27 Feb: Markets mixed ahead of a busy week. Trump to address Congress, Tuesday.

By | February 27, 2017

The dollar was mixed heading into the weekend after a choppy session although it fell to  a two-week low against the yen as traders begin to doubt that we are likely to see any swift tax reform or infrastructure spending from the Trump administration, causing some mild safe haven demand. Elsewhere, stocks were flat, while the metals had another positive day, while oil was choppy and finished a little lower on oversupply concerns. In terms of data, New Home Sales rose less than expected in January, by 3.7%, below the expectations of 6.3%.

The coming week is going to b e pretty active throughout although much of the data will be secondary. Highlights will include the US Durable Goods Orders & Pending Home Sales (Monday), the US Q4 Provisional GDP (Tues), global Manufacturing PMIs, US Personal Consumption/Expenditure, Australian Q4 GDP (Wed), EU Unemployment, CPI (Thur), global Services/Composite PMIs (Fri). It is going to be active but I suspect that it will again be politics that dictates the direction, with the Trump agenda, Brexit and Greece making the headlines. Trump is expected to address a joint session of Congress on Tuesday, with investors hoping that he will give more clarity on his tax reform and stimulus proposals.

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EURUSD: Choppy, largely unchanged over the session. A busy week of economic data coming up.

USDJPY: Risk-off trade increased demand for the Jpy against all counterparts.

GBPUSD: Pre weekend profit taking saw Sterling fall back into the middle of the range.

AUDUSD: A little heavy.  Australian Q4 GDP, China Feb NBS and Caixin Mfg PMIs are the major mid-week data risks

NZDUSD: Choppy. A little lower.

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US STOCKS: Flat.

ASX SPI: The ASX fell on Friday, led by the miners as Chinese iron ore future fell by around 5%.

METALS: Gold and Silver took advantage of a heavy dollar to finish at 2 month highs

OIL: WTI reversed gains from the previous session to settle slightly lower on Friday, after the latest Baker Hughes U.S. oil rig count rose by 5, topping 600 for the first time since October 2015.

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The levels in this table are a guide only. For more in depth analysis please go the “Articles” tab at the op of the page and scroll down.

CURRENCIES
EURUSD: 1.0560
Res  1.0590  1.0620  1.0635
Sup  1.0540  1.0480  1.0495
USDJPY: 112.14
Res  112.45  112.60  112.95
Sup  111.90  111.65  111.35
GBPUSD: 1.2459
Res  1.2480  1.2500  1.2535
Sup  1.2445  1.2425  1.2400
USDCHF: 1.0076
Res  1.0085  1.0115  1.0140
Sup  1.0055  1.0025  1.0010
AUDUSD: 0.7668
Res  0.7685  0.7700  0.7720
Sup  0.7665  0.7650  0.7635
NZDUSD: 0.7194
Res  0.7220  0.7240  0.7250
Sup  0.7175  0.7145  0.7130
INDICES / COMMODITIES
S+P: 2364
Res  2368  2374  2380
Sup  2358  2350  2340
DJI: 20776
Res  20815  20850  20900
Sup  20700  20660  20600
ASX SPI: 5703
Res  5720  5740  5760
Sup  5690  5680  5664
GOLD: 1257
Res  1260  1270  1286
Sup  1246  1230  1220
SILVER: 18.36
Res  18.40  18.65  19.00
Sup  18.20  18.00  17.85
OIL (WTI): 53.97
Res  54.50  55.00  55.50
Sup  53.75  53.35  52.70