7 Nov: All on hold while waiting on the US mid-term results. NZ Q3 Jobs report ahead

By | November 7, 2018

 

It has been a fairly subdued session while waiting ion the US election results and most currencies re in line with previous levels.  Of note though, Sterling remains underpinned after the UK Brexit Secretary Dominic Raab said “Thumbs Up” on his way out of a weekly cabinet meeting, prompting traders to hope for a positive outcome although at this stage there is no news of any progress.

Elsewhere, stocks are steady and the metals are slightly lower. The main mover has again been oil, where WTI fell by another 2%, to 61.30 before a recovery to currently sit at 62.00. Traders sold oil as details of import waivers granted to buyers of Iranian crude gave the impression that it could be business as usual for Iranian exports.

The results of the US election will begin to seep through during the Asian session and will decide the day’s direction, so until then we will all have to sit on our hands. Otherwise the economic calendar will be fairly empty today, while waiting on the FOMC Meeting, tomorrow.

The Australian AIG Performance of Construction Index is coming up shortly, as is the NZ Q3 Unemployment data, while later on it will be the EU Retail Sales that are in focus. The US calendar is empty although it is likely to be volatile as traders re-position following the election results. Have a good day.

Other Economic data highlights will include:                                                                         

Wed: AIG Performance of Mfg Construction Index, NZ Q3 Unemployment, RBNZ Inflation Expectations, German Industrial Production, ECB Non-Mfg PMI, EU Retail Sales, EIA weekly crude oil stock change, US Consumer Credit Change

CURRENCIES
EURUSD: 1.1414
Res  1.1440  1.1455  1.1475
Sup  1.1390  1.1350  1.1370
USDJPY: 113.34
Res  113.50  113.75  114.00
Sup  113.10  112.80  112.50
GBPUSD: 1.3098
Res  1.3130  1.3165  1.3200
Sup  1.3065  1.3020  1.2975
USDCHF: 1.0031
Res  1.0055  1.0070  1.0095
Sup  1.0020  1.0000  0.9975
AUDUSD: 0.7218
Res  0.7230  0.7245  0.7260
Sup  0.7200  0.7180  0.7160
NZDUSD: 0.6669
Res  0.6680  0.6695  0.6715
Sup  0.6650  0.6630  0.6610
INDICES / COMMODITIES
S&P.fs: 2740
Res  2750  2765  2780
Sup  2730  2715  2700
DJ30.fs: 25460
Res  25515  25595  25685
Sup  25360  25235  25100
SPI200.fs: 5835
Res  5855  5875  5900
Sup  5810  5790  5765
XAUUSD: 1227
Res  1230  1235.00  1240
Sup  1225  1220.00  1210
XAGUSD: 14.53
Res  14.65  14.75  14.85
Sup  14.50  14.40  14.30
WTI.fs: 62.83
Res  63.15  64.05  65.20
Sup  61.30  60.25  59.30