CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Price Signal Summary - Equity Indices Uptrend Intact

MARKET INSIGHT
  • In the equity space, S&P E-minis traded higher again yesterday. The focus is on 4650.60 1.236 projection of Jul 19 - Aug 16 - Aug 19 price swing. EUROSTOXX 50 futures started the week on a firm note and have cleared former key resistance at 4223.00, Sep 6 high. The break confirms a resumption of the underlying uptrend and opens 4290.50, 1.00 projection of the Jul 19 - Sep 6 - Oct 6 price swing.
  • In FX, EURUSD sold off sharply Friday signalling the end of the recent corrective cycle. The move lower highlights a failure to clear the 50-day EMA and means the bear channel top - a key resistance - at 1.1696 today, remains intact. The channel is drawn off the Jun 1 high. The focus is on 1.1524, Oct 12 low and bear trigger. GBPUSD is softer this morning. A deeper pullback would open 1.3544, the Oct 6 low. USDJPY remains below recent highs but maintains a bullish tone. Scope is seen for a climb towards 114.99, 1.50 projection of the Apr 23 - Jul 2 - Aug 4 price swing. The support zone to watch is 113.29-00, the 20-day EMA and Oct 12 low respectively. A break would signal scope for a deeper pullback.
  • On the commodity front, Gold is consolidating but maintains a positive short-term tone. Scope is seen for a climb towards $1834.0, the Sep 3 high. Initial support is at $1772.0, the Oct 29 low. WTI broader trend conditions are unchanged although futures remain below last week's high. Support to watch is at $80.58, Oct 28 low.
  • In the FI space, Bund futures sights are on 167.52 next, Mar 19 2020 low (cont) following Friday's sell-off and a fresh trend low print. Short-term gains are considered corrective. Gilts breached resistance at 152.57 last week. This confirmed a double bottom reversal on the daily chart and if correct, signals scope for a climb towards 126.39, 50.0% retracement of the Aug - Oct downleg. Next support is at 124.25, Nov 1 low. Key support though has been defined at 123.43, Oct 21 low.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.