US FISCAL: Senate Budget Proposal May Lower Probability Of Triggering X-Date

We have published and e-mailed to subscribers the MNI Eurozone Inflation Insight. 

Please find the full report here: https://media.marketnews.com/Feb2025_EZCPI_Review_0495e7208a.pdf

• RES 4: 0.8378 High Feb 6 and a reversal trigger     
• RES 3: 0.8361 50.0% retracement of the Jan 20 - Feb 3 bear leg  
• RES 2: 0.8325 50-day EMA  
• RES 1: 0.8306 High Feb 26 and a key short-term resistance    
• PRICE: 0.8260 @ 16:24 GMT Mar 3 
• SUP 1: 0.8241 Intraday low  
• SUP 2: 0.8223 Low Dec 19 and a key support  
• SUP 3: 0.8203 Low Mar 7 ‘22 and a lowest point of a multi-year range   
• SUP 4: 0.8163 123.6% retracement of the Dec 19 - Jan 20 bull leg 

A bearish condition in EURGBP remains intact following last week’s move lower. The cross has pierced a key support at 0.8248, the Feb 3 low. A clear breach of this level would strengthen the bearish condition and pave the way for an extension towards 0.8223 , the Dec 19 low and the next key support. To the upside, initial firm resistance has been defined at 0.8306, the Feb 26 high. Clearance of this hurdle would suggest a possible base and a reversal.       

RRP usage retreats by nearly 50% to $119.987B from $234.442B on Friday's month end. Compares to $58.770B (lowest level since mid-April 2021) on February 14. The number of counterparties falls to 32 from 50 prior.