24 Feb: US$ heavy on Treasury Secretary, Mnuchin tax comments, Fed expectations. US stocks at all time highs – again!

By | February 24, 2017

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.

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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

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US STOCKS: New all time highs

ASX: Rangebound

METALS: Gold breaks higher. Silver looking likely to follow

OIL: Firm but below Tuesday’s highs

CURRENCIES
EURUSD: 1.0584
Res  1.0595  1.0605  1.0635
Sup  1.0540  1.0480  1.0495
USDJPY: 112.67
Res  113.00  113.20  113.45
Sup  112.55  112.35  112.00
GBPUSD: 1.2549
Res  1.2560  1.2580  1.2620
Sup  1.2525  1.2500  1.2465
USDCHF: 1.0061
Res  1.0085  1.0115  1.0140
Sup  1.0050  1.0025  1.0010
AUDUSD: 0.7717
Res  0.7740  0.7750  0.7775
Sup  0.7690  0.7675  0.7650
NZDUSD: 0.7230
Res  0.7250  0.7280  0.7300
Sup  0.7200  0.7175  0.7145
INDICES / COMMODITIES
S+P: 2362
Res  2368  2374  2380
Sup  2352  2346  2340
DJI: 20787
Res  20815  20850  20900
Sup  20725  20660  20600
ASX SPI: 5748
Res  5770  5778  5790
Sup  5730  5716  5700
GOLD: 1249
Res  1252  1260  1270
Sup  1236  1226  1220
SILVER: 18.18
Res  18.20  18.45  18.65
Sup  18.00  17.85  17.70
OIL (WTI): 54.33
Res  54.65  55.00  55.50
Sup  53.85  53.35  52.70