NORWAY: Solid Labour Market Conditions Should Keep Norges Bank Cautious
May-02 06:23
With labour market data showing no signs of deterioration and CPI-ATE inflation still above target, ...
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BUNDS: Tariff annoucement is at at the forefront
Apr-02 06:20
- A small overnight gap lower for Bund, but the contract looks to close it into the cash Open, this was back up to 129.33, printed a 129.32 high so far.
- Further out, initial resistance was seen at 129.54 this Week, and the German 10yr printed a 129.59 high on Monday and 129.60 Yesterday, this 129.54/129.60 area remains the first resistance.
- Support is still seen at ~128.42.
- ALL EYES will be on Trumps Tariff's announcement now set for 16.00ET, and the subsequent retaliation Risks.
- Invertors will look for Upside risks in futures very short term, given the Global growth concerns, but the latest set of Data could point towards Stagflation going forward.
- Today on the Data front, sees US ADP, Factory orders, final Durable Goods, but unlikely to really move the needle ahead of President Trump.
- SUPPLY: UK 10yr Linker (won't impact Gilt), Germany €4.5bn Bund (Equates to 37.3k Bund) could weigh into the bidding deadline.
- SPEAKERS: ECB Schnabel, Escriva, Holzmann, Lane, Fed Kugler, President Trump (at 16.00ET/21.00BST).
BRENT TECHS: (M5) Bull Cycle Extends
Apr-02 06:19
- RES 4: $78.96 - High Jan 15 and a reversal trigger
- RES 3: $77.75 - High Jan 20
- RES 2: $76.26 - High Feb 20 and a bull trigger
- RES 1: $75.29 - High Apr 1
- PRICE: $74.40 @ 07:08 BST Apr 2
- SUP 1: $72.29 - 20-day EMA
- SUP 2: $69.51/67.95 - Low Mar 19 / 5 and the bear trigger
- SUP 3: $67.87 - Low Sep 10 ‘24 and a key medium-term support
- SUP 4: $66.55 1.618 proj of the Jan 15 - Feb 4 - 20 price swing
A strong rally in Brent futures Monday strengthens the current short-term bullish theme and undermines a medium-term bearish condition. The contract is trading at its recent highs and this signals scope for a climb towards the next key resistance at $76.26, the Feb 20. Clearance of this level would strengthen the bullish condition. Initial firm support to watch lies at $72.29, the 20-day EMA.
STIR: SFRM5 96.125/50 Call Spread Blocked
Apr-02 06:17
SFRM5 96.125/50 call spread 5K blocked at 3.75, CME indicates buyer initiated, conducted across 2x 2.5K blocks.
