OIL: North Sea Crude Loadings to Hit 8-Year High in Dec
Loadings of the 13 main North Sea crudes are scheduled at 65.06m bbl, or 2.1m b/d in December, accor...
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EURJPY TECHS: Trend Theme Remains Bullish
- RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 3: 176.00 Round number resistance
- RES 2: 175.43 High Jul 11 ‘24 and a key medium-term resistance
- RES 1: 175.13 High Sep 29
- PRICE: 173.50 @ 14:49 BST Sep 30
- SUP 1: 173.45/172.42 Intraday low / 50-day EMA
- SUP 2: 170.97 Low Aug 14
- SUP 3: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
- SUP 4: 168.46 Low Jul 1
The trend EURJPY is unchanged, it remains bullish and the latest pullback is considered corrective. Recent gains confirm a resumption of the uptrend and maintain the bullish price sequence of higher highs and higher lows. MA studies are in a bull-mode too, highlighting a dominant uptrend. Sights are on 175.43, the Jul 11 ‘24 high and a key M/T resistance. The 20-day EMA has been pierced. Support to watch lies at 172.42, the 50-day EMA.
US TSYS: Post-PMI React
- Treasury futures gain slightly, nearing modest early morning highs after Sep PMI comes out lower than expected.
- Currently, the Dec'25 10Y trades +5.5 at 112-22 (yld 4.1174% -.0213); Curves mixed: 2s10s -.092 at 51.524, 5s30s +0.984 at 97.794.
- A short-term bear cycle in Treasury futures remains in play. Last Thursday’s sell-off resulted in a print below the 50-day EMA, currently at 112-10+. A clear break of this average would undermine a bull theme and signal scope for a deeper retracement. This would open 111-13+, the Aug 18 low and the next key support. On the upside, initial firm resistance to watch is 113-00, the Sep 24 high.
- US$ index recedes, Bbg's BBDXY -1.81 at 1200.45.
- Next up: JOLTS at 1000ET
US DATA: MNI Chicago Report™: Majority Not Planning Any Hedging Next Year
In September, the Chicago Report™ also asked firms “Which of the following hedging actions are you planning to include in your business plans for the next year?”
- 60% of respondents reported no current plans or hedging actions next year.
- Meanwhile, 28% of respondents were intending to naturally hedge through operational decisions.
- 16% were intending to hedge using commodity markets and 4% were planning to hedge using FX hedging tools.
