EURGBP TECHS: Trading Closer To Its Recent Lows
- RES 4: 0.8378 High Feb 6 and a key resistance
- RES 3: 0.8361 50.0% retracement of the Jan 20 - Feb 3 bear leg
- RES 2: 0.8334 50-day EMA
- RES 1: 0.8319 20-day EMA
- PRICE: 0.8278 @ 16:19 GMT Feb 26
- SUP 1: 0.8265/8248 Low Feb 21 / 3 and 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 remains closer to its recent lows. A resumption of bearish price action would expose the key short-term support at 0.8248, the Feb 3 low. Clearance of this level would strengthen a short-term bearish condition. Note that the early February bounce continues to highlight a possible bullish reversal theme. Clearance of 0.8378, the Jan 6 high and a key short-term pivot resistance, would be a positive development for bulls.
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FED: MNI Fed Preview - Jan 2025: Analyst Outlook
Note to readers: This update of our Jan 24 preview includes analyst expectations for the January FOMC meeting and beyond (Starting Page 20)
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US: FED Reverse Repo Operation: New Lows
RRP usage falls back under $100B to a new low of $92.863B this afternoon from Friday's $104.877B. Today's low compares to $94.489B on Thursday Jan 16 - then the lowest level since mid-April 2021. The number of counterparties rises to 26 from 23 prior.
LOOK AHEAD: Tuesday Data Calendar: Durables/Cap Goods, Regional Fed Data
- US Data/Speaker Calendar (prior, estimate)
- 28-Jan 0830 Durable Goods Orders (-1.2%, 0.6%)
- 28-Jan 0830 Cap Goods Orders Nondef Ex Air (0.4%, 0.3%), ship (0.3%, 0.2%)
- 28-Jan 0900 FHFA House Price Index MoM (0.4%, 0.3%)
- 28-Jan 0900 S&P CoreLogic CS 20-City MoM (0.32%, 0.30%)
- 28-Jan 0930 Dallas Fed Services Activity (9.6, --)
- 28-Jan 1000 Conf. Board Consumer Confidence (104.7, 105.7)
- 28-Jan 1000 Richmond Fed Mfg Index (-10, -12)
- 28-Jan 1130 US Tsy $30B 2Y FRN, $85B 42D CMB auctions
- 28-Jan 1300 US Tsy 44B 7Y note auction
