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Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close 
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U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures 
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The US dollar index showed a minor sell-off amid mixed US housing data. Housing starts in the US rose 14.80% in Nov to 1.56 million and single-family housing starts surged 18% highest level since May 2022. US building permits declined 2.5% from the revised Oct rate of 1498000.
According to the CME Fed watch tool, the probability of a 25 bpbs rate cut in Jan increased to 10.3% from 4.0% a week ago.
The US 10-year yield is trading weak for the 8th consecutive week as the Fed prepares for a rate cut. The US 10 and 2-year spread narrowed to --51% from -39%.
Major resistance- 102.65/103.20
Major support- 101.70/101.
EURUSD-
EURUSD showed a minor pullback after hitting a low of 1.0884. Eurozone CPI came at 2.4% yoy in Nov, down from Oct 2.9% yoy. Investors eye German PPI for further direction.
Major resistance- 1.0965,1.1020
Major support- 1.08600,1.0800
Yen-
USDJPY pared some of its gains despite the dovish BOJ policy stance. The central bank kept its rates and forward guidance unchanged.
Major Resistance- 144,145
Major support- 143,142.20
Pound sterling
The pound sterling is trading flat ahead of UK CPI. Any weak inflation data will push GBP prices further lower.
Major Resistance- 1.2765,1.2800
Major support- 1.2650,1.2600
Economic calendar -
Dec 20th, 2023, UK CPI y/y (7 am GMT)
US CB confidence (3 pm GMT)
