SOFR: SFRM7/Z7 Bought

• European Gas price print a fresh high for the November expiry (TZTX6) to reach its highest level since late 2022 as winter is coming.
• European Govies and Equities are unmoved, even in the face of higher prices and inflationary risks.
• Our commodity desk add that, European gas storage was 73.75% full on Oct 11 compared to the five-year seasonal average of 88.7%, according to GIE data, with net injections still just above normal.

• RES 4: 0.7238 High Sep 09 and a S/T bull trigger
• RES 3: 0.7140 High Sep 21
• RES 2: 0.7052 50-day EMA 
• RES 1: 0.7014 20-day EMA 
• PRICE: 0.6964 @ 08:04 BST Oct 13
• SUP 1: 0.6904 Low Oct 1
• SUP 2: 0.6865 Low Jun 30 and a key M/T support
• SUP 3: 0.6849 50.0% 2025 - 2026 bull leg
• SUP 4: 0.6833 Low Mar 30  

The current downtrend in AUDUSD remains intact and short-term gains are considered corrective. Price has traded through 0.6953, the 76.4% retracement point of the Jun 30 - Sep 9 bull leg. The breach suggests potential for an extension towards 0.6865, the Jun 30 low and an important medium-term support. Initial firm resistance is at 0.7052, the 50-day EMA. A move through this average would be a bullish development.

• MNI: CZECH SEP FINAL CPI 2.5% Y/Y (2.5% FLASH, 1.9% AUG)
• CZECH SEP FINAL CPI 0.0% M/M (0.0% FLASH, 0.3% AUG)