EURJPY TECHS: Trading Above Support
May-08 06:58
- RES 4: 171.64 2.00 proj of the Jan 1 - 19 - Feb 1 price swing
- RES 3: 171.56 High Apr 29
- RES 2: 170.04 1.764 proj of the Jan 1 - 19 - Feb 1 price swing
- RES 1: 167.39/168.66 High May 2 / 1
- PRICE: 166.81 @ 07:57 BST May 8
- SUP 1: 164.28/02 50-day EMA / Low May 3
- SUP 2: 163.02 Low Apr 19
- SUP 3: 162.28 Low Apr 12
- SUP 4: 161.95 Low Mar 18
EURJPY remains above its recent lows and the cross is trading higher today. The medium-term trend direction is up and the recent volatile pullback is considered corrective. The move lower resulted in a test of the 50-day EMA, at 164.28 and a trendline support drawn from the Dec 7 ‘23 low, at 164.98. A clear break of these support points would signal scope for a deeper retracement. Initial resistance is 167.39, the May 2 high.
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GILTS: Opening calls
Apr-08 06:56
Gilt calls, range 98.05/98.12.
EQUITIES: EU Cash opening calls
Apr-08 06:55
- Estox 50: +0.22%, Dax: +0.54%, CAC: +0.23%, FTSE +0.18%, SMI +0.52%.
STIR: SONIA Futures A Little Lower To Start The Week, ~70bp Of '24 BoE Cuts Priced
Apr-08 06:50
SONIA futures are also pressured by the continued Fed repricing, last unchanged to -3.0 through the blues.
- BoE-dated OIS is little changed to a couple of bp firmer, showing ~70bp of ’24 cuts, with June & Aug '24 MPC pricing in familiar territory.
- The REC/KPMG labour market report provided the latest signs of a loosening domestic labour market.
- That, coupled with Bunds stabilsing just above session lows, is limiting the downside in SONIA futures at typing.
- BoE’s Breeden will speak later today (16:30 London), on the topic of “towards the future of the monetary system.”
- This week’s domestic highlights include the release of the Bernanke report (Friday), comments from BoE’s Greene (Thursday) and the monthly economic activity data (Friday).
- Elsewhere, the latest U.S. CPI release (Wednesday) & ECB decision (Thursday) will be eyed.
| BoE Meeting | SONIA BoE-Dated OIS (%) | Difference Vs. Current Effective SONIA Rate (bp) |
| May-24 | 5.142 | -5.3 |
| Jun-24 | 5.019 | -17.6 |
| Aug-24 | 4.874 | -32.1 |
| Sep-24 | 4.758 | -43.7 |
| Nov-24 | 4.612 | -58.3 |
| Dec-24 | 4.497 | -69.8 |
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