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: BOJ To Adjust Easy Policy Cautiously - Nakamura

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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Trading Near Recent Highs

EURGBP TECHS
  • RES 4: 0.8670 High Jul 20 and key resistance
  • RES 3: 0.8659 High Jul 21
  • RES 2: 0.8618 76.4% retracement of the Jul 20 - Aug 10 sell-off
  • RES 1: 0.8614 High Sep 07
  • PRICE: 0.8596 @ 15:44 BST Sep 7
  • SUP 1: 0.8543 Low Aug 24
  • SUP 2: 0.8506 Low Jul 19
  • SUP 3: 0.8484 Low Aug 16
  • SUP 4: 0.8450 Low Aug 10 and a key support

EURGBP traded to new weekly highs and maintains a positive short-term tone. The cross is holding above both the 20- and 50-day EMAs breached recently and remains above its 100-dma. The recent breach of the 100-dma strengthens a bullish case and the focus is on 0.8618 next, a Fibonacci retracement. On the downside, key short-term support has been defined at 0.8543, Aug 24 low. A break would alter the picture and signal a reversal.

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