NY- Neutral- The 'C' continues to be dictated by the whims of the greenback and yesterday was no exception. With the macro picture driving things, todays US housing data could be important; otherwise, very little else to report with May continuing to range between the 130 lower border and 135 supply point. We expect much of the same today and thus remain neutral. A breach of either border is needed for any sustainable developments in NY.
Liffe- Buy (1)- Despite predictions to the contrary, LDN is stubbornly hanging around the 1380 level in anticipation of a possible move to the upside. Origin selling has not shown itself despite the steady grind upwards and LDN has remained remarkably resilient to the movements of the USD hinting at further gains to come. Last weeks performance and continuation yesterday will have bouyed the technical outlook and thus we look for more gains today. 1300 appears to be the key upside level with 1280 providing interim resistance; with both levels breached we see little to stop a charge towards 1340. Conversely, a afilure at 1280 and slide downwards today will leave support at 1250 exposed once more.
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