SWEDEN: Services Sentiment At Broadly Neutral Levels

Risk-off trade evident ahead of the European cash equity open, following Trump levying fresh tariffs on China, Canada & Mexico, while earmarking potential action on the EU further down the line.

• Particular focus on the auto sector given the potential for Trump tariff action and sensitivity of the sector.
• Euro Stoxx 50 futures: -2.36%
• DAX futures: -2.02%
• CAC 40 futures: -2.11%
• FTSE MIB futures: -2.14%
• FTSE 100 futures: -1.26%

• RES 4: 1.5000 Psychological round number 
• RES 3: 1.4948 High Mar 2003  
• RES 2: 1.4814 High Apr 2003
• RES 1: 1.4793 Intraday high   
• PRICE: 1.4719 @ 07:59 GMT Feb 3  
• SUP 1: 1.4629 Intraday low 
• SUP 2: 1.4395 20-day EMA 
• SUP 3: 1.4284 50-day EMA 
• SUP 4: 1.4261 Low Jan 20 and a key support 

USDCAD has traded sharply higher today. The latest climb reinforces and strengthens current bullish conditions. The break higher has confirmed a resumption of the uptrend and sets the scene for a climb towards 1.4814 next, the Apr 2003 high. Moving average studies remain in a bull-mode position highlighting  a dominant uptrend. Initial firm support to watch is 1.4395, the 20-day EMA.

Desks point to futures opening around 92.85/95. A little above the current netting at ~92.70.