EMISSIONS: EC Said Small Vessels Are Not Ready For ETS Reporting Obligation

ZEW president assesses Germany's economy ahead of this weekend's elections..-On MNI Policy MainWire now, for more details please contact sales@marketnews.com

• RES 4: 110-25   High Dec 12
• RES 3: 110-19   76.4% retracement of the Dec 6  - Jan 13 bear leg    
• RES 2: 110-14   High Dec 14
• RES 1: 110-00   High Feb 7 and the bull trigger 
• PRICE:‌‌ 109-07 @ 16:46 GMT Feb 17
• SUP 1: 108-04/00 Low Feb 12 / Low Jan 16   
• SUP 2: 107-06   Low Jan 13 and the bear trigger 
• SUP 3: 107-04   Low Apr 25 ‘24 and a key support 
• SUP 4: 106-11   2.00 proj of the Oct 1 - 14 - 16 price swing  

Treasury futures remain above last week’s lows and price has risen above the 50-day EMA. A continuation higher would expose key resistance and a bull trigger at 110-00, the Feb 7 high. For bears, recent weakness resulted in a break of 108-20+, the Feb 4 low, highlighting the end of the corrective cycle between Jan 13 - Feb 7. A continuation lower would open 108-00, the Jan 16 low, and expose 107-06, the Jan 13 low and bear trigger.

• It’s another key week for UK data with labour market data (Tues), CPI (Wed) and the flash PMI (Fri) all due for release this week.
• Inflation is expected to pick up (both headline and services) - largely driven by a reversal in the timing-induced soft airfares print, but private school VAT and bus fares are likely to contribute too.
• On the labour market side, a rise in official AWE earnings data has been down downplayed in recent BOE communications as being inconsistent with other wage releases.
• We therefore take a deep dive into the alternative HMRC PAYE data.

For the full document, click here.