MNI: MNI BoC Review, Jul'24: A Low Bar For Near-Term Cuts
Jul-25 11:28
- We have published and e-mailed to subscribers the MNI BoC Review.
- Please find the full report including MNI analysis and views from 12 analysts, some of whom have pulled forward rate cut expectations, here: https://roar-assets-auto.rbl.ms/files/65409/BOCReviewJul2024.pdf
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USD: EURUSD drifts to session low
Jun-25 11:21
- The Dollar is starting to see a small underlying broader bid, despites US Yields tilted in the red, after Bond futures have recovered from their lows.
- At session high with the EUR, PLN, NOK, CAD,CNY, CNH, CZK.
- Support in EURUSD is seen below the figure at 1.0668 Low Jun 14.
EQUITIES: Estoxx put spread
Jun-25 11:14
SX5E (16th Aug) 4550/4275ps 1x2, bought for 4.4 in 3k.
OUTLOOK: Price Signal Summary - Bull Cycle In Gilts Remains Intact
Jun-25 11:13
- In the FI space, Bund futures are unchanged and remain in consolidation mode. A bull cycle is in play and the latest pause still appears to be a flag - a bullish continuation pattern. Furthermore, recent gains have resulted in a breach of resistance at 132.83, the May 16 high. These factors strengthen a bullish theme and signal scope for a continuation higher, towards 133.42 next, a 1.764 projection of the May 31 - Jun 5 - 10 price swing. Initial support is 131.76, the 50-day EMA.
- Gilt futures remain bullish and price is trading closer to its latest highs. Recent gains resulted in a break of 97.86, the Jun 4 high and 98.05, 76.4% of the May 16 - 29 bear cycle. This highlights a resumption of the bull cycle that started May 29. Note too that resistance at 98.89, the May 16 high, has been pierced. A clear break of it would reinforce bullish conditions. Sights are on 99.25, a 1.236 projection of the May 29 - Jun 4 - 10 price swing. Initial firm support is 97.89, the 20-day EMA.
