EU CREDIT UPDATE: Heimstaden (HEIMST) Perps cut to 'D'
S&P has cut Heimstaden HEIMST perps to 'D'
Enclosed is a link to Condition 11 - Deferred Interest from the Prospectus
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SILVER TECHS: Corrective Cycle Remains In Play
- RES 4: $35.226 - 61.8% of the 2011 - 2020 major bear leg
- RES 3: $35.167 - 2.00 proj of the Aug 8 - 26 - Sep 6 price swing
- RES 2: $33.125/34.903 - High Nov 1 / High Oct 23 and the bull trigger
- RES 1: $31.566 - 20-day EMA
- PRICE: 30.908 @ 08:09 GMT Nov 20
- SUP 1: $29.677 - Low Nov 14
- SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle
- SUP 3: $27.686 - Low Sep 6
- SUP 4: $26.451 - Low Aug 8
Medium-term bullish conditions in Silver remain intact and the bear cycle that started on Oct 23 appears to be a correction. However this corrective cycle remains in play and the metal is trading closer to its recent lows. Price has breached the 20- and 50-day EMAs, and traded through a trendline drawn from the Aug 8 low. This has exposed $28.446, a Fibonacci retracement. Initial firm resistance to watch is $31.603, the 20-day EMA.
USDCAD TECHS: MA Studies Highlight A Dominant Uptrend
- RES 4: 1.4249 2.0% 10-dma envelope
- RES 3: 1.4140 1.500 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 2: 1.4132 3.0% Upper Bollinger Band
- RES 1: 1.4106 High Nov 15 and the bull trigger
- PRICE: 1.3962 @ 08:06 GMT Nov 20
- SUP 1: 1.3923 20-day EMA
- SUP 2: 1.3822 Low Nov 6
- SUP 3: 1.3811 50-day EMA
- SUP 4: 1.3747 Low Oct 17
The trend outlook in USDCAD remains bullish and this week’s pullback is considered corrective. Moving average studies are in a bull-mode condition, highlighting a dominant uptrend. Note that initial firm support at the 20-day EMA, at 1.3923, remains intact. A reversal higher would refocus attention on key short-term resistance at 1.4106, the Nov 15 high, where a break would confirm a resumption of the uptrend.
EUROPEAN INFLATION: German PPI ex-Energy Slightly Firmer in October
German PPI fell by 1.1% Y/Y in October, remaining below consensus expectations of -1.1% Y/Y but ticking up vs September’s -1.4% Y/Y.
- Consistent with German CPI in October, energy deflation was less prominent than before, at -5.6% Y/Y (vs -6.6% prior), driving the headline rate higher.
- That leaves ex-energy PPI slightly firmer than before, at 1.3% Y/Y - compares to September's +1.2%, and the highest rate since August 2023.
- Looking at the non-energy categories, there was relatively little movement, except for non-durable goods - that category ticked up considerably, to 1.9% Y/Y (vs 1.5% Sep), continuing its uptrend in place since 8 months.
