13 Nov: US$ surges against Euro, Sterling. Stocks down, led by Apple. German CPI, UK Jobs in focus today.

By | November 13, 2018

The US$ is firmer again today, after breaking through 1.1300 against the Euro in early European trade, to reach levels last seen in June 2017. Also leading the charge lower for the EU majors has been Sterling, which again fell hard because of new Brexit woes, as hopes of a November Brexit deal continue to fade. The commodity bloc followed suit and both the Aud and Kiwi look heavy heading into early Tuesday trade.

Elsewhere, stocks have taken a hit, with the US indices trading down by between 1.3% (S+P)/1.9% (Nasdaq), while the metals are also under pressure from the stronger US$, and a break of 1200 (Gold) and 14.00 (Silver) looks imminent.  WTI had a volatile ride, initially heading sharply higher on hopes of OPEC production cuts, before turning sharply lower after Donald Trump used his Twitter Account to say that he hopes there will be no oil output reductions and that the price should be much lower. The market has listened, with WTI currently at 58.80, down from a 61.25 session high. The bond market was closed for the Veterans Day holiday.

Tuesday will begin with the NZ Food Price Index and the NAB Business Conditions/Confidence. That will be all from Asia, while Europe will follow up with the German (CPI, exp 0.2%mm, 2.5%yy; PPI, exp 2.4%yy), the German/EU ZEW Economic Sentiment Survey and the UK Unemployment data. The US will be quiet again, with just the US NFIB Business Optimism Index and the October Monthly Budget Statement due for release.

Economic data highlights will include:

Tue:  NZ Food Price Index, NAB Australian Business Conditions/Confidence, German CPI/HICP, German/EU ZEW Economic Sentiment Survey, UK Unemployment, US NFIB Business Optimism Index, US Monthly Budget Statement

CURRENCIES
EURUSD: 1.1240
Res  1.1260  1.1285  1.1300
Sup  1.1235  1.1200  1.1170
USDJPY: 113.84
Res  114.00  114.25  114.55
Sup  113.60  113.40  113.20
GBPUSD: 1.2847
Res  1.2870  1.2900  1.2935
Sup  1.2825  1.2800  1.2780
USDCHF: 1.0096
Res  1.0105  1.0145  1.0190
Sup  1.0065  1.0045  1.0015
AUDUSD: 0.7188
Res  0.7205  0.7220  0.7235
Sup  0.7185  0.7170  0.7150
NZDUSD: 0.6724
Res  0.6740  0.6760  0.6785
Sup  0.6705  0.6685  0.6660
INDICES / COMMODITIES
S&P.fs: 2738
Res  2760  2780  2795
Sup  2730  2715  2700
DJ30.fs: 25470
Res  25625  25750  25870
Sup  25360  25250  25100
SPI200.fs: 5875
Res  5885  5900  5920
Sup  5860  5845  5825
XAUUSD: 1201.
Res  1205.  1210  1215
Sup  1200  1195  1190
XAGUSD: 14.03
Res  14.20  14.30  14.40
Sup  13.95  13.80  13.65
WTI.fs: 58.80
Res  61.20  62.00  63.35
Sup  58.00  56.65  55.00