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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Tests Key Resistance

GBPUSD TECHS
  • RES 4: 1.3035 High Apr 22 2022
  • RES 3: 1.2977 0.764 proj of the Mar 8 - May 10 - May 25 price swing
  • RES 2: 1.2877 High Apr 25 2022
  • RES 1: 1.2849 0.618 proj of the Mar 8 - May 10 - May 25 price swing
  • PRICE: 1.2813 @ 06:01 BST Jul 10
  • SUP 1: 1.2688/2674 20-day EMA / Low Jul 6
  • SUP 2: 1.2587/86 Trendline drawn from the Mar 8 low / 50-day EMA
  • SUP 3: 1.2433 Low Jun 8
  • SUP 4: 1.2369 Low Jun 5 and a key support

GBPUSD traded higher again Friday, ending the week on a firm note. This reinforces bullish conditions and attention is on key resistance at 1.2849, a Fibonacci projection and Friday’s intraday high. A clear break of this level would confirm a resumption of the uptrend and open 1.2877, the Apr 25 2022 high. Key short-term support has been defined at 1.2674, the Jul 6 low. A break would represent a short-term bearish development.

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