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USDJPY TECHS

Bullish Doji Candle

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Timeline of key events (Times GMT)

EURGBP TECHS

Still In Consolidation Mode

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Timeline of key events (Times GMT)

GBPUSD TECHS

Bullish Price Sequence Intact

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Trend Outlook Remains Bullish

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  • The rise in Covid uncertainty supported the US Dollar and weighed on EM equities last month, with the MXEF index down 4.1%.
  • Telecom and IT were the only two sectors generating positive returns in November, up 2.2% and 1.3%, respectively.
  • Worse performers were consumer discretionary and energy sectors, down 10% and 7.5%, respectively.
  • Consumer discretionary have been the most-shorted stocks in DM amid falling consumer confidence and support programs approaching their end. As growth expectations are expected to be reviewed to the downside globally, EM consumer discretionary stocks could continue to remain under pressure.
  • EM energy stocks have been mostly impacted by the significant fall in oil prices in November; WTI front-month futures is down over 23% since its November high.
  • In the past year, consumer discretionary and real estate remain the most distressed sectors; the poor performance of the real estate sector was mostly attributed to the collapse of China rea-estate developer Evergrande.

Source: Bloomberg/MNI