30 Nov: Cable continues to shine. US$, stocks mixed. OPEC Meeting, EU CPI, & US PCE in focus today.

By | November 30, 2017

 

The US$ is mixed  on Thursday, unable to take too much advantage of the Q3 GDP growth which was revised higher to 3.3% annualised, up from 3.0% and beating expectation of 3.2% to be the fastest rate of growth in three years. Janet Yellen also lent some support to the dollar by saying that the economy has strengthened further in 2017 and is increasingly broad-based. The major mover has been Sterling, which continues to benefit from the latest positive Brexit headlines. US$Jpy is also slightly firmer, while the commodity bloc currencies are heavy, as are commodities, with the metals and oil all trading lower. Stocks are mixed after having made yet new all time highs.

The OPEC Meeting will be in full focus today and any decision from here is likely to flow though into other markets. That aside, Asia will open with the Australian New Home Sales, Building Permits and the Q3 CAPEX figures (exp 1%), while NZ will deal with the November Business Confidence and Activity Outlook.  Later in the Asian morning the China Mfg/Non-Mfg PMIs while Japan will also see some data, including the Industrial Production, Housing Starts and Construction Orders along with the Foreign Bond/Stocks Investment. Europe will look to the German Retail Sales, Unemployment and the EU Financial Stability Report ahead of the major events of the day, the EU CPI (exp 1.6% yy, Core 1.1% yy) and then from the US, the Personal Consumption/Expenditure  Price Index (exp 0.2% mm, 1.4% yy). The Chicago Purchasing Managers Index will also be released, while today’s Central bank speakers will feature Praet (ECB) and Kaplan (Fed).

CURRENCIES
EURUSD: 1.1854
Res  1.1880  1.1900  1.1920
Sup  1.1835  1.1815  1.1780
USDJPY: 111.86
Res  112.00  112.15  112.30
Sup  111.70  111.50  111.30
GBPUSD: 1.3411
Res  1.3445  1.3485  1.3515
Sup  1.3385  1.3340  1.3300
USDCHF: 0.9840
Res  0.9855  0.9870  0.9895
Sup  0.9835  0.9815  0.9800
AUDUSD: 0.7574
Res  0.7590  0.7605  0.7620
Sup  0.7550  0.7535  0.7515
NZDUSD: 0.6886
Res  0.6910  0.6950  0.6930
Sup  0.6875  0.6845  0.6815
INDICES / COMMODITIES
S&P: 2626
Res  2630  2635  2640
Sup  2620  2615  2610
DJI: 23920
Res  23950  24100  24200
Sup  23750  23650  23555
ASX SPI: 6011
Res  6035  6050  6070
Sup  6000  5975  5955
XAUUSD: 1285
Res  1290  1295  1300
Sup  1280  1275  1270
XAGUSD: 16.56
Res  16.75  16.90  17.10
Sup  16.50  16.30  16.10
WTI: 57.36
Res  57.90  58.30  59.05
Sup  56.75  56.25  55.75

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