13 Feb: US$ lower on profit taking, reduced safe haven demand. RBNZ Meeting & UK/US CPI in focus, Wednesday.

By | February 13, 2019

 

The US$ is trading mostly on the soft side on Wednesday as traders take profits after 8 straight days of gains, with the DXY trading down by 0.35% at 96.70, while stocks are up by around 1.5% as hopes grow of some kind of trade deal between the US and China, and helped along by a tentative deal among US lawmakers to avert another government shutdown. The upbeat outlook has meant a softening of safe haven demand, allowing stocks to head higher, while in the FX markets, along with the dollar, both the Yen and the Chf also remain rather weak heading into the new session. Gold is a bit higher (+0.25%) on the back of the soft dollar while WTI is up by 1.5% after the Saudi Energy Minister said that the kingdom will pump just 9.8 million barrels per day in March, more than 500,000 bpd below what it agreed to in December with the enlarged OPEC+10 group including Russia to lift crude prices.

Wednesday will get off to a lively start, with the RBNZ Meeting/Interest Rate Decision/Statement/Press Conference at which no change is expected and the focus will lie in the wording of the statement and in the press conference.

This will be closely followed by the Australian Consumer Confidence and the China Foreign Direct Investment data for January. Later on we get inflation data from both the UK (exp 1.9%yy Jan) and the US (exp EX F/E; 2.1%yy Jan). There will also be a couples Fed speakers due (Bostic/Mester).

Economic data highlights will include:

Wed: RBNZ Meeting/Interest Rate Decision/Statement/Press Conference, Australian Consumer Confidence, China Foreign Direct Investment, UK CPI, PPI, RPI, EU Industrial Production, US CPI.

CURRENCIES
EURUSD: 1.1334
Res  1.1350  1.1375  1.1400
Sup  1.1320  1.1290  1.1255
USDJPY: 110.49
Res  110.65  110.90  111.10
Sup  110.20  109.95  109.70
GBPUSD: 1.2900
Res  1.2910  1.2935  1.2960
Sup  1.2875  1.2855  1.2830
USDCHF: 1.0061
Res  1.0075  1.0090  1.0105
Sup  1.0050  1.0035  1.0020
AUDUSD: 0.7099
Res  0.7110  0.7125  0.7140
Sup  0.7070  0.7090  0.7055
NZDUSD: 0.6734
Res  0.6745  0.6760  0.6775
Sup  0.6720  0.6705  0.6685
INDICES / COMMODITIES
S&P.fs: 2745.53
Res  2755.00  2770.00  2785.00
Sup  2730.00  2715.00  2700.00
DJ30.fs: 25409.50
Res  25495.00  25635.00  25785.00
Sup  25260.00  25080.00  24870.00
SPI200.fs: 6042
Res  6055  6080  6105
Sup  6020  5995  5965
XAUUSD: 1310.95
Res  1315.00  1320.00  1325.00
Sup  1305.00  1300.00  1295.00
XAGUSD: 15.71
Res  15.80  15.95  16.10
Sup  15.60  15.45  15.30
WTI.fs: 53.15
Res  54.10  54.90  55.75
Sup  52.25  51.25  50.30

Please Login to Comment.