Markets are mixed today, with the dollar slightly lower after the new US Treasury Secretary, Mnuchin, attempted to lower expectations of the Trump administration agenda in downplaying the potential benefits to economy in 2017 by saying that any policy steps would likely have a limited impact this year. The dollar is mildly lower, stocks are a little higher, while the big winner has been Gold, up $15 on the day.
It could be a quiet end to the week unless politics intervenes. In terms of data, the Michigan Consumer Sentiment Index will be the focus along with the US New Home Sales. There is nothing of note due from either Asia or Europe. The Baker Hughes Oil Rig Count will also be released, which if it continues its recent tick higher, could provide a cap on the oil price.
EURUSD: Rangebound. Michigan Consumer Sentiment Index likely to decide any directional move today.
USDJPY: Heavy, but above important support
GBPUSD: Higher after triggering stops but still within the 3 week range
AUDUSD: Firm but running into strong resistance.
NZDUSD: Firmer, back in the middle of the 2017 range
US STOCKS: New all time highs
METALS: Gold breaks higher. Silver looking likely to follow
OIL: Firm but below Tuesday’s highs
|INDICES / COMMODITIES|
|ASX SPI: 5748|
|OIL (WTI): 54.33|