20 Nov: Yen firm on risk aversion & flattening US yield curve. RBA/ECB/FOMC Minutes this weeks focus.

By | November 20, 2017

 

The US$ remained under some downside pressure on Friday,  particularly against the Jpy, as traders  remained sceptical of Republicans efforts in the US House of Reps to pass the proposed tax cuts before the end of the year. US stocks were also a little a little lower while the metals had a strong session on the back of an uptick in geopolitical uncertainty after North Korea ruled out negotiations with Washington on curbing its nuclear weapons programme. Oil recovered some of its recent lost ground amid growing hopes that global oil producers will agree to prolong their output cut measures. Stocks heads a little lower while the metals had a good session, underpinned by the softer dollar.

It looks like being a mostly quiet week for the most part unless politics intervenes, with little data due today and then only a couple of major points of focus ahead of Thursday’s US Thanksgiving Holiday. The US tax bill will be closely followed, as will Special Counsel Robert Mueller’s Russian probe and its possible connections to Donald Trump. In terms of data this week, notable events will include the RBA Minutes (Tue), ECB Non-MP Minutes and FOMC Minutes (Wed), and the flash global PMIs due on Thursday/Friday. Note that Mario Draghi will be speaking in the European afternoon today, as will Janet Yellen, tomorrow, while the UK Autumn Budget Statement will take place on Wednesday.

Have a good week.

CURRENCIES
EURUSD: 1.1797
Res  1.1820  1.1835  1.1860
Sup  1.1775  1.1755  1.1725
USDJPY: 112.11
Res  112.35  112.60  113.00
Sup  111.95  111.65  111.45
GBPUSD: 1.3218
Res  1.3230  1.3260  1.3275
Sup  1.3190  1.3170  1.3145
USDCHF: 0.9884
Res  0.9900  0.9920  0.9945
Sup  0.9875  0.9845  0.9830
AUDUSD: 0.7567
Res  0.7585  0.7605  0.7620
Sup  0.7550  0.7535  0.7515
NZDUSD: 0.6812
Res  0.6845  0.6920  0.6885
Sup  0.6780  0.6750  0.6720
INDICES / COMMODITIES
S&P: 2580
Res  2585  2590  2595
Sup  2580  2575  2570
DJI: 23336
Res  23390  23465  23555
Sup  23300  23240  23200
ASX SPI: 5971
Res  5995  6020  6045
Sup  5960  5940  5920
XAUUSD: 1294
Res  1295  1300  1305
Sup  1290  1285  1280
XAGUSD: 17.28
Res  17.40  17.50  17.65
Sup  17.15  17.00  16.85
WTI: 56.71
Res  57.15  57.85  58.75
Sup  56.00  55.40  54.75

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