EUROPEAN INFLATION: France HICP Downwardly Revised By 0.04pp
France November HICP was downwardly revised by 0.04pp in the final reading, to 0.79% Y/Y (vs 0.83% flash, 0.84% October). National CPI (non-HICP) meanwhile was also downwardly revised by 0.04pp, now printing 0.90% Y/Y (0.94% flash, 0.94% October).
- Remaining with CPI for now for underlying categories, services was the driver behind the downwardly revision, now printing 2.18% Y/Y (2.25% flash).
- There were no major revisions to the other main special aggregates in the final reading: Energy is -4.60% Y/Y (-4.60% flash), food 1.36% (1.36% flash), and manufactured products -0.60% Y/Y (-0.61% flash).
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AUDUSD TECHS: Testing Resistance At The 50-Day EMA
- RES 4: 0.6707 High Sep 17 and a bull trigger
- RES 3: 0.6661 2.0% 10-dma Envelope
- RES 2: 0.6644 76.4% retracement of the Sep-Oct bear leg
- RES 1: 0.6537/0.6618 50-day EMA / High Oct 29
- PRICE: 0.6536 @ 08:02 GMT Nov 12
- SUP 1: 0.6459 Low Nov 5
- SUP 2: 0.6440 Low Oct 14 and key support
- SUP 3: 0.6415 Low Aug 21 / 22 and a bear trigger
- SUP 4: 0.6373 Low Jun 23
AUDUSD is holding on to this week’s gains. For now, recent strength appears corrective, however, the pair has pierced an important short-term resistance at 0.6536, the 50-day EMA. A clear break of this average would strengthen a bullish case and signal scope for a stronger recovery, potentially towards 0.6618, the Oct 29 high. For bears, a resumption of weakness would refocus attention on the next key support at 0.6440, the Oct 14 low.
GILTS: Opening Calls
Gilt calls, 93.76/93.81.
EQUITIES: EU Cash Opening Calls - Set for New record high
The Attention turns to the European Cash Equities, Cash Estoxx (SX5E) is set to gap to a new all time record high.
The Banking Index (SX7E) already broke the 2009 high of 242.85 Yesterday after printing a 243.95 high, the best achieved level since October 2008.
There isn't much in terms of resistance at current level until the next Psychological level of 250.00.
- Calls: Estox 50: +0.64%, Dax: +0.83%, CAC: +0.56%, FTSE +0.27%, SMI +0.64%.
The Chart below is Pre Cash Open.
(Chart source: MNI/Bloomberg Finance LP).
