LOOK AHEAD: Eurozone Timeline of Key Events (GMT Times)
| Date | Time | Country | Event |
| 22-Jan | 1515 | EU | ECB's Lagarde in dialogue on Unlocking Europes potential |
| 23-Jan | 745 | FR | Manufacturing Sentiment |
| 23-Jan | 1500 | EU | Consumer Confidence Indicator (p) |
| 24-Jan | 800 | ES | PPI |
| 24-Jan | 815 | FR | S&P Global Flash PMI |
| 24-Jan | 830 | DE | S&P Global Flash PMI |
| 24-Jan | 900 | EU | S&P Global Flash PMI |
| 24-Jan | 1000 | EU | ECB's Lagarde in dialogue on the global economic outlook |
| 24-Jan | 1100 | EU | ECB's Cipollone in panel discussion on the effects of CB digital currencies |
| 27-Jan | 1000 | DE | IFO Business Climate Index |
| 27-Jan | 1400 | BE | BNB Business Confidence |
| 28-Jan | FR | Consumer Sentiment | |
| 28-Jan | 900 | EU | ECB Bank Lending Survey |
| 28-Jan | 1430 | EU | ECB's Cipollone in panel on future of markets |
| 29-Jan | 700 | DE | GFK Consumer Climate |
| 29-Jan | 800 | ES | GDP (p) |
| 29-Jan | 900 | EU | M3 |
| 29-Jan | 900 | IT | ISTAT Consumer/ Business Confidence |
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CHINA PRESS: PBOC Likely To Cut RRR By end-2024 - Analyst
The People’s Bank of China is likely to cut the reserve requirement ratio by 0.25-0.5 percentage points by year-end to release up to CNY1 trillion long-term funds, which will also meet the liquidity needs during the Chinese New Year in January, National Business Daily reported citing Wang Qing, analyst at Golden Credit Rating. Under the tone of “moderately loose” monetary policy, the PBOC is expected to cut the policy interest rate by 0.5 pp in 2025, higher than 2024’s 0.3pp cut, said Wang, noting that this will guide down Loan Prime Rate quotations. The interest rates of various structural monetary tools will also be lowered in due course, Wang added.
SCHATZ TECHS: (H5) Resistance Remains Intact
- RES 4: 107.365 High Dec 12
- RES 3: 107.250 Trend drawn from the Dec 3 high
- RES 2: 107.170 High Dec 20
- RES 1: 107.157 20-day EMA
- PRICE: 107.060 @ 05:57 GMT Dec 23
- SUP 1: 106.960 Low Dec 19
- SUP 2: 106.908 1.236 proj of the Dec 2 - 6 - 12 price swing
- SUP 3: 106.854 1.382 proj of the Dec 2 - 6 - 12 price swing
- SUP 4: 106.810 1.500 proj of the Dec 2 - 6 - 12 price swing
The current bear cycle in Schatz futures remains intact and recent weakness reinforces this theme. Short-term gains are considered corrective. The 107.00 handle has been breached and this highlights potential for a continuation lower near-term. Sights are on 106.908 next, a Fibonacci projection. Initial firm resistance is seen at 107.152, the 20-day EMA. It has been pierced, a clear break of it would highlight a potential reversal.
GBPUSD TECHS: Challenges Key Support
- RES 4: 1.3048 High Nov 6 and a key resistance
- RES 3: 1.2961 50.0% retracement of the Sep 26 - Nov 22 bear leg
- RES 2: 1.2811 High Dec 6 and a short-term bull trigger
- RES 1: 1.2670/1.2729 20-day EMA / High Dec 17
- PRICE: 1.2574 @ 06:05 GMT Dec 23
- SUP 1: 1.2476 Low Dec 20
- SUP 2: 1.2446 Low May 9
- SUP 3. 1.2400 Round number support
- SUP 4: 1.2367 76.4% retracement of the Oct 4 ‘23 - Sep 26 uptrend
A bearish trend structure in GBPUSD remains intact and last week’s move lower reinforces current conditions. Key support at 1.2487, the Nov 22 low, was pierced on Friday. A clear breach of this level would confirm a resumption of the downtrend and open 1.2446 next, the May 9 low. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Key resistance to monitor is 1.2811, the Dec 6 high.
