12 Oct: US$ heavy after traders see dovish cracks in the FOMC Minutes. ECB speakers and US PPI in focus today.

By | October 12, 2017

 

While the FOMC Minutes made it clear that most Fed members expect a December rate hike, they cautioned that such a move would depend on the inflation data picking up and we will have to wait until Friday to find out what the latest CPI figures are going to be. They will be pivotal for the dollar, which in the mean time remains soft . Stocks and remain rangebound while the commodities are generally underpinned by the softer US$.

The US PPI will be the main item on the agenda today ahead of the main features of the week, tomorrow’s CPI and Retail Sales. Ahead of that, the Australian Home Loans and the China Foreign Direct Investment are due in Asian time and the EU Industrial Production will be the focus in Europe. There are plenty of ECB speakers due today, led by Mario Draghi but that aside, there is little to excite the imagination and it looks likely to be politics that again dominates the price action.

CURRENCIES
EURUSD: 1.1861
Res  1.1870  1.1900  1.1930
Sup  1.1835  1.1795  1.1760
USDJPY: 112.51
Res  112.70  113.00  113.20
Sup  112.20  112.00  111.80
GBPUSD: 1.3227
Res  1.3250  1.3270  1.3290
Sup  1.3200  1.3145  1.3175
USDCHF: 0.9731
Res  0.9765  0.9800  0.9835
Sup  0.9735  0.9715  0.9685
AUDUSD: 0.7787
Res  0.7795  0.7810  0.7830
Sup  0.7770  0.7750  0.7730
NZDUSD: 0.7084
Res  0.7100  0.7125  0.7145
Sup  0.7070  0.7055  0.7035
INDICES / COMMODITIES
S&P: 2552
Res  2555  2560  2565
Sup  2540  2545  2535
DJI: 22813
Res  22820  22875  22950
Sup  22750  22680  22630
ASX SPI: 5740
Res  5740  5760  5780
Sup  5720  5700  5675
XAUUSD: 1291
Res  1295  1300  1305
Sup  1285  1280  1275
XAGUSD: 17.17
Res  17.25  17.40  17.50
Sup  17.05  16.90  16.75
WTI: 51.01
Res  51.40  51.75  52.40
Sup  50.50  50.00  49.50