MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Corrective Cycle

EURUSD TECHS
  • RES 4: 1.0862 50.0% retracement of the Jul 18 - Oct 3 bear leg
  • RES 3: 1.0809 High Sep 4
  • RES 2: 1.0764 38.2% retracement of the Jul 18 - Oct 3 bear leg
  • RES 1: 1.0737 High Sep 20
  • PRICE: 1.0681 @ 05:28 BST Oct 24
  • SUP 1: 1.0591 20-day EMA
  • SUP 2: 1.0496/0448 Low Oct 13 / 03 and the bear trigger
  • SUP 3: 1.0406 50.0% retracement of the Sep ‘22 - Jul ‘23 bull leg
  • SUP 4: 1.0356 2.0% 10-dma envelope

EURUSD recovered Monday and is trading higher again today. The pair has breached both the 20- and 50-day EMAs. The break above the 50-day average, at 1.0674, strengthens a short-term bull cycle and signals scope for a continuation higher. This has opened 1.0764, a Fibonacci retracement. Gains are considered corrective and the trend outlook remains bearish. The bear trigger lies at 1.0448, the Oct 3 low.

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