POWER: Terna Cuts Capacity Auction Results by 25%
Aug-02 10:41
Italy’s Terna has cut the capacity awarded in its latest capacity market auction for 2025 by 25% after some operators withdrew from the auction, it said, cited by Montel.
- The capacity awarded has been reduced to 174MW, compared with previous results of 233MW.
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OUTLOOK: Price Signal Summary - USDJPY Bull Cycle Extends
Jul-03 10:36
- In FX, EURUSD is trading below Monday’s 1.0776 high. The trend is unchanged, it remains bearish and gains appear to be a correction. MA studies are in a bear-mode set-up highlighting a downtrend. Resistance to watch is 1.0770, the 50-day EMA. It has been pierced, a clear break would threaten the bearish theme and signal scope for a stronger recovery towards 1.0820, 61.8% of the Jun 4 - 26 downleg. The bear trigger is 1.0666, Jun 26 low.
- A bearish theme in GBPUSD remains present and S/T gains appear to be corrective - for now. Recent weakness resulted in the break of a key support at the 50-day EMA, signalling scope for a deeper correction. This has opened 1.2584, the May 15 low. For bulls, stronger recovery and a break of 1.2860, the Jun 12 high, would resume the uptrend. Initial firm resistance to watch is 1.2740, the Jun 19 high. A break would highlight an early reversal signal.
- The trend in USDJPY remains bullish and the pair continues to appreciate. Last week’s breach of key resistance at 160.17, the Apr 29 high, confirmed a resumption of the primary uptrend and the bullish follow through since, reinforces current conditions. Note that moving average studies are in a bull mode position, highlighting positive market sentiment. Sights are on 162.21, 1.764 projection of the May 3 - 14 - 16 price swing. Support is at the 20-day EMA, at 159.07.
USD: USDJPY targets the 162.00 handle
Jul-03 10:32
- Despite the Risk on Tone and the overnight gains following the Australian retail sales beat, the AUD is coming under broader pressure.
- After being the best performer against the Dollar in G10, the Aussie is heading back to flat, with similar pullback versus the EUR.
- The EUR on the other hand stays underpinned/bid and makes further multi decades high against the Yen.
- Spill overs now hitting the Yen, to bring the USDJPY right back towards the 162.00 handle.
STIR: Fed Rates Rangebound Ahead Of Data Deluge; Williams First Up
Jul-03 10:30
- Fed Funds implied rates sit in the higher end of recent ranges from the past two weeks (but still firmly within CPI-induced ranges) ahead of a deluge of data including a range of labor indicators before ISM services.
- Cumulative cuts from 5.33% effective: 2.5bp Jul, 18bp Sep, 26bp Nov, 45bp Dec and 58bp Jan.
- Today’s scheduled Fedspeak is confined to NY Fed’s Williams at 0700ET in a potentially important panel on the drivers of equilibrium interest rates (text + Q&A), although Powell didn’t materially move markets yesterday.
- Williams, typically one of the more dovish members of the FOMC, said on Monday that he’s confident the Fed is on path to achieving 2% inflation whilst his last more detailed commentary on Jun 18 was that he expects rates to fall to more normal levels in the next few years.
- It’s followed by the FOMC minutes – see the MNI Preview here: https://roar-assets-auto.rbl.ms/files/65084/FedMinutesPreview-July2024.pdf
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