7 Dec: US$ slightly firmer in light trade ahead of tomorrow’s US jobs data. WTI lower. EU Q3 GDP, Draghi ahead today

By | December 7, 2017

 

The dollar is slightly firmer today despite softer US bond yields – and a general flattening of the 2/10 year curve -, and has made gains against most pairs with the exception of the US$Jpy, which has traded a little lower, but in a tight range as year-end de-risking flows persist, ensuring ongoing demand for the Yen. In other markets, oil is 3% lower due to increased supply from US producers while stocks are steady and the metals are mildly lower but still holding on above critical support.

Looking ahead, it could be yet another busy day for the Aud$, with the release of the AIG Performance of Services Index, the October Trade Balance (exp $1.375bio) and the China Foreign Exchange Reserves. There is a bit of secondary Japanese data out too, but that is it from Asia. Europe will look to the German October Industrial Production and EU Q3 GDP (exp 0.6% qq, 2.5% yy). The US will focus on speeches from the Fed’s Dudley and then later from the ECB’s Draghi. All up it could be that we chop around going nowhere fast while waiting on tomorrow’s US jobs report.

CURRENCIES
EURUSD: 1.1792
Res  1.1825  1.1845  1.1875
Sup  1.1780  1.1755  1.1735
USDJPY: 112.28
Res  112.65  112.85  113.10
Sup  112.00  111.60  111.40
GBPUSD: 1.3387
Res  1.3410  1.3445  1.3480
Sup  1.3360  1.3320  1.3300
USDCHF: 0.9900
Res  0.9910  0.9930  0.9945
Sup  0.9885  0.9855  0.9835
AUDUSD: 0.7563
Res  0.7580  0.7600  0.7620
Sup  0.7550  0.7530  0.7515
NZDUSD: 0.6876
Res  0.6895  0.6915  0.6945
Sup  0.6855  0.6840  0.6815
INDICES / COMMODITIES
S&P: 2629
Res  2635  2645  2650
Sup  2620  2615  2610
DJI: 24156
Res  24225  24325  24390
Sup  24085  24000  23925
ASX SPI: 5965
Res  5980  6000  6020
Sup  5940  5920  5900
XAUUSD: 1264
Res  1270  1275  1280
Sup  1260  1255  1250
XAGUSD: 15.98
Res  16.15  16.35  16.55
Sup  15.90  15.75  15.60
WTI: 55.93
Res  56.40  56.75  57.00
Sup  55.70  55.25  54.85

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