6 Dec: US markets steady. Aud$ lower. Australian Retail Sales ahead; OPEC too. Fed’s Powell speaking later.

By | December 6, 2018

It has been a thin session due to US markets being partially closed for George Bush’s funeral and most products are not too far removed from yesterday’s levels. Of note on Wednesday, the Aud$ is lower, dragging the Kiwi with it, following ongoing selling pressure on the back of yesterday’s poor GDP reading, while Sterling has bounced around in choppy trade as conflicting Brexit headlines come to market. Overall Cable is best left alone. Otherwise, the US$ is steady, as are stocks and the metals, while WTI has also been choppy but is ending the day pretty much unchanged at 53.00pb ahead of today’s OPEC Meeting.

Looking ahead to Thursday, the Australian Retail Sales (exp 0.2%mm) and Trade Balance (exp $3.2 bio) are both coming up, while the Fed’s Quarles will be speaking during the Asian session.  The RBA’s Debelle will be speaking during European trade but the EU is otherwise a thin calendar, with just the German Factory Orders for October on the agenda. The US though will be busy, with the market looking for clarification from Fed Chair Powell of his surprisingly dovish tilt of last week. The ADP Jobs data (exp 195K), weekly Jobless Claims, Non-Mfg ISM and Factory Orders are also due.

Economic data highlights will include:          

Thur: OPEC Meeting, Australian Retail Sales, Trade Balance, German Factory Orders, US Jobless Claims, Factory Orders, ISM Non-Mfg PMI, ADP Jobs data, Jobless Claims, Fed speakers: Powell, Bostic, Williams

CURRENCIES
EURUSD: 1.1346
Res  1.1365  1.1380  1.1400
Sup  1.1320  1.1305  1.1285
USDJPY: 113.17
Res  113.35  113.70  114.05
Sup  112.90  112.60  112.30
GBPUSD: 1.2746
Res  1.2795  1.2840  1.2885
Sup  1.2655  1.2705  1.2620
USDCHF: 0.9973
Res  1.0030  1.0005  1.0055
Sup  0.9960  0.9930  0.9910
AUDUSD: 0.7268
Res  0.7290  0.7315  0.7345
Sup  0.7250  0.7220  0.7200
NZDUSD: 0.6895
Res  0.6915  0.6945  0.6970
Sup  0.6885  0.6850  0.6815
INDICES / COMMODITIES
S&P.fs: 2717
Res  2730  2745  2760
Sup  2705  2695  2685
DJ30.fs: 25155
Res  25275  25415  25555
Sup  25010  24865  24730
SPI200.fs: 5668
Res  5690  5720  5745
Sup  5635  5605  5555
XAUUSD: 1235
Res  1240  1245  1250
Sup  1230  1225  1220
XAGUSD: 14.48
Res  14.60  14.70  14.80
Sup  14.40  14.30  14.20
WTI.fs: 52.97
Res  53.50  54.10  54.55
Sup  52.65  52.00  51.35