EURGBP TECHS: Support Remains Exposed
May-06 18:00
- RES 4: 0.8789 High Feb 27 and key resistance
- RES 3: 0.8747 76.4% retracement of the Feb 27 - Mar 16 bear leg
- RES 2: 0.8742 High Mar 31 and Apr 1 and the bull trigger
- RES 1: 0.8680 50-Day EMA
- PRICE: 0.8644 @ 16:44 BST May 6
- SUP 1: 0.8620 Low May 01
- SUP 2: 0.8610 Low Mar 16 and the bear trigger
- SUP 3: 0.8597 Low Aug 14
- SUP 4: 0.8578 Low Jul 2 ‘25
EURGBP continues to trade closer to its recent lows and a bear threat remains in play. Note that moving average studies have recently crossed and are in a bear-mode setup, reinforcing current bearish conditions. Sights are on 0.8610, the Mar 16 low and bear trigger. Clearance of this support would resume a medium-term downtrend. Key resistance to watch is 0.8742, the Mar 31 and Apr 1 high. First resistance is 0.8680, the 50-day EMA.
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US STOCKS: Late Equities Roundup: Narrow Ranges, War Rhetoric Weighs on Risk
Apr-06 17:56
- US stock indexes hold modest gains late Monday, off early highs with risk sentiment tempered by ongoing saber rattling by President Trump.
- While White House officials stated "CEASEFIRE PLAN" is "ONE OF MANY IDEAS" Bbg, Trump's late post of "IRAN MIGHT BE TAKEN OUT TOMORROW NIGHT" weighed on sentiment while crude climbed back near early overnight highs (WTI appr $114.0/bbl).
- Communication Services, Energy and Financial sectors outperformed, individual gainers were led by tech stocks with the following up 4.5-6.5% in late trade: Seagate Technology Holdings, AppLovin, VeriSign, Monolithic Power Systems, Sandisk Corp and Western Digital.
- Pharmaceutical and Chemical companies led declines, the following down 3.8-4%: Biogen Inc, Charles River Laboratories and Albemarle Corp.
US TSYS: Crude Rising on Latest from Trump on Iran
Apr-06 17:18
- Crude prices rising again - still off early overnight highs after latest: TRUMP: IRAN MIGHT BE TAKEN OUT TOMORROW NIGHT, Bbg
- WTI crude trades around $113.60/bbl vs. appr $115.35/bbl overnight.
- Treasuries slower to react but paring gains last few minutes, curves twist flatter: 2s10s -.834 at 48.653, 5s30s -1.341 at 90.330.
- US$ paring losses but still inside range (BBDXY -.49 at 1215.40); stocks paring gains, SPX emins near flat for the day at 6626.0.
LOOK AHEAD: Tuesday Data Calendar: Wkly ADP, Dur/Cap Goods, 3Y Sale, Fed Speak
Apr-06 16:40
- US Data/Speaker Calendar (prior, estimate). All times ET
- 04/07 0815 ADP weekly NER Pulse (10,000 prior)
- 04/07 0830 Durable Goods Orders (0.0%, -1.0%)
- 04/07 0830 Cap Goods Orders Nondef Ex Air (0.5% est), Shipped (-0.1%, 0.4%)
- 04/07 1100 NY Fed 1-Yr Inflation Expectations (3.0%, 3.5%)
- 04/07 1130 US Tsy $70B 6W bill auctions
- 04/07 1235 Chicago Fed Goolsbee moderated Q&A on mon-pol
- 04/07 1300 US Tsy $58B 3Y Note auction (91282CQJ3)
- 04/07 1500 Consumer Credit ($8.05B, $10.5B)
- 04/07 1750 Fd VC Jefferson economic outlook (text, Q&A)
- Source: Bloomberg Finance L.P. / MNI
