Short Term Elliott Wave Structure in Oil (CL_F) Favors Downside

In focus today In the euro area, focus today will be on the euro area PMIs for April. The previous months’ PMIs have shown a return of the two-speed economy with the service sector in expansionary territory and manufacturing sector stuck in contraction. We expect that service PMIs will remain above 50 as rising real […]

Markets The ADP job report yesterday produced the same price action seen in the wake of the US manufacturing ISM and US job openings. A below-consensus 99k for August and a downward revision to July’s report delivered another setback to yields. Outperformance at the front caused the 10-yr/2-yr spread to turn positive again only to […]

Markets The sell-off at the long end of the US Treasury curve was the odd one out yesterday. The US Note future slid from start to finish with tenors from 7- to 30-yr adding around 8 bps. From a technical point of view, this lifts the 10-yr yield away from the recent lows/support zone near […]