EU CREDIT HEADLINE: RWE: 2Q25 Results Headlines            

The broader BBDXY has moved away from fresh July highs registered in Asia hours.

• This comes as e-minis trade on the front foot after Nvidia flagged the restart of some chip sales to China, receiving approval from U.S. policymakers to do so.
• Elsewhere, mixed Chinese GDP and monthly economic activity data and softer mainland China equity indices supported USD/CNH, limiting USD losses to some degree.
• EUR/USD holds above initial support at the 20-day EMA (1.1661), after a test overnight.
• Note that GBP/USD breached trendline support drawn from the Jan 13 low (1.3430) but has since retaken that level. A more convincing break would strengthen the short-term bearish case.
• German ZEW data is due this morning, but it will be the U.S. CPI release that garners the bulk of the macro attention.
• It’s possible that June’s U.S. CPI report will only be starting to show the delayed impact from the April reciprocal tariffs with the largest impact perhaps only to be seen in July. There appears a rough consensus of three months from tariff implementation to more notable consumer price increases.
• Our full data preview is here: https://media.marketnews.com/USCPI_Prev_Jul2025_07eaecc8d6.pdf
• Canadian CPI is also due.
• Elsewhere, Fedspeak from Bowman, Barr, Barkin and Collins is due throughout the day, while UK Chancellor Reeves & BoE Governor Bailey will speak at the Mansion House event this evening.

• RES 4: 6402.44 1.382 proj of the May 23 - Jun 11 - 23 price swing
• RES 3: 6381.00 1.764 proj of the Apr 7 - 10 - 21 price swing 
• RES 2: 6356.12 1.236 proj of the May 23 - Jun 11 - 23 price swing
• RES 1: 6335.75 Intraday high    
• PRICE: 6331.25 @ 07:23 BST Jul 15  
• SUP 1: 6246.25 Low Jul 7  
• SUP 2: 6211.67/6064.44 20- and 50-day EMA values   
• SUP 3: 5811.50 Low May 23 
• SUP 4: 5645.75 Low May 7 

The trend condition in S&P E-Minis remains bullish and the contract is trading at its recent highs. Recent activity has resulted in a break of resistance at 6128.75, the Jun 11 high. The breach confirmed a resumption of the uptrend that started Apr 7. This was followed by a break of key resistance and a bull trigger at 6277.50, the Feb 21 high. Sights are on 6356.12, a Fibonacci projection. Key support is at the 50-day EMA, at 6064.44.

• RES 4: $82.62 - 3.000 proj of the Apr 9 - 23 - May 5 price swing
• RES 3: $80.43 - 2.764 proj of the Apr 9 - 23 - May 5 price swing 
• RES 2: $80.00 - Psychological round number
• RES 1: $71.20/78.40 - 50.0% of the Jun 23-24 range / High Jun 23  
• PRICE: $66.65 @ 07:19 BST Jul 15 
• SUP 1: $65.46/64.00 - 50-day EMA / Low Jun 24 
• SUP 2: $58.87 - Low May 30
• SUP 3: $54.81 - Low May 5
• SUP 4: $54.13 - Low Apr 9 and a key support  

WTI futures maintain a bearish tone following the reversal from the Jun 23 high, and recent gains still appear corrective. Support to watch is the 50-day EMA, at $65.46. The average has been pierced, a clear break of it would signal scope for a deeper retracement. This would expose $58.87, the May 30 low. Initial resistance to monitor is $71.20, the 50.0% retracement of the Jun 23 - 24 high-low range. Key resistance is at $78.40, the Jun 23 high.