EURGBP TECHS: Trades Through The 20-Day EMA
Feb-06 14:02
- RES 4: 0.8474 High Jan 20 and a key resistance
- RES 3: 0.8420 76.4% retracement of the Jan 20 - Feb 3 bear leg
- RES 2: 0.8388 61.8% retracement of the Jan 20 - Feb 3 bear leg
- RES 1: 0.8378 Intraday high
- PRICE: 0.8367 @ 14:01 GMT Feb 6
- SUP 1: 0.8297/8248 Low Feb 4 / 3 and a bear trigger
- 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
EURGBP has traded sharply higher today, extending the rebound from Monday’s 0.8248 low. This undermines the recent bear threat. The cross has traded through the 20- and 50-day EMAs. The 20-day average is at 0.8364, a clear breach of it would signal scope for a stronger recovery towards 0.8388 initially, a Fibonacci retracement. For bears, a reversal lower would refocus attention on 0.8248, the Feb 3 low and the first bear trigger.
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US: Two Key Meetings To Determine Republican Legislative Strategy
Jan-07 13:55
US President-elect Donald Trump will hold two key meetings with Republican lawmakers this week amid uncertainty over strategy to legislate Trump's agenda.
- On Wednesday, Trump will huddle with Senate Republicans in Washington. On the weekend, Trump will host a large, diverse group of House Republicans at his Mar-a-Lago resort. The Mar-a-Lago attendees are expected to include members of the conservative House Freedom Caucus, various committee chairs, and 'blue state' Republicans who are pushing to increase the State and Local Tax (SALT) deduction.
- Early statements from the Senate and Trump's transition team indicated a preference for two major filibuster-proof reconciliation bills, with the first to cover immigration and energy and the second to cover tax and spending. However, since the re-election of House Speaker Mike Johnson (R-LA), Trump has appeared to lean toward a single 'mega bill' strategy forwarded by House Republicans.
- A single reconciliation bill is likely the optimum strategy if the GOP is to ensure adequate Congressional time to extend the Trump tax cuts that expire at the end of the year and avoid a confrontation with House conservatives who are likely to resist passing two high-cost reconciliation bills in one year.
MNI: US REDBOOK: JAN STORE SALES +5.8% V YR AGO MO
Jan-07 13:55
- MNI: US REDBOOK: JAN STORE SALES +5.8% V YR AGO MO
- US REDBOOK: STORE SALES +6.8% WK ENDED JAN 04 V YR AGO WK
BONDS: US Tnotes fades from the lows
Jan-07 13:47
- Mostly two way price action in Treasuries for the past 3 hours, latest flows sees buying interest albeit well within the session's range, and the longer part of the curves remain offered across the US, EU and UK.
- TYH5 is bought in 3k, TUA 2k, and USA 1.2k, but 372k lots traded in Tnotes is very low for this time of the day as Desks await the US Data in just over an Hour.
