MNI China Daily Summary: Thursday, Dec 5

MNI: UK NOVEMBER CONSTRUCTION PMI 55.2 (FCST: 53.5); OCT 54.3

MNI: EUROZONE NOVEMBER CONSTRUCTION PMI 42.7 OCT 43.0

MNI BRIEF: China Construction Output Slows In November

MNI: PBOC Net Drains CNY153 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1879 Thurs; -1.82% Y/Y

MNI: EUROZONE OCT RETAIL SALES -0.5% M/M, +1.9% Y/Y

MNI: FRANCE OCT INDUSTRIAL PRODUCTION -0.1% M/M, -0.6% Y/Y

MNI: GERMANY OCT FACTORY ORDERS -1.5% M/M

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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Still Vulnerable, Attention Is On Key Support

EURGBP TECHS
  • RES 4: 0.9069 High Nov 5
  • RES 3: 0.9006 Trendline drawn off the Sep 11 high
  • RES 2: 0.9004 High Nov 12
  • RES 1: 0.8960 20-day EMA
  • PRICE: 0.8909 @ 06:03 GMT Nov 26
  • SUP 1: 0.8861 Low Nov 11 and the bear trigger
  • SUP 2: 0.8830 Low May 15
  • SUP 3: 0.8803 Low May 13
  • SUP 4: 0.8748 61.8% retracement of the Feb - March Rally

EURGBP erased early strength and closed broadly flat on Wednesday. A bearish tone however remains intact. Attention is on key support at 0.8861, Nov 11 low where a break would negate recent short-term bullish signals and instead confirm a resumption of the downtrend that has been in place since the reversal on Nov 11. The cross continues to trade below trendline resistance at 0.9006, drawn off the Sep 11 high. A break is required to signal a reversal.

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