27 Sept: US$ firm, stocks flat, commodities lower after Yellen- who said nothing new. US Tax Plan today’s focus.

By | September 27, 2017

 

In the absence of any major data, the financial markets looked to Janet Yellen to provide the inspiration on Tuesday, but learned little new from her and will now turn their attention to today’s version of Donald Trump’s tax plan. All up the US$ has retained its bid tone, higher on almost all fronts, which in turn has placed some pressure back on commodity prices. Stocks are slightly lower but once again the ranges are relatively tight.

Wednesday will kick off in Asia with the markets disseminating Yellen’s speech as there is really very little else going on until the release of the UK Q2 GDP figure (exp 0.3%qq, 1.7%yy). The UK will also see the CBI Industrial Trends Survey – Realised, but that is about it from Europe although it will warm up once the US gets going again, when the August Durable Goods (exp +1%) and Pending Home Sales (exp -0.3%mm) are released.  The real focus though will be on the US Tax Plan, with North Korean developments not to be forgotten. The EIA weekly crude oil stock change is also scheduled for late in the day. The levels in this table are a guide only.

CURRENCIES
EURUSD: 1.1792
Res  1.1810  1.1830  1.1860
Sup  1.1755  1.1725  1.1685
USDJPY: 112.23
Res  112.50  112.70  112.85
Sup  112.10  111.80  111.50
GBPUSD: 1.3460
Res  1.3485  1.3500  1.3515
Sup  1.3450  1.3405  1.3430
USDCHF: 0.9687
Res  0.9700  0.9725  0.9750
Sup  0.9660  0.9640  0.9615
AUDUSD: 0.7887
Res  0.7900  0.7915  0.7935
Sup  0.7870  0.7855  0.7815
NZDUSD: 0.7210
Res  0.7220  0.7230  0.7250
Sup  0.7190  0.7165  0.7140
INDICES / COMMODITIES
S&P: 2495
Res  2505  2510  2515
Sup  2490  2485  2480
DJI: 22250
Res  22300  22340  22385
Sup  22230  22175  22130
ASX SPI: 5669
Res  5690  5710  5730
Sup  5655  5640  5620
XAUUSD: 1293
Res  1300  1305  1310
Sup  1290  1285  1280
XAGUSD: 16.79
Res  16.95  17.10  17.25
Sup  16.70  16.55  16.45
WTI: 52.03
Res  52.45  53.10  53.80
Sup  51.10  50.40  49.50