2 Jan: US$ under pressure as 2018 gets under way. Commodities higher. Mfg PMIs ahead today. NFP – Friday.

By | January 2, 2018

 

The US$ was under consistent pressure over the holiday period and will open at weaker levels on all fronts today. Stocks took a bit of a hit into the year-end due to some profit taking in thin conditions while the commodities all performed strongly, taking advantage of the weak dollar, with WTI now trading above 60.00 and Gold trading back above 1300 for the first time since October.

The trading year begins with a relatively quiet start, with the Australian New Home Sales being the highlight in Asia. The focus in Europe and the US will be on the Markit Mfg PMIs although there is little else to go on today. Most of this week’s focus will be on the EU CPI and the US employment data (exp NFP; +189K), both due on Friday. In the meantime it looks like being more of the Trump/Kim stoush (or Trump v anybody?) that will steal the headlines.

CURRENCIES
EURUSD: 1.2009
Res  1.2020  1.2030  1.2070
Sup  1.1960  1.1940  1.1910
USDJPY: 112.56
Res  113.00  113.35  113.65
Sup  112.45  112.30  112.00
GBPUSD: 1.3500
Res  1.3530  1.3550  1.3570
Sup  1.3460  1.3425  1.3400
USDCHF: 0.9735
Res  0.9770  0.9795  0.9825
Sup  0.9735  0.9710  0.9685
AUDUSD: 0.7804
Res  0.7810  0.7825  0.7840
Sup  0.7785  0.7765  0.7750
NZDUSD: 0.7103
Res  0.7125  0.7145  0.7165
Sup  0.7085  0.7075  0.7055
INDICES / COMMODITIES
S&P: 2668
Res  2675  2685  2695
Sup  2665  2655  2645
DJI: 24701
Res  24765  24895  25000
Sup  24665  24625  24525
ASX SPI: 6016
Res  6035  6055  6080
Sup  5995  5970  5945
XAUUSD: 1303
Res  1310  1315  1320
Sup  1300  1295  1290
XAGUSD: 16.91
Res  17.05  17.15  17.25
Sup  16.75  16.65  16.55
WTI: 60.09
Res  60.40  61.00  61.50
Sup  59.90  59.40  59.00