Swiss December CPI came in clearly softer than expected at +1.3% Y/Y (vs +1.7% cons and prior) and +0.2% M/M (vs +0.6% cons; 0.0% prior). The core reading came in at +1.2% Y/Y (vs +1.6% cons; +1.5% prior).
MNI, FSO
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JGBs traded higher to finish the week, adding to those gains Friday. The recent recovery rally and the strength into year-end ‘23 topped initial resistance at 146.52, the Dec 7 high, to mark a bullish development. This opens resistance at 147.27 further out, the Dec 06 high and 148.74, the Jul 24 high. 143.44, the Oct 31 low, marks key support and a medium-term bear trigger. Initial support to watch is at 144.60, the Dec 11 / 8 low.
USDCAD traded higher Thursday, building on recent gains. The broader trend outlook is unchanged and remains bearish and the latest recovery is considered corrective. Resistance to watch is at the 50-day EMA, at 1.3457. A clear break of it would strengthen a bullish theme and open 1.3480, the 200-dma. For bears, a move lower would signal the end of the correction and attention would turn to 1.3177, the Dec 27 low and bear trigger.