ENERGY: US Oil and Gas Rigs Down 4 on Week at 559: Baker Hughes
The US total oil and gas rig count was down 4 rigs on the week at 559 rigs, according to Baker Hughe...
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UK: BOE: Instant Answer questions for May meeting
Instant Answers Questions for the BOE May 2025 policy decision, with results expected at 12.02 on Thursday - 2 minutes later than normally published due to a national period of reflection for VE Day.
1. Was the Bank Rate changed, and if so by how much?
2. Number of members voting for 25bp cut?
3. Number of members voting for 50bp cut?
4. Number of members voting for other rate decision?
NB: On questions 2-4 we will name the dissenters (and the direction / magnitude of dissent)
5. Did the MPC drop reference to a “gradual approach” from its guidance?
6. Did the MPC drop reference to “careful” in the guidance?
7. Did the MPC drop reference to “restrictive” from its guidance?
8. Did the MPC again say it will “decide the appropriate degree of monetary policy restrictiveness at each meeting”?
9. Did the MPC leave its guidance paragraph materially unchanged versus the March policy statement?
10. UK CPI forecast in 2 years time at market rates (mode / mean)?
Previous: 2.3% / 2.3% (Previous Q2-27 was 2.2% / 2.2%)
11. UK CPI forecast in 3 years time at market rates (mode / mean)?
Previous: 1.9% / 1.9%
12. UK GDP modal forecasts at market rates (2025/2026/2027)?
Previous 0.75%/1.5%/1.5%
Note: Q12 to nearest 0.25ppt
STIR: Mar'26 SOFR Straddle Scale Seller Ahead FOMC
- over 14,000 SFRH6 96.62 straddles sold on day from 80-79 ref 96.655
EURUSD TECHS: Remains Above Support At The 20-Day EMA
- RES 4: 1.1696 1.618 proj of the Feb 28 - Mar 18 - 27 price swing
- RES 3: 1.1625 1.500 proj of the Feb 28 - Mar 18 - 27 price swing
- RES 2: 1.1608 High Nov 9 2021
- RES 1: 1.1440/1573 High Apr 23 / 21 and the bull trigger
- PRICE: 1.1350 @ 16:33 BST May 7
- SUP 1: 1.1279 20-day EMA and a key support
- SUP 2: 1.1144 High Apr 3
- SUP 3: 1.1047 50-day EMA and a pivot level
- SUP 4: 1.0805 Low Apr 3
EURUSD is trading closer to its recent lows. The latest pullback appears corrective. The trend remains bullish - MA studies are in a bull-mode position signalling a dominant uptrend. The latest move down has also allowed an overbought condition to unwind. A resumption of gains would open 1.1608, the Nov 9 2021 high. Initial key support to watch is the 20-day EMA, at 1.1279. A break of this average would signal scope for a deeper retracement.
