Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close 
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China’s Growth Faces Structural Challenges Amid Doubts Over Data 
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Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
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US Gas Market Poised for Supercycle: Bernstein Analysts 
U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures 
European Stocks Rally on Chinese Growth and Mining Merger Speculation 
U.S. Banks Report Strong Q4 Profits Amid Investment Banking Surge 
Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
Global Markets React to Strong U.S. Jobs Data and Rising Yields 
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2025 Market Outlook: Key January Events to Watch 
The US dollar index pared some of its gains after US CPI data. Headline CPI came in line with expectations at 3.1%. On a monthly basis, headline CPI rose 0.10% m/m while core CPI surged 0.30% mom. Markets eye US Fed monetary policy for further movement.
Major resistance- 104.30,105
Major support- 103.25/102.40.
EURUSD-
EURUSD is trading in a narrow range ahead of Fed policy. Markets will watch for Fed dot plot and economic projections for further clarity. German ZEW economic sentiment rose to 12.8 in Dec, compared to a forecast of 8.8%.
Major resistance- 1.0830,1.09000
Major support- 1.0750,1.0660
Yen-
The Japanese Yen remains directionless ahead Fed funds rate. Japan's Tankan's manufacturing index rose to 12 vs. an estimate of 10.
Major Resistance- 146.60,148
Major support- 144.80, 143
Pound sterling
The pound sterling trades flat ahead of UK GDP data. The claimant count change in the UK declined -11.2k compared to a forecast of -12.4k. The unemployment rate remained steady at 3.7% below expectations of 3.8%. Markets eye US Fed and BOE monetary policy for further movement.
Canadian dollar -
USDCAD showed a minor pullback due to declining oil prices. Investors await Crude oil inventories data today. Major resistance- 1.36250/1.3660. Major support- 1.3540/1.3475.
Economic calendar -
Dec 12th, 2023, UK GDP (7 am GMT)
US PPI m/m (1:30 pm GMT)
US federal funds rate(7 pm GMT)
