EM LATAM CREDIT: Panama Decision on Copper Mine Set for June
"Panama Targets June Decision on Fate of Shuttered Copper Mine" - Bbg...
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ASIA: Coming Up In Asia Pac Markets On Wednesday
| 2145BST | 0545HKT | 0845AEDT | New Zealand Q3 Current Account |
| 2330BST | 0730HKT | 1030AEDT | Australia Nov Westpac Leading Index |
| 2350BST | 0750HKT | 1050AEDT | Japan Nov Trade Balance |
| 2350BST | 0750HKT | 1050AEDT | Japan Oct Core Machine Orders |
| 0000BST | 0800HKT | 1100AEDT | Australia 2036 Bond Sale |
| 0000BST | 0800HKT | 1100AEDT | Fe's Goolsbee Appears on CNN |
| 0330BST | 1130HKT | 1430AEDT | Japan 1yr Note Sale |
Source: Bloomberg Finance L.P./MNI
AUD: AUD/USD - Holds Above 0.6600-0.6630 As Risk Pulls Back Into The Close
The AUD/USD had a range overnight of 0.6618-0.6661, Asia is trading around 0.6635. The belated US data dropped last night and it did not bring the clarity many had been hoping for with markets not too far from where they started yesterday. The AUD price action remains constructive and risk has pared back most of its losses into the close but I do remain wary. While the AUD remains above 0.6500-0.6550 I suspect dips should continue to be supported. In the Asian session, while the 0.6600-0.6630 area continues to provide support I would probably be skewed long looking for a move back toward the 0.6660-80 resistance. If this support area does not hold it could signal a deeper pullback toward the 0.6550 area.
- Bloomberg reports, “Australia Expects Slightly Narrower Budget Deficits Through 2029. Australia government expects slightly narrower budget deficits across the forecast horizon, Wednesday’s mid-year update will show, as it tightens the reins on spending and rolls out new savings measures. The government said it has found A$20 billion in savings in the MYEFO and will keep average real spending growth to 1.7% over the seven years to 2028-29, or almost half the 30-year average of 3.3%.”
- Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6590(AUD680m), 0.6700(AUD655m). Upcoming Close Strikes : 0.6550(AUD1.07b Dec 18 ), 0.6675(AUD1.1b Dec 19), 0.6700(AUD1.57b Dec 19) - BBG
- The AUD/USD Average True Range for the last 10 Trading days: 41 Points
- Data/Event: Westpac Leading Index MoM
Fig 1: AUD/USD spot Daily Chart
Source: MNI - Market News/Bloomberg Finance L.P
USDCAD TECHS: Trend Signals Point South
- RES 4: 1.4140 High Nov 5 and a key resistance
- RES 3: 1.4051 High Nov 28
- RES 2: 1.3906 20-day EMA
- RES 1: 1.3872 High Dec 10
- PRICE: 1.3748 @ 16:32 GMT Dec 16
- SUP 1: 1.3727 Low Sep17
- SUP 2: 1.3682 76.4% retracement of the Jun 16 - Nov 6 bull cycle
- SUP 3: 1.3637 Low Jul 25
- SUP 4: 1.3576 Low Jul 23
A bear theme in USDCAD remains intact, reinforced by the recent bearish extension. The move down maintains the current price sequence of lower lows and lower highs and signals scope for a test of 1.3727 next, the Sep 17 low. Initial firm resistance to watch is 1.3906, the 20-day EMA. Short-term gains would be considered corrective and would allow an oversold condition to unwind.
