3 May: Markets mostly choppy ahead of today’s FOMC Meeting. WTI down 2%.

By | May 3, 2017

 

Markets have mostly traded in choppy, sideways fashion on Tuesday while waiting for the outcome of today’s FOMC meeting and then the NFP on Friday, with stocks moving sideways in a tight range and the dollar trading mixed against the other majors. The major interest of the day has been in WTI which fell another 2% on concerns that the OPEC deal to limit supply would be offset by an increase in global production, particularly from the US. In terms of data, the main feature of the day was the UK PMI manufacturing PMI, which jumped sharply to 57.3 in April, up from 54.2 and well above expectation of 54.0. This was the highest level in three years and helped to underpin Cable through the balance of the session.

Most of the focus today will be on the FOMC Meeting, but with no change in policy expected all the interest seems likely to be on the Statement, with no press conference from Janet Yellen is on the agenda. Elsewhere, the EU Provisional Q1 GDP will be closely watched, as will the US ADP Jobs data (exp +180k) coming ahead of Friday’s NFP figure (also exp +180k). Earlier in the day, the Q1 NZ Unemployment is up shortly (exp 5.2%, Change; +0.8%), which will be followed by the Australian AIG Services Index. Japan is beginning the Golden Week Holiday. The UK Construction PMI is also due.

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

CURRENCIES
EURUSD: 1.0928
Res  1.0930  1.0950  1.0990
Sup  1.0900  1.0855  1.0820
USDJPY: 111.99
Res  112.30  112.60  112.85
Sup  111.80  111.55  111.35
GBPUSD: 1.2936
Res  1.2945  1.2965  1.2985
Sup  1.2900  1.2885  1.2865
USDCHF: 0.9916
Res  0.9970  1.0000  1.0025
Sup  0.9910  0.9890  0.9865
AUDUSD: 0.7534
Res  0.7550  0.7570  0.7585
Sup  0.7510  0.7490  0.7465
NZDUSD: 0.6934
Res  0.6940  0.6950  0.6975
Sup  0.6915  0.6900  0.6880
INDICES / COMMODITIES
S&P: 2384
Res  2395  2400  2405
Sup  2375  2365  2355
DJI: 20861
Res  20925  20980  21010
Sup  20825  20765  20700
ASX SPI: 5928
Res  5945  5965  5985
Sup  5915  5900  5890
XAUUSD: 1256
Res  1260  1270  1280
Sup  1250  1245  1235
XAGUSD: 16.79
Res  17.00  17.20  17.35
Sup  16.70  16.50  16.35
WTI: 48.04
Res  48.50  49.25  49.80
Sup  47.35  47.05  46.50