10 Oct: Quiet markets, Monday, ahead of FOMC Minutes (Wed), US CPI/Retail Sales (Fri).

By | October 10, 2017

 

The US$ is mixed in quiet trade at the start of the week with the US on holiday, although the stock markets are open, with the US indices trading slightly lower after having very briefly set another new all-time high. Sterling is a little higher after it was reported that the recent inflation data was mistakenly understated and will place pressure on the BOE to raise rates. The commodity bloc currencies are heavy while the EU majors are steady, with traders looking to future developments in Catalonia for direction. The metals remain firm, while WTI has had a quiet session.

Tuesday looks like being mostly another relatively quiet one although the US will be back into day and will have their first chance to disseminate the ramifications of last Friday’s employment data. Tomorrows FOMC minutes would seem to be the major contender this week for any real volatility so we may continue to chop around current levels today. Of interest, coming up in Asia will be the NZ Electronic Card Retail Sales and the Australian NAB Business Confidence/Conditions, a speech from the RBA’s Debelle and the Chinese New Loans data. Europe will look to the UK Manufacturing/Industrial Production and the UK NIESR GDP Estimate for guidance, along with the German Trade Balance and Current Account, while the US has very little to offer apart from a speech from the Fed’s Kashkari and the weekly API weekly Crude Oil Stock Inventory. That aside will be politics that continue to dominate the action, with the spat between Trump/Kim and ongoing concern and with Spanish/Catalan tensions still to the fore.

CURRENCIES
EURUSD: 1.1739
Res  1.1755  1.1770  1.1785
Sup  1.1715  1.1700  1.1670
USDJPY: 112.69
Res  112.80  113.00  113.20
Sup  112.40  112.20  112.00
GBPUSD: 1.3138
Res  1.3160  1.3185  1.3220
Sup  1.3120  1.3075  1.3100
USDCHF: 0.9797
Res  0.9810  0.9835  0.9850
Sup  0.9785  0.9765  0.9750
AUDUSD: 0.7751
Res  0.7770  0.7785  0.7800
Sup  0.7745  0.7730  0.7700
NZDUSD: 0.7062
Res  0.7085  0.7100  0.7120
Sup  0.7050  0.7035  0.7015
INDICES / COMMODITIES
S&P: 2543
Res  2550  2560  2570
Sup  2535  2540  2530
DJI: 22711
Res  22745  22800  22850
Sup  22675  22625  22575
ASX SPI: 5702
Res  5720  5740  5760
Sup  5680  5660  5640
XAUUSD: 1284
Res  1285  1290  1295
Sup  1280  1275  1270
XAGUSD: 16.95
Res  17.00  17.10  17.25
Sup  16.80  16.70  16.60
WTI: 49.53
Res  49.95  50.50  51.20
Sup  49.05  48.35  47.50