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The Australian dollar is under pressure, hitting a year low due to the strong US dollar and weak housing data from China, with potential further declines if key support levels are breached. Meanwhile, the Nasdaq shows bullish momentum, with traders eyeing a resistance level around 22,350, while the ASX 200 benefits from a Santa Claus rally. Bitcoin continues to rise, surpassing $108,000, although traders should be cautious of potential pullbacks, while gold faces pressure from anticipated interest rate cuts and a stronger dollar, with critical support at $2600.
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The Federal Reserve's hawkish stance following a 25 basis point rate cut has unsettled key risk assets, including the AUD/USD and Bitcoin, leading to a surge in the US dollar and yields. The AUD/USD plummeted to a two-year low of 0.6199, while Bitcoin fell to $99,997, reflecting weakened risk sentiment. Analysts suggest that both assets need to reclaim critical support levels to counter ongoing downside risks.
IG
Market participants are adopting a defensive stance ahead of the Federal Reserve and Bank of Japan meetings, with expectations for a 25 basis point rate cut from the Fed to return rates to neutral amid rising unemployment and stagnant inflation. The US dollar shows resilience despite less hawkish Fed rate bets, while the EUR/USD faces downside risks unless it breaks above 1.062. Meanwhile, diminished BoJ rate-hike expectations are weighing on the yen, with USD/JPY maintaining upward momentum within a rising channel.
IG
Year-to-date, commodities have performed notably, with cocoa prices soaring 180% and precious metals like gold and silver rising over 20%, driven by geopolitical uncertainties and central bank diversification away from the US dollar. Silver prices have shown an upward trend since March, facing critical support at $30, while gold struggles with resistance at $2720. A break below key support levels could signal deeper pullbacks, whereas holding above these levels may reinforce bullish trends.
IG
AUD/USD has fallen to a new 13-month low, currently trading at $0.63, with potential support at the October low of $0.6271. Meanwhile, EUR/USD remains range-bound, and GBP/USD is struggling to gain momentum, hovering near recent lows while facing resistance around $1.2715 to $1.275. Upcoming monetary policy decisions from the Fed and BoE are anticipated to influence market movements.
IG
Ripple's newly launched stablecoin, RLUSD, is being hailed as a transformative force for both decentralized finance and traditional banking. Unlike typical stablecoins, RLUSD is backed by real US cash equivalents and adheres to strict regulatory standards, positioning it for significant institutional adoption.Adam Cochran of Cinneamhain Ventures emphasizes that RLUSD could unlock vast Forex markets on the blockchain, enhancing liquidity and enabling asset pricing in US dollars directly on the XRP Ledger. With its focus on programmability and regulatory compliance, Ripple aims to capture a substantial share of the global stablecoin market.
Renault SA, a leading global carmaker, reported vehicle sales of 2.2 million units in 2023, with 91.9% from passenger cars and light commercial vehicles. The company operates 38 industrial sites worldwide, with sales predominantly in France (29.2%) and Europe (49.3%). Services account for 8.1% of total sales, including financing and maintenance.
Renault SA, a leading global automobile manufacturer, reported net sales primarily from vehicle sales (91.9%), totaling 2.2 million units in 2023, with significant contributions from brands like Renault and Dacia. The company also generates 8.1% of its revenue from financing and related services. Geographically, sales are concentrated in France (29.2%) and Europe (49.3%), with a presence in the Americas, Eurasia, Asia/Pacific, and Africa and the Middle East.
Pernod Ricard, the leading producer of premium wines and spirits, reports that 61.8% of its sales come from strategic international brands, with Absolut and Jameson being top sellers. The company operates 94 production sites globally, with sales distributed across Europe (28.3%), the Americas (28.8%), and other regions (42.9%).
UBS has lowered its target price for Pernod Ricard to 118 euros, maintaining a 'Neutral' rating. The company, a leader in premium and prestige spirits and wines, generates net sales primarily from international brands like Absolut and Jameson, with a significant global presence across 94 production sites. Geographically, sales are distributed with 28.3% in Europe, 28.8% in America, and 42.9% in other regions.
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