1 Aug: US$ under pressure, DJI at record high, WTI back at 50.00. RBA Meeting, EU GDP, Mfg PMIs in focus

By | August 1, 2017

 

The US$ remains under pressure on all fronts again on Tuesday, hitting a 2-1/2-year low against the Euro due to a combination of  month-end portfolio adjustments, expectations for a more hawkish ECB and the ongoing chaos in the White House. The other majors were strong as well, with Cable reaching a 11 month high, while the Yen pushed to a six-week high against the dollar due to concerns over the low U.S. inflation. US stocks are mixed, with the DJI powering to a new all time high, underpinned by Boeing, while the S+P was flat and the NASDAQ lower, pulled down by Alphabet and Facebook. The metals were firm, while WTI has finally made it back to 50.00pb. In terms of data, the Chicago Purchasing Managers Index was soft, not helping the dollar’s cause although the Dallas Fed Mfg Business Climate did beat expectation. The Pending Home Sales were also better than expected.

Tuesday is going to be another busy session, beginning with the RBA Interest Rate Decision at which no change to policy is expected although the statement is likely to be unhappy with the elevated level of the currency and will probably attempt to talk the Aud$ lower. The global manufacturing PMIs are due, and will be the main highlight in Europe, along with the preliminary Q2 EU GDP (exp 0.6%qq, 2.1%yy). The US session will look to the manufacturing ISM (exp 56.5), the ISM Prices Paid figure (exp 56) and the US Personal Consumption/Expenditure Index for guidance. Kiwi traders should look out for the Global Dairy Trade Index, while oil traders will be watching the API Weekly Crude Oil Stock Inventory.

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: 1.1840
Res  1.1845  1.1870  1.1900
Sup  1.1800  1.1780  1.1750
USDJPY: 110.24
Res  110.50  110.80  111.00
Sup  110.15  109.85  109.65
GBPUSD: 1.3210
Res  1.3225  1.3250  1.3280
Sup  1.3160  1.3120  1.3100
USDCHF: 0.9668
Res  0.9700  0.9725  0.9745
Sup  0.9635  0.9600  0.9585
AUDUSD: 0.8003
Res  0.8040  0.8020  0.8065
Sup  0.7975  0.7950  0.7935
NZDUSD: 0.7511
Res  0.7525  0.7540  0.7560
Sup  0.7500  0.7480  0.7460
INDICES / COMMODITIES
S&P: 2468
Res  2475  2480  2485
Sup  2465  2460  2455
DJI: 21859
Res  21875  21950  22000
Sup  21800  21750  21695
ASX SPI: 5663
Res  5675  5690  5710
Sup  5650  5630  5610
XAUUSD: 1269
Res  1270  1275  1280
Sup  1260  1265  1255
XAGUSD: 16.81
Res  16.90  17.00  17.10
Sup  16.75  16.65  16.55
WTI: 50.15
Res  50.40  51.00  52.00
Sup  49.40  48.80  47.90