EURJPY TECHS: Support Remains Intact
Mar-28 07:08
- RES 4: 165.43 High Nov 8
- RES 3: 164.90 High Dec 30 ‘24 and a key medium-term resistance
- RES 2: 164.55 High Jan 7
- RES 1: 164.19 High Mar 18 and the bull trigger
- PRICE: 162.44 @ 07:07 GMT Mar 28
- SUP 1: 161.18 20-day EMA
- SUP 2: 160.59 50-day EMA and a pivot support
- SUP 3: 158.90 Low Mar 10
- SUP 4: 158.00 Round number support
A bull theme in EURJPY remains intact and the move down between Mar 18 - 20 appears corrective. This sell-off allowed an overbought condition to unwind. Pivot support to watch is 160.59, the 50-day EMA. A break of this level would signal potential for a deeper retracement. Sights are on resistance at 164.08, the Jan 24 high. It has been pierced, a clear break of it would strengthen a bullish condition and open 164.90, the Dec 30 ‘24 high.
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GERMAN DATA: Consumer Confidence Falls to Lowest Value Since April
Feb-26 07:00
The German GfK consumer climate fell to -24.7 according to the March advance reading, down from a revised -22.6 in February (previously -22.4) in its weakest print since April 2024.
- The print gives another blow to the narrative of a potential German "consumption-driven recovery" en vogue a while ago, but which seems like a distant memory now.
- Private consumption rose 0.1% Q/Q in Q4 according to yesterday's final GDP figures - but the increase was so small that its contribution to overall real Q4 GDP growth rounded down to 0.0pp.
- "Although economic expectations rose slightly, income expectations and willingness to buy fall for the second time in a row. The willingness to save, on the other hand, shows slight increases", GfK comments on the release.
- Next month's survey print will provide an update as to whether last week's parliamentary election (which resulted in core parties gaining enough votes for a potentially more stable two-party government) will have a positive impact on German consumer confidence going forward.
- The survey period was 30 January to 10 February.
MNI: MNI CHINA MONEY MKT INDEX FEB LQDTY OUTLOOK 19.3 VS JAN 24.4
Feb-26 07:00
- MNI CHINA MONEY MKT INDEX FEB LQDTY OUTLOOK 19.3 VS JAN 24.4
- MNI CHINA MMI CURRENT LQDTY CONDITIONS FEB 73.9 VS JAN 64.0
- MNI CHINA MMI ECONOMIC OUTLOOK FEB 65.9 VS JAN 59.3
MNI: GERMANY GFK CONSUMER CLIMATE MAR -24.7
Feb-26 07:00
- MNI: GERMANY GFK CONSUMER CLIMATE MAR -24.7
