EM CEEMEA CREDIT: SOAF: EFF to vote against fiscal framework

• RES 4: $3000.0 - Psychological round number   
• RES 3: $2976.8 - 2.0% 10-dma envelope
• RES 2: $2962.2 - 2.00 proj of the Nov 14 - Dec 12 - 19 price swing
• RES 1: $2920.8/2956.2 - High Feb 27 / 24 and the bull trigger 
• PRICE: $2862.9 @ 07:20 GMT Mar 3 
• SUP 1: $2832.7 - Low Feb 28  
• SUP 2: $2804.6 - 50-day EMA
• SUP 3: $2758.3 - Low Jan 30
• SUP 4: $2730.6 - Low Jan 27 

A corrective phase in Gold remains in play and the yellow metal traded lower last week. Price has breached the 20-day EMA, at $2879.8. This signals scope for a deeper short-term retracement, possibly towards the next important support around the 50-day EMA, at $2804.6. For bulls, a resumption of gains would refocus attention on the next objective at $2962.2, a Fibonacci projection. This would also open the $3000.0 handle.

• A 16 points drop in the past few minutes for Estoxx (VGH5) as Europe starts to join the session.
• Defence stocks will be watched on the Open, they are still performing well, German Rheinmetall was close to 20% up at one point, UK Rolls-Royce was above 10% (~12%), and BAE Systems over 20% as Europe race to save Ukraine.

Sovereign rating reviews of note from after hours on Friday include:

• Fitch affirmed Germany at AAA; Outlook Stable
• Fitch affirmed the United Kingdom at AA-; Outlook Stable
• Moody's affirmed the Netherlands at Aaa, outlook stable
• S&P affirmed France at AA-; Outlook Revised to Negative from Stable
• S&P upgraded Portugal to A; Outlook Positive
• Morningstar DBRS confirmed the Netherlands at AAA, Stable Trend
• Scope Ratings affirmed Japan at A; Outlook Stable