RENEWABLES: Volkswagen Signs PPA for Gigafactory in Germany
Dec-13 15:32
Volkswagen’s battery business PowerCo has signed a 10-year PPA to purchase 3TWh of renewable power from local green producers for its gigafactory in Salzgitter, Germany according to Reuters.
- The PPA has been signed with Alterric, that will supply around 240 GWh/yr of wind power and EnviTec Biogas, that will provide around 65GWh/yr of solar power.
- The power delivery will commence in 2025.
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US TSY FLOWS: Some activity in the calendar spread
Nov-13 15:25
- Some interesting flows in Treasuries, although we are still some way for rolling positions into the March 2025 expiry with the first notice period on the 29th November.
- There is a pick up in volume today in selling the spread, so far traded in 33.8k.
(Chart source: MNI/Bloomberg):
FOREX: EURUSD Price Action Reinforces Current Bear Trend, 2023 Lows Next Up
Nov-13 15:22
- As we noted earlier, the risks appeared firmly tilted to an extension of greenback strength in the aftermath of the US inflation release, with firm readings likely to bolster the underlying trend, and softer reads merely offering an opportunity to enter at more attractive levels.
- The 10bp move for 2-year US yields was only able to lift EURUSD around 25 pips and this was met with solid supply, with the pair quickly reverting to pre-data levels. With the path of least resistance remaining clearly lower, spot has subsequently made a more convincing breach of the 2024 lows, sinking below the 1.06 handle to print a fresh twelve-month low of 1.0556.
- Spot has notably pierced the next support level of 1.0568 and reinforces the current bearish trend condition, clearly signalling scope for an extension lower towards 1.0448, the 2023 low. We looked into growing calls for a move back towards parity next year here: https://marketnews.com/eurusd-parity-risks-loom-large-in-25
- USDCHF has also rebounded to session highs, and as noted, medium-term attention will remain on 0.9050 and the key resistance zone between 0.9224/44.
EURUSD TECHS: Heading South
Nov-13 15:16
- RES 4: 1.0997 High Oct 8
- RES 3: 1.0937 High Nov 5 and key short-term resistance
- RES 2: 1.0761/0811 Low Oct 23 / 20-day EMA
- RES 1: 1.0683 Low Nov 6
- PRICE: 1.0570 @ 15:15 GMT Nov 13
- SUP 1: 1.0556 Intraday low
- SUP 2: 1.0517 Low Nov 1 2023
- SUP 3: 1.0484 1.00 proj of the Sep 25 - Oct 23 - Nov 5 price swing
- SUP 4: 1.0448 Low Sep 3 2023 and a key support
EURUSD remains in a clear downtrend and this week’s extension reinforces the current trend condition. The pair has traded lower again, today. This confirms a resumption of the bear trend and, note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Sights are on 1.0517 support, the Nov 1 ‘23 low. Initial firm resistance is 1.0811, the 20-day EMA.
