The US$ remains under some pressure on Tuesday, with the Euro and the Chf being the main beneficiaries, albeit only by a fine margin and it has been generally rather quiet ahead of tomorrow’s FOMC Minutes. There is little to report in what has generally been a rangebound session although WTI did make a brief foray higher, reaching 49.76 as stockpiles surprisingly dipped, although the price has since given up most to f the days’ gains to currently sit back under 49.00. Stock markets have risen by between 0.2% (DJI) and 0.9% (Nasdaq), with the resumption of U.S.-China trade talks helping ease concerns of a trade war.
In terms of data, the US ISM Non-Mfg PMI dropped to 57.6 in December, a number significantly below expectations, and which in turn failed to offer any real support to the dollar
Tuesday will kick off with the Australian Trade Balance (exp +3.3 bio) and ANZ Job Ads although that aside Asia will have an empty calendar. Europe will see the German Industrial Production for November and the EU Economic Sentiment Indicator, Industrial Confidence, Services Sentiment, Business Climate, for December. The US will just have the November Trade Balance (exp -$54 bio) and the December US NFIB Business Optimism Index to contend with and most traders are likely to sit on their hands while waiting on tomorrow’s FOMC Minutes. Have a good day.
Economic data highlights will include:
Tue: Australian ANZ Job Ads, Trade Balance, Swiss Unemployment, Retail Sales, German Industrial Production, EU Economic Sentiment Indicator, Industrial Confidence, Services Sentiment, Business Climate, Consumer Confidence , US NFIB Business Optimism Index, Trade Balance, Consumer Credit , JOLTS
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