22 Dec: US$ steady, Stocks firm as conomy grows at fastest pace in two years. US Durable Goods/PCE Index ahead.

By | December 22, 2017

 

Markets are fairly stable as we enter the holiday period following the passing of the tax bill although there will be a fair bit of US data released later on today which could produce some exaggerated volatility in thin conditions. The US$ is mostly mixed although stocks are higher after the Q3 GDP data indicated that the U.S. economy grew at its fastest pace in more than two years, at 3.2% annualised last quarter, underpinned by robust business spending, and is poised for what could be a modest lift next year from sweeping tax cuts passed by Congress this week. In other data on Thursday, the number of Americans filing for unemployment benefits last week came in at 245K, suggesting that the underlying trend in jobless claims remained consistent with a tightening labor market.

Looking ahead today, the Q3 UK GDP will be released but it is then all rather thin until the US session when we get the Durable Goods, the Michigan Consumer Sentiment Index, Kansas Fed Mfg Activity, New Home Sales and the Personal Consumption/Expenditure Index Price Index. I won’t be watching! Next update will be mid next week. Have a good Christmas.

CURRENCIES
EURUSD: 1.1874
Res  1.1900  1.1935  1.1960
Sup  1.1850  1.1830  1.1800
USDJPY: 113.30
Res  113.60  113.75  114.05
Sup  113.15  112.85  112.50
GBPUSD: 1.3384
Res  1.3400  1.3420  1.3450
Sup  1.3370  1.3350  1.3330
USDCHF: 0.9881
Res  0.9895  0.9910  0.9935
Sup  0.9870  0.9855  0.9835
AUDUSD: 0.7706
Res  0.7710  0.7730  0.7750
Sup  0.7685  0.7670  0.7650
NZDUSD: 0.7012
Res  0.7020  0.7035  0.7050
Sup  0.7000  0.6980  0.6960
INDICES / COMMODITIES
S+P: 2693
Res  2695  2700  2705
Sup  2685  2680  2675
DJ30.fs: 24826
Res  24850  24890  24950
Sup  24775  24705  24650
SPI200.fs: 6035
Res  6045  6060  6075
Sup  5990  6015  5970
GOLD: 1267
Res  1270  1275  1280
Sup  1260  1255  1250
XAGUSD: 16.15
Res  16.30  16.40  16.55
Sup  16.05  15.90  15.70
OIL (WTI): 58.22
Res  58.35  58.50  58.85
Sup  58.00  57.60  57.25