MNI China Daily Summary: Tuesday, December 10

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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

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AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Price Signal Summary - Monitoring Support In USDJPY

OUTLOOK
  • In FX, a bull cycle in EURUSD remains in play and the pair continues to trade closer to its latest highs. Recent gains have resulted in a break of 1.0895, the May 16 high and a bull trigger. This confirms a resumption of the uptrend. Sights are on 1.0933, 61.8% of the Dec 28 - Apr 16 bear leg. Support to watch lies at 1.0788, the May 30 low.
  • The GBPUSD trend condition remains bullish. Recent fresh cycle highs and a print above 1.2801, the May 29 high, confirms a resumption of the uptrend and an extension of the rising price sequence of higher highs and higher lows. Sights are on 1.2859, 1.236 projection of the Apr 22 - May 3 - 9 price swing. Initial support to watch is 1.2710, the 20-day EMA.
  • The trend outlook in USDJPY is bullish and Wednesday's rally signals the potential end of the recent corrective pullback. The move higher means that for now, the key support zone, between 154.76, the 50-day EMA, and 154.17, a trendline drawn from the Dec 28 low, remains in place. A clear break of this key zone would be bearish and highlight a stronger reversal. For bulls, a move above 157.71, the May 29 high, would resume a short-term uptrend.
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