ARGENTINA: Milei Travels To Davos, YPF Signs Accord With Indian SOEs
- President Milei will leave the US later to travel to Switzerland to participate in the World Economic Forum meeting in Davos. Data wise, attention turns to November economic activity on Thursday, where analysts see the economy growing by a further 0.5% m/m. Meanwhile, yesterday’s larger than expected December trade surplus took the 2024 surplus to a record $18.9bn, aided by the recovery of agricultural exports from a severe drought and lower imports.
- In Q4, exports rose by 31.7% y/y, while imports increased by 7.5% y/y, the first gain in nine quarters. Itaú expects a smaller $12bn surplus this year, driven by lower commodity prices and stronger imports, consistent with a recovery in economic activity. However, they note that the recent lack of rain at a critical time for the harvest poses risks of a possible drought.
- In other news, YPF has signed an accord with Indian state-owned companies for exploring LNG sales and to cooperate in oil and gas exploration and lithium mining, according to Chairman Horacio Daniel Marin. After meeting India’s Oil Minister Hardeep Singh Puri, Marin said he is keen to sell 10mn tonnes a year of LNG to India, out of the 30mn tonnes expected production.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
TRUDEAU SAYS `WE HAVE A LOT OF WORK TO DO'
- TRUDEAU SAYS `WE HAVE A LOT OF WORK TO DO'
- TRUDEAU WANTS GOVT TO PREPARE FOR NEW US ADMINISTRATION
- TRUDEAU DOESN'T ADDRESS QUESTIONS ABOUT HIS LEADERSHIP
USDCAD TECHS: A Pullback Would Be Considered Corrective
- RES 4: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 3: 1.4537 2.0% 10-dma envelope
- RES 2: 1.4508 3.236 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 1: 1.4467 High Dec 19
- PRICE: 1.4356 @ 16:56 GMT Dec 20
- SUP 1: 1.4301 Low Dec 18
- SUP 2: 1.4174/4014 20- and 50-day EMA values
- SUP 3: 1.3928 Low Nov 25 and a key support
- SUP 4: 1.3822 Low Nov 6
USDCAD bulls remain in the driver’s seat. While price faded into the Thursday close, the recent breach of 1.4178, the Nov 26 high, confirmed a resumption of the uptrend and this maintains the price sequence of higher highs and higher lows. The latest rally opens 1.4508 next, a Fibonacci projection level. Initial firm support to watch lies at 1.4174, the 20-day EMA. A pullback would be considered corrective.
AUDUSD TECHS: Bearish Trend Structure
- RES 4: 0.6550 High Nov 25
- RES 3: 0.6501 50-day EMA
- RES 2: 0.6429 High Dec 12
- RES 1: 0.6337/6396 Low Dec 11 / 20-day EMA
- PRICE: 0.6263 @ 16:55 GMT Dec 20
- SUP 1: 0.6199 Low Dec 19
- SUP 3: 0.6158 1.236 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 3: 0.6100 Round number support
- SUP 4: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
The trend needle in AUDUSD continues to point south and this week’s fresh cycle lows and Wednesday’s sell-off, reinforce a bear theme. The move down maintains the price sequence of lower lows and lower highs. Note that moving average studies are in a bear-mode position too, highlighting a dominant downtrend. The break lower opens 0.6158 next, a Fibonacci projection. Initial firm resistance to watch is 0.6396, the 20-day EMA.
