Sample Category Title

Gold is consolidating after the strong collapse even though traders are taking some profit. Hourly support is given at 1236 (12/12/2017 low) . Resistance is located at 1259 (14/12/2017).

In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary ton confirm it, A major support can be found at 1045 (05/02/2010 low).

Bitcoin's bullish momentum is far fom over despite very strong consolidation phase. The technical structure has shown a tremendous positive short-term momentum so far. Hourly support area located around 15'752 (13/12/2017 low) has been broken. In the short-term, the technical structure suggests further bearish momentum. Expected to decline to 10k.

In the long-term, the digital currency has had an exponential growth. There are decent likelihood that the asset will reach $40'000 in 2018.

EUR/CHF is trading slightly higher. Hourly resistance is given at 1.1737 (01/12/2017 high). Expected to show continued short-term increase.

In the longer term, the technical structure has reversed. Strong resistance is given at 1.20 (level before the unpeg). Yet, the ECB's QE programme is likely to cause persistent selling pressures on the euro, which should weigh on EUR/CHF. Supports can be found at 1.0184 (28/01/2015 low) and 1.0082 (27/01/2015 low).

EUR/GBP is trading slightly lower. The pair is trading between support at 0.8689 (08/12/2017 low). Resistance is located at 0.8867 (05/12/2017 high). Expected to show further sideways trading.

In the long-term, the pair has largely recovered from recent lows in 2015. The technical structure suggests a growing upside momentum. The pair is trading above from its 200 DMA. Strong resistance can be found at 0.9500 (psychological level).

AUD/USD's upside pressures are growing. Hourly resistance given at a distance at 0.7695 (15/12/2017 high) has been broken. Support stands at 0.7502 (08/12/2017 low). The road is wide open for further upside.

In the long-term, the trend is turning positive. Key supports stands at 0.6009 (31/10/2008 low) . A break of the key resistance at 0.8164 (14/05/2015 high) is needed to invalidate our long-term bearish view.

USD/CAD is failing to break hourly resistance at 1.2917 (27/10/2017 high) and is now declining. The pair is heading lower.

In the longer term, the pair has broken longterm support that can be found at 1.2461 (16/03/2015 low). Strong resistance is given at 1.4690 (22/01/2016 high). The pair is likely to head further lower.

USD/CHF is trading slightly higher. Yet, the technical structure indicates a possible reversal. Expected to show further short-term upside.

In the long-term, the pair is still trading in range since 2011 despite some turmoil when the SNB unpegged the CHF. Key support can be found 0.8986 (30/01/2015 low). The technical structure favours nonetheless a long term bullish bias since the unpeg in January 2015.

Notes/Observations

Spanish IBEX seeing broad declines amid Catalan vote

UK and French GDP final reading revised higher

FTSE 100 touches all time high

Asia:

Japan Cabinet approves annual general-account budget spending of ¥97.71T for FY18/19 (record); Approves FY17/18 supplementary budget with added spending of ¥2.71T (as expected)

Europe:

Catalan separatists have won majority of seats in the regional parliament; The Separatists said to have won 70 out of 135 seats in the regional assembly, according to a financial press report; pro-unity party for the first time became the biggest single bloc in the Catalan parliament

French and UK Q3 GDP Y/Y readings revised slightly higher, French consumer spending beats estimates - Germany's Sigmar Gabriel said to warn of minority government

Economic Data:

(UK) Q3 FINAL GDP Q/Q: 0.4% V 0.4%E; Y/Y: 1.7% V 1.5%E

(UK) Q3 CURRENT ACCOUNT: -£22.8B V -£21.4BE

(FR) FRANCE NOV CONSUMER SPENDING M/M: 2.2% V +1.4%E; Y/Y: 1.2% V 0.4%E

(FR) France Nov PPI M/M: 1.4% v 0.2% prior; Y/Y: 2.4% v 1.5% prior

(FR) FRANCE Q3 FINAL GDP Q/Q: 0.6% V 0.5%E; Y/Y: 2.3% V 2.2%E

(DE) GERMANY NOV IMPORT PRICE INDEX M/M: 0.8% V 0.7%E; Y/Y: 2.7% V 2.6%E

(DE) GERMANY JAN GFK CONSUMER CONFIDENCE: 10.8 V 10.7E

(IT) ITALY DEC CONSUMER CONFIDENCE: 116.6 V 114.6E; MANUFACTURING CONFIDENCE: 110.5V 111.0E

(CH) SWISS DEC KOF LEADING INDICATOR: 111.3 V 110.5E

(ES) Spain Nov PPI M/M: 0.5% v 0.8% prior; Y/Y: 3.1% v 2.8% prior

Fixed Income Issuance:

(DK) Denmark sells total DK2.6B in 3-month and 6-month bills

SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM

Equities

Indices [Stoxx50 -0.3% at 3,559, FTSE +0.1% at 7,609, DAX -0.2% at 13,086, CAC-40 -0.2% at 5,375, IBEX-35 -1.0% at 10,198, FTSE MIB -0.3% at 22,169, SMI -0.1% at 9,414, S&P 500 Futures +0.1%]

Market Focal Points/Key Themes: European indices opened lower and tracked sideways with only UK managing to turn back to green; Spanish stocks impacted by result of Catalan vote; electoral results in Spain weigh on periphery; shortened trading session due to upcoming holidays; Roche announces acquisition of Ignyta; GVC Holding to buy Ladbrokes Coral; attention turning to upcoming data from US including personal income and spending, and PCE deflator.

Equities

Consumer Discretionary [GVC Holdings GVC.UK -1.8% (acquisition)]

Energy [Saipem SPM.IT +0.1% (arbitration decision)]

Financials [Banca Carige CRG.IT -8.9% (share issue)]

Healthcare [Roche ROG.CH -0.3% (acquisition)]

Industrials [Carillion CLLN.UK +4.4% (financial restructuring), Mondi MNDI.UK -0.4% (acquisition), Vallourec VK.FR +5.6% (analyst action)]

Telecom [Eutelsat ETL.FR +4.0% (analyst action)]

Speakers

(FR) French Pres Macron says could fine telecom companies for failure to help with wiring rural France

(RU) Russian Foreign Minister Lavrov: After talks with UK Foreign Secretary, discusses concrete steps to normalize relations; Agreed to discuss impact of Brexit on Russia-British Ties

Currencies

EUR/USD pair recovers from early weakness following the Catalan vote, bouncing from 1.1817 low. GBP/USD pushes towards $1.34 following a revised higher GDP print.

Fixed Income

Friday's liquidity report showed Thursday's Excess liquidity at €1.829T use of the marginal lending facility rose to €240M from €180M prior.

Corporate issuance - Primary expected to close for the year

Looking Ahead

06:30 (IN) India Weekly Forex Reserves

07:00 (CL) Chile Nov PPI M/M: No est v 2.5% prior

07:00 (ZA) South Africa Nov Budget Balance (ZAR): No est v -34.8B prior

07:30 (BR) Brazil Nov Outstanding Loans (BRL): 3.064Te v 3.052T prior; M/M: No est v 0.1% prior, Personal Loan Default Rate: 5.5%e v 5.6% prior

08:00 (PL) Poland Nov M3 Money Supply M/M: 1.2%e v 0.9% prior; Y/Y: No est v 5.7% prior

08:30 (US) Nov Personal Income: 0.4%e v 0.4% prior; Personal Spending: 0.5%e v 0.3% prior; Real Personal Spending (PCE): 0.2%e v 0.1% prior

08:30 (US) Nov PCE Deflator M/M: 0.3%e v 0.1% prior; Y/Y: 1.8%e v 1.6% prior

08:30 (US) Nov PCE Core M/M: 0.1%e v 0.2% prior; Y/Y: 1.5%e v 1.4% prior

08:30 (US) Nov Preliminary Durable Goods Orders: +2.0%e v -0.8% prior; Durables Ex-Transportation: 0.5%e v 0.9% prior; Capital Goods Orders (Non-defense/ex-aircraft):0.5%e v 0.3% prior; Capital Goods Shipment (Non-defense/ex-aircraft): 0.3%e v 1.1% prior; Durables Ex-Defense: No est v 0.2% prior

08:30 (CA) Canada Oct GDP M/M: 0.1%e v 0.2% prior; Y/Y: 3.5%e v 3.3% prior

09:00 (MX) Mexico Nov Unemployment Rate (seasonally adj): 3.4%e v 3.4% prior; Unemployment Rate (unadj): 3.3%e v 3.5% prior

10:00 (US) Nov New Home Sales: 651Ke v 685K prior

10:00 (US) University of Michigan Dec Final Consumer Confidence: 97.2e v 96.8 prelim

11:00 (US) Dec Kansas City Fed Manufacturing Index: 15e v 16 prior

13:00 (US) Weekly Baker Hughes Rig Count data

14:00 (CO) Colombia Oct Economic Activity Index (Monthly GDP) Y/Y: 1.2%e v 0.2% prior

USD/JPY's buying demand is increasing and the pair is approaching hourly resistance is given at 113.75 (12/12/2017 high) while hourly support is given at 112.03 (15/12/2017 low). The technical structure suggests continued increase.

We favor a long-term bearish bias. Support is now given at 99.02 (10/08/2013 low). A gradual rise towards the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 93.79 (13/06/2013 low).

GBP/USD continues to move lower within downtrend short-term channel. The technical structure indicates further weakness. Support is given at a distance at 1.3304 (15/12/2017 low).

The long-term technical pattern is reversing. The Brexit vote had paved the way for further decline. Long-term support can be found at 1.1841 (07/10/2017 low). Long-term resistance given around 1.35 is at stake and indicates a long-term reversal in the negative trend. Yet, it is very unlikely at the moment.