POWER: Lithuania Boosts Ukraine Aid with €1.5M Contracts, Solar Initiatives
Jan-02 10:27
Lithuania has strengthened its support for Ukraine’s energy sector, signing €1.5mn in aid contracts and advancing initiatives like solar power installations for critical infrastructure, the Lithuanian energy ministry said.
- Additionally, €5mn has been set aside to help Ukraine install solar power plants with energy storage systems for Ukrainian hospitals and other infrastructure.
- Lithuania’s support to Ukraine’s energy sector since the invasion exceeds €67mn
- Short-term priorities focus on providing equipment to repair critical energy infrastructure.
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FOREX: EUR Resilient to French Political Prospects
Dec-03 10:26
- With a censure motion tabled in French Parliament, focus remains on the fragility of the French government, with betting markets seeing PM Barnier very likely to lose - thereby ensuring a collapse of the Barnier-led coalition. Currency markets are taking the uncertainty in its stride, with the single currency holding up well, and aiding the recovery off yesterday's lows for EUR/GBP - which trades back above the 0.8300 level.
- JPY is the poorest performer in G10, fading against all others as markets take profit on the recent rally. EUR/JPY is off monthly lows but the overarching downtrend remains. A number of retracement points have been cleared on the recent leg lower, and further losses would strengthen the bearish theme to open 155.15, the Sep 16 low.
- The belly of the US yield curve has edged higher through Asia-Pac hours, however the USD is yet to benefit. EUR/USD and GBP/USD are comfortably off lows, with markets looking toward, and gauging expectations for this Friday's payrolls print.
- JOLTS jobs data set for October will be the highlight of the Tuesday session, particularly after yesterday's manufacturing ISM data showed the employment sub-component beating expectations. Fed speakers due today include Daly, Kugler and Goolsbee, while ECB's Panetta appears at a Spain-Italy Forum.
CHINA: USDCNH Prints New Yearly High, Extends Above Trendline Resistance
Dec-03 10:25
- USD/CNH rose to a fresh 12 month high of 7.3148 overnight, extending the break above downtrend resistance drawn from the 2023 highs. Broader USD gains have been supported by a higher US yield backdrop this week, while China yields continue to track lower, with the 10yr residing below 2.00% at fresh multi decade lows.
- Analysts continue to assess the potential impact of Trump’s tariff intentions, with the heightened sense of uncertainty leading to a sharp reversal of the record inflows into China-related ETFs that occurred in October.
- Bloomberg noted that the $7.2 billion iShares China Large-Cap ETF, saw about $2.3 billion in outflows last month, while investors pulled more than $1 billion from the KraneShares CSI China Internet Fund, the largest monthly redemption for both funds on record.
- Furthermore, PBOC easing expectations, particularly ahead of key China government meetings in Dec, remain a factor weighing on the yuan, while the weekend threat from President-Elect Trump on BRICs countries abandoning the USD should not be overlooked.
- For USDCNH, 7.3682 and 7.3749 remain the two key upside targets for the pair. Support moves up to 7.2351, the 20-day EMA. Both the composite and services Caixin PMI readings are scheduled tomorrow.
EUROSTOXX50 TECHS: Price Signal Summary - EUROSTOXX 50 Futures Clear Resistance
Dec-03 10:16
- On Friday, S&P E-Minis pierced key resistance and the bull trigger at 6053.25, the Nov 11 high. This confirms a resumption of the uptrend and the contract is holding on to its latest gains. Note that moving average studies remain in a bull-mode set-up, highlighting a dominant uptrend and positive market sentiment. Sights are on 6070.16, a 1.382 projection of the Sep 6 - 17 - 18 price swing. Initial support to watch lies at 5970.46, the 20-day EMA.
- EUROSTOXX 50 futures traded higher yesterday and the contract has extended its gains again, today. The latest move higher undermines a recent bearish theme. Price has traded through the 50-day EMA, at 4860.94. The clear break of this average strengthens a bullish theme and signal scope for a stronger recovery. Sights are on 4961.00, the Nov 6 high and a key short-term resistance. Key support has been defined at 4699.00, the Nov 19 low.
