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ASIA

Coming up in the Asia-Pac session on Tuesday:

USDCAD TECHS

Corrective Bounce

AUDUSD TECHS

Bearish Threat Following Friday’s Sell-Off

EURJPY TECHS

Finds Support Below The 50-Day EMA

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Eurozone inflation surged to an annual rate of 4.9% in November from 4.1% a month earlier, according to data released by Eurostat on Tuesday. The outturn far exceeding analysts’ expectations, taking inflation within spitting distance of the 5.0% pace recorded in July 1991.

  • Energy prices rose by 2.9% between October and November, for an annual rise of 27.4%, far above the 17.6% increase of October. Excluding food, energy, alcohol and tobacco, core HICP rise by 2.6%, up from 2.0% in October.
  • The surge in inflation has left the European Central Bank with a communications dilemma. Earlier on Tuesday, Vice President Luis de Guindos admitted that ECB -- like other forecasters --underestimated inflation developments in 2021. “The outlook for price developments isn’t entirely clear,” he told the French newspaper Les Echos, adding that prices pressures should “fade next year.”
  • Tuesday’s release is the final HICP reading before the ECB next announces a policy decision on 16 December.