BRAZIL: Lula Replaces Health Minister, Formal Job Creation, Federal Debt Due
Feb-26 11:37
- President Lula fired Health Minister Nisia Trindade yesterday, according to Folha de S.Paulo, with Institutional Relations Minister Alexandre Padilha set to take up the position in her place. Folha reports that Lula will continue to reform his cabinet ahead. Separately, Agriculture Minister Carlos Favaro has warned that he could leave his post if the government starts to tax agricultural exports, according to a report by CNN Brasil. Favaro said that there is pressure for measures such as quotas and export taxes.
- In terms of the macro calendar today, formal job creation figures for January are due at 1330GMT(0830ET), with consensus for a 70,990 gain last month. This will be followed by January federal debt figures at 1730GMT(1230ET).
- Jan. Formal Job Creation Total, est. 70,990, prior -535,547
- Jan. Federal Debt Total, prior 7.32t
- On the political front, President Lula will attend a BRICS Sherpas meeting from 1430GMT(0930ET). Meanwhile, BCB Governor Galipolo will be attending the G20 Finance Minister and Central Bank Presidents meeting in South Africa.
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OPTIONS: Expiries for Jan27 NY cut 1000ET (Source DTCC)
Jan-27 11:34
- EUR/USD: $1.0500(E729mln)
- USD/JPY: Y155.95-00($1.6bln)
- EUR/JPY: Y163.00(E565mln)
- AUD/USD: $0.6300(A$778mln)
- USD/CAD: C$1.4275($600mln)
- USD/CNY: Cny7.6000($2.1bln)
US 10YR FUTURE TECHS: (H5) Approaching The 50-Day EMA
Jan-27 11:32
- RES 4: 110-25 High Dec 12
- RES 3: 110-19 76.4% retracement of the Dec 6 - Jan 13 bear leg.
- RES 2: 109-31 High Dec 18
- RES 1: 109-12+ 50-day EMA
- PRICE: 109-11 @ 11:21 GMT Jan 27
- SUP 1: 108-00/107-06 Low Jan 16 / 13 and the bear trigger
- SUP 2: 107-04 Low Apr 25 ‘24 and a key support
- SUP 3: 107-00 Round number support
- SUP 4: 106-11 2.00 proj of the Oct 1 - 14 - 16 price swing
The medium-term trend condition in Treasury futures is down, however a bullish short-term cycle highlights an ongoing corrective phase and the contract is trading higher today. Attention is on 109-12+, the 50-day EMA. A clear break of this EMA is required to strengthen a bullish theme. This would open 109-31, the Dec 18 high. The bear trigger is unchanged at 107-06, the Jan 13 low. Initial support has been defined at 108-00, the Jan 16 low.
LOOK AHEAD: Monday Data Calendar:Regional Fed Data, Home Sales, 2Y/5Y Note Sales
Jan-27 11:30
- US Data/Speaker Calendar (prior, estimate)
- 27-Jan 0830 Chicago Fed Nat Activity Index (-.12, -.06)
- 27-Jan 1000 New Home Sales (664k, 672k), MoM (5.9%, 6.6%)
- 27-Jan 1030 Dallas Fed Mfg Activity (3.4, -3.0)
- 27-Jan 1130 US Tsy $69B 2Y note (91282CMH1) & $72B 26W bill auctions
- 27-Jan 1300 US Tsy $72B 5Y note (91282CMG3) & $84B 13W bill auctions
