TURKEY: Rubio Says US Watching Turkey ‘Instability’ with ‘Concern’

• RES 4: $35.736 - 1.236 proj of the Feb 14 - Apr 12 - May 2 ‘24 swing 
• RES 3: $34.903 - High Oct 23 and the bull trigger
• RES 2: $34.000 - Round number resistance  
• RES 1: $33.450 - 76.4% of the Oct 23 - Dec 19 ‘24 bear leg                                
• PRICE: $31.752 @ 08:14 GMT Feb 26   
• SUP 1: $31.290 - Low Feb 25         
• SUP 2: $30.691/29.704 - Low Feb 3 / Low Jan 27 
• SUP 3: $28.748 - Low Dec 19 and bear trigger
• SUP 4: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 

Silver traded sharply lower Tuesday and in the process breached the 20-day EMA and pierced $31.396, the 50-day EMA. The move down - for now - appears corrective, however, a clear break of the 50-day average, would signal scope for a deeper retracement. This would open $30.691, the Feb 3 low. On the upside, the short-term bull trigger has been defined at $33.397, the Feb 14 high. Clearance of this level would resume the uptrend.

ERM5 97.62/97.75cs sold at 9.75 in 6.25k.

Euribor futures are flat to -1.5 ticks through the blues, softening alongside Bunds after the US house passed an expansionary budget blueprint overnight. 

• ECB-dated OIS price 82bps of easing through year-end, 1bp more hawkish than yesterday’s close.
• Yesterday evening, ECB’s Stournaras told Politico that rates are “definitely still in restrictive territory”, and will likely reach a terminal of 2% by autumn.
• While in line with his prior comments, Stournaras’ stance is slightly more cautious than the likes of Villeroy and Centeno, who favour a move towards 2% by Summer.
• Today’s regional calendar is relatively light, with focus on the February flash inflation round, which begins with Spain tomorrow. MNI’s inflation preview will be released later today.