EURUSD TECHS: Trend Structure Remains Bullish
Aug-14 17:10
- RES 4: 1.1229 High Jul 20 2023
- RES 3: 1.1150 High Jul 27 2023
- RES 2: 1.1139 High Dec 29 2023 and a key resistance
- RES 1: 1.1084 High Dec 29 2023
- PRICE: 1.1044 @ 15:44 BST Aug 14
- SUP 1: 1.0901 20-day EMA
- SUP 2: 1.0850 50-day EMA
- SUP 3: 1.0778 Low Aug 1 and a key support
- SUP 4: 1.0736 Low Jul 3
EURUSD traded higher Tuesday and Wednesday as the pair extends this week’s bull phase. Resistance at 1.1008, the Aug 5 high, has been cleared and this confirms a resumption of the uptrend. Sights are on 1.1084, the Dec 29 ‘23 high. Note moving average studies remain in a bull-mode set-up, highlighting a rising trend. Initial support to watch lies at 1.0901, the 20-day EMA.
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PIPELINE: BNY, JPM, RBC, PEP Guidance Update, Launching Soon
Jul-15 17:04
- Date $MM Issuer (Priced *, Launch #)
- 7/15 $Benchmark Bank of NY Mellon 4NC3 +65, 4NC3 SOFR+83, 8NC7 +90, 15NC10 +138
- 7/15 $Benchmark JP Morgan 4NC3 +75, 4NC3 SOFR+93, 6NC5 +87, 11NC10 +107
- 7/15 $Benchmark RBC 3NC2 +63, 3NC2 SOFR+79, 6NC5 +85
- 7/15 $Benchmark PepsiCo 5Y +40, 10Y +60, 30Y +80
- 7/15 $600M NongHyup Bank $300M 3Y SOFR+80, $300M 5Y +68
- 7/15 $500M #Aircastle 7Y +165
FED: Powell: June Inflation Data Adds To FOMC "Confidence"
Jul-15 17:00
Fed Chair Powell at a Q&A with the Economic Club of Washington, D.C. strikes a predictably dovish-leaning message in light of recent data, repeating previous comments that the labor market is back to roughly where it was pre-pandemic; for inflation, in Q2 we had "3 better readings" following June's reports.
- "We've been very clear that you wouldn't wait for inflation to get all the way down to 2%. Our test has been for the past quite some time that we wanted to be have greater confidence that inflation was moving sustainably down toward our 2% target, and what increases that confidence in that is more good inflation data. And lately, we have been getting some of that...We didn't gain any any additional confidence in the first quarter, but the three readings in the second quarter, including the one from last week, do add to that confidence."
- He notes that "we're going to be looking at both mandates", and the Fed could react to unexpected weakening in labor market.
- Re market pricing in 90% chance of September cut - Powell says he is not going to be sending any signal of timing.
USD: USDJPY Falls Sharply to 157.19 As Chair Powell Acknowledges Data Confidence
Jul-15 16:54
- As Fed Chair Powell nods to additional confidence on inflation, the greenback kneejerks lower, most noticeable for USDJPY which has a powerful 70 pip move lower to fresh post-CPI lows of 157.19.
- Broadly the usd has snapped back and remains little changed against most major currencies. USDJPY remains around 25 pips lower and as a reminder on the downside, notable support is at 156.83, a Fibonacci retracement.
