AUDUSD TECHS: Support Remains Intact
Dec-30 07:53
- RES 4: 0.6976 2.00 proj of the Oct 13 - 27 - Nov 3 price swing
- RES 3: 0.6956 High Aug 30
- RES 2: 0.6909 76.4% retracement of the Aug 11 - Oct 13 downleg
- RES 1: 0.6801/6893 High Dec 28 / 13 and the bull trigger
- PRICE: 0.6777 @ 07:50 GMT Dec 30
- SUP 1: 0.6629 Low Dec 20 and key short-term support.
- SUP 2: 0.6585 Low Nov 21 and a key short-term support
- SUP 3: 0.6531 50.0% retracement of the Oct 13 - Dec 13 climb
- SUP 4: 0.6500 Round number support
AUDUSD is holding on to the bulk of its most recent gains. Support at the 50-day EMA - at 0.6677 - remains intact for now. A clear break of this EMA is required to suggest scope for a deeper pullback and 0.6629, the Dec 20 low, is seen as a key short-term bear trigger. A stronger resumption of gains would refocus attention on 0.6893, the Dec 13 high and the bull trigger. Clearance of this level would resume the recent uptrend.
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Historical bullets
EQUITIES: Fade off their highs
Nov-30 07:52
- Equities are fading off their best levels, nothing big after the French CPI beat, just 8 points for Estoxx future.
- Bund test initial small support at 140.51.
FRANCE DATA: Bunds 40 ticks lower on French HICP data
Nov-30 07:51
- French HICP a tenth higher than expected - in contrast to the soft Spanish HICP print yesterday (and the German HICP print was largely also in line despite the soft national German CPI print).
- Bunds kneejerk lower by 40 ticks to 140.60 from around 141.00 ahead of the data.
FRANCE DATA: CPI Holds Steady in November, Consumer Spending Dips
Nov-30 07:50
FRANCE NOV (F) CPI +0.4% M/M (FCST +0.3%); OCT +1.0% M/M
FRANCE NOV (F) CPI +6.2% Y/Y (FCST +6.1%); OCT +6.2% Y/Y
FRANCE NOV (F) CPI +7.1% Y/Y (FCST +7.0%); OCT +7.1% Y/Y
- French inflation rates remained buoyant in the November flash estimates, holding steady at +6.2% y/y (CPI) and +7.2% y/y (HICP).
- Some slowing was noted on the month-on-month figures, with CPI decelerating to +0.4% m/m from +1.0% m/m in October.
- Food and manufactured product prices are anticipated to have accelerated further, whilst service prices keep pace with October inflation rates.
- Despite fiscal support in the form of fuel rebates, energy prices recorded only a marginal deceleration on the year. However, on the month energy and manufactured goods saw some easing.
- Q3 GDP was confirmed to have expanded at a modest +0.2% q/q, whilst consumer spending data released this morning signalled a sharp October contraction (-2.8% m/m).
- This was the largest monthly dip since April 2021, underpinned by a fall in energy, manufactured goods and food consumption.
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