EURUSD: IEA named the amount to fill the EU gas shortfall for 2023
The euro is trading weakly higher at 1.0535. Investors are refraining from making bold moves ahead of a wave of monetary policy corrections from global regulators. According to the announcements, the summit of the U.S. Federal Reserve will start on December 13, the ECB (European Central Bank) and the Bank of England will meet on December 14 and 15, respectively. Economists estimate that all meetings will end with a 0.50% rate hike, but the future outlook for each agency remains unclear. Meanwhile, the IEA (International Energy Agency) expects gas supplies from Russia through the pipeline to the euro zone countries to decrease by more than 50%, to 50.0 billion cubic meters, assuming that in 2023 the supplies will stop altogether. Under such a scenario, the deficit indicator will be 57.0 billion cubic meters. m., the completion of which will require the official Brussels to increase spending by 100.0 billion euros and increase the audit on the consumption of "blue fuel". According to Bloomberg, passions about continuing to reduce the marginal price of gas from Russia do not subside, so 12 EU member states have already initiated a continuation of the reduction. Energy ministers of the alliance agreed to hold an unscheduled meeting today for consultations.
- Resistance levels: 1.0550, 1.0600, 1.0640 and 1.0700.
- Support levels: 1.0500, 1.0450, 1.0400, 1.0350.
AUDUSD: Bulls are winning back its losses.
Aussie is showing moderate strengthening, intending to recover the losses incurred in the rapid decline earlier. AUDUSD is at 0.6760 with growth prospects, but traders are keeping a low activity ahead of the U.S. Federal Reserve officials meeting, the results of which are expected on December 14. Before the summit of the U.S. department the statistics on the consumer prices, which will be released today, will be of much interest for the investors. The current estimates sees the consumer inflation rate easing to 7.3% from 7.7% annually and to 0.3% monthly from 0.4%. Today's macroeconomic data releases in Australia showed a moderate negative trend. Thus, business sentiment in the National Bank of Australia for November shrank to 20.0 points from 22.0 points of the previous period and business confidence sagged to -4.0 points from 0.0 points, while analysts expected the stability to 5.0 points.
- Resistance levels: 0.6800, 0.6850, 0.6900, 0.6950.
- Support levels: 0.6750, 0.6700, 0.6650, 0.6583.
Oil market analysis
The benchmark Brent is currently at the support level of 77.00, which it retreated to during the previous trading week due to panic sentiment among traders about the earliest recession. The negative factor for the asset is a high probability of recession in the leading world economies throughout 2023. The U.S. consumer price index data is due out at 15:30 (GMT+2) on Tuesday, which will be used by U.S. Federal Reserve officials at tomorrow's summit. Economists forecast a correction of the core inflation rate to 6.1% year-on-year from the current 6.3% and the standard inflation rate to 7.3% from 7.7%.
- Resistance levels: 83.50, 90.50.
- Support levels: 77.00, 69.70.
Cryptocurrency market analysis
During the current trading month, ETH is holding at the price range of 1290.00-1250.00, from time to time making attempts to break out of its limits, but without success. The market continues to be in uncertainty, as the negative background associated with the liquidation of the FTX exchange negates the positive signals of monetary factors and decisions on the prospect of Ethereum network renewal. By Friday of last week, the development team announced that Shanghai, which gives the ability to withdraw funds locked into Beacon Chain, is scheduled for completion early next spring, bolstering investor sentiment. As a reminder, Beacon Chain currently holds more than 15.5 million ETH frozen in customer accounts, or 12.9% of the total coin level, but there have been no more specifics on the name of the deadline for their return.
- Resistance levels: 1290.00, 1323.00, 1500.00.
- Support levels: 1250.00, 1125.00, 1000.00.