SWEDEN: Services Sentiment At Broadly Neutral Levels
The Swedish services PMI has been in expansionary territory for the last five months, after ticking up to 50.8 in February (vs 50.2 prior). The PMI has been somewhat more stable than the Economic Tendency Indicator services series in recent months, though both now sit around neutral levels.
- New orders returned to expansionary territory at 50.5 (vs 49.6 prior), with production also increasing to 51.0 (vs 50.3 prior).
- The input price series remains elevated at 60.6 (vs 64.5 prior), which likely feeds into recent increases in expected output prices in the Economic Tendency survey.
- Meanwhile, the employment index registered a seventh consecutive month in contraction at 47.6 (vs 46.0 prior).
- Tomorrow’s Swedish data calendar includes flash February inflation data.
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EQUITIES: UK & Europe Set To Open Lower
Risk-off trade evident ahead of the European cash equity open, following Trump levying fresh tariffs on China, Canada & Mexico, while earmarking potential action on the EU further down the line.
- Particular focus on the auto sector given the potential for Trump tariff action and sensitivity of the sector.
- Euro Stoxx 50 futures: -2.36%
- DAX futures: -2.02%
- CAC 40 futures: -2.11%
- FTSE MIB futures: -2.14%
- FTSE 100 futures: -1.26%
USDCAD TECHS: Northbound
- RES 4: 1.5000 Psychological round number
- RES 3: 1.4948 High Mar 2003
- RES 2: 1.4814 High Apr 2003
- RES 1: 1.4793 Intraday high
- PRICE: 1.4719 @ 07:59 GMT Feb 3
- SUP 1: 1.4629 Intraday low
- SUP 2: 1.4395 20-day EMA
- SUP 3: 1.4284 50-day EMA
- SUP 4: 1.4261 Low Jan 20 and a key support
USDCAD has traded sharply higher today. The latest climb reinforces and strengthens current bullish conditions. The break higher has confirmed a resumption of the uptrend and sets the scene for a climb towards 1.4814 next, the Apr 2003 high. Moving average studies remain in a bull-mode position highlighting a dominant uptrend. Initial firm support to watch is 1.4395, the 20-day EMA.
GILTS: Slight Higher Open Seen
Desks point to futures opening around 92.85/95. A little above the current netting at ~92.70.
