16 Nov: US$ mixed, Stocks heavy following US CPI/RS data. Australian Jobs data coming up. EU CPI later

By | November 16, 2017

 

It has been a choppy session for the dollar following Wednesday’s US data, but it has clawed back its early losses after initially dipping to one month lows against various currencies following a surprise rise in retail sales, as well as an uptick in underlying inflation, cementing expectations for an interest rate hike in December. US headline CPI rose 0.1% mm, 2.0% yy in October, slowing from 0.5% mm, 2.2% yy but meeting expectation. Core CPI rose 0.2% mm & 1.8% yy, up from September’s 0.1% mm 1.7% yy. The annual reading also beat expectation at 1.7% yy. Headline retail sales rose 0.2% in October, above expectation of 0.0%. In other markets, US stocks headed lower, which in turn ensured demand for the safe-haven Yen, as a drop in oil prices for the fourth consecutive day pulled down energy stocks amid worries over delay in corporate tax cut. Metals were choppy but without any real direction.

Thursday will be busy once again, starting with the Australian unemployment figure (exp 5.6%, +17.5k, PR 65.2%) although there will be little else from Asia. The UK Retail Sales (exp -0.0%mm, -0.8%yy ) and the EU CPI (exp 0.15mm, 1.4%qq) will be the focus in Europe, while the US will look to the weekly jobless claims, the October Capacity Utilisation, NAHB Index and the import/export index for guidance. There are also going to be plenty of central bank speakers through the US session so watch for headlines coming from them. Speakers will include the BOE’s Carney/Cunliffe/Broadbent, the Fed’s Mester, Brainard, Kaplan and Williams and the ECB’s Constancio

CURRENCIES
EURUSD: 1.1791
Res  1.1835  1.1860  1.1880
Sup  1.1780  1.1760  1.1735
USDJPY: 112.80
Res  113.00  113.25  113.50
Sup  112.50  112.30  112.00
GBPUSD: 1.3170
Res  1.3200  1.3215  1.3230
Sup  1.3150  1.3130  1.3100
USDCHF: 0.9882
Res  0.9895  0.9910  0.9925
Sup  0.9875  0.9865  0.9850
AUDUSD: 0.7587
Res  0.7600  0.7620  0.7650
Sup  0.7575  0.7550  0.7520
NZDUSD: 0.6877
Res  0.6890  0.6920  0.6935
Sup  0.6860  0.6840  0.6815
INDICES / COMMODITIES
S&P: 2566
Res  2570  2575  2580
Sup  2560  2555  2550
DJI: 23253
Res  23300  23365  23425
Sup  23200  23150  23090
ASX SPI: 5963
Res  5970  5985  6005
Sup  5940  5920  5900
XAUUSD: 1279
Res  1285  1290  1295
Sup  1275  1270  1265
XAGUSD: 16.98
Res  17.10  17.20  17.30
Sup  16.95  16.80  16.65
WTI: 55.26
Res  55.80  56.75  57.50
Sup  54.75  54.35  53.85

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