractionary at 48.6 in March (vs 47.6 in February), with similar dynamics observed in the EC’s industrial confidence metrics.
- As such, although IP momentum was improving through Q1, future prospects remain relatively bleak for the export-heavy manufacturing industry.
- Non-durable consumer goods saw a notable 2.8% M/M rebound (vs -2.4% in January, 6.0% in December).
