29 Jan. Stocks, Oil lower on growth warnings. US$ under pressure. Brexit re-vote today.

By | January 29, 2019

Trading n FX has been rather subdued for much of Monday following on from Friday’s sharp selloff in the US$, while US stocks fell by around 0.75% – but well above their lows –  after Caterpillar and Nvidia blamed slowing global growth for disappointing results. The US$ is mixed and now seems likely to range trade ahead of tomorrow’s, FOMC Meeting. Oil fell sharply, down 3.5%, as disappointing corporate profit forecasts stoked concern about the economy, bruising a market already anxious about booming American oil supplies, while at the same time global growth is slowing.

Tuesday will kick off with the NZ Trade Balance (exp +NZ $225 mio; actual has now been released as +250) and the NAB Business Conditions/Confidence after which the day’s focus will be on the latest Brexit vote, so expect plenty of volatility in Cable, but probably not until early tomorrow in Asia. That aside, there will be little going on and traders will probably sit on their hands until the heavy data load due Thur/Fri. Europe has nothing to offer today while the US will look to the Consumer Confidence and the Case Shiller House Price Index for guidance. The weekly API Weekly Crude Oil Stock Inventory are also due. Have a good day.

Economic data highlights will include:

Tue: NZ Trade Balance, NAB Business Conditions/Confidence, US Consumer Confidence, Case Shiller House Price Index, API Weekly Crude Oil Stock Inventory

CURRENCIES
EURUSD: 1.1425
Res  1.1445  1.1465  1.1490
Sup  1.1410  1.1390  1.1365
USDJPY: 109.33
Res  109.50  109.70  109.90
Sup  109.15  109.00  108.85
GBPUSD: 1.3155
Res  1.3180  1.3200  1.3220
Sup  1.3135  1.3115  1.3095
USDCHF: 0.9916
Res  0.9935  0.9955  0.9975
Sup  0.9905  0.9885  0.9865
AUDUSD: 0.7168
Res  0.7185  0.7205  0.7225
Sup  0.7150  0.7135  0.7115
NZDUSD: 0.6829
Res  0.6850  0.6870  0.6885
Sup  0.6810  0.6790  0.6775
INDICES / COMMODITIES
S&P.fs: 2640.53
Res  2650.00  2665.00  2680.00
Sup  2620.00  2605.00  2590.00
DJ30.fs: 24468.00
Res  24500.00  24560.00  24615.00
Sup  24375.00  24325.00  24275.00
SPI200.fs: 5830
Res  5860  5895  5945
Sup  5780  5730  5685
XAUUSD: 1302.23
Res  1305.00  1310.00  1315.00
Sup  1300.00  1295.00  1290.00
XAGUSD: 15.74
Res  15.85  16.00  16.15
Sup  15.60  15.45  15.30
WTI.fs: 51.95
Res  52.35  52.80  53.35
Sup  51.60  51.25  50.90