8 May: Stocks, WTI higher. US$ firm. Australian Retail Sales, China Trade Balance ahead.

By | May 8, 2018

 

Stocks are higher on Monday, underpinned by Apple’s sixth straight day of gains and by a surge in oil prices to their highest since 2014. The US$ is mixed and mostly rangebound at the start of the week although it briefly made new trend highs against both the Euro and the Chf. The metals are mildly firmer but the real interest has been in WTI which has broken back above 70.00 pb, and remains there at the end of the session although most of the day’s gains were given up heading into the close. In terms of data, the Euro continued to struggle after some more soft data. The EU Sentix investor confidence dropped to 19.2 in May, down from 19.6 and missed expectation of 21.0. This was the 4th decline in a row and hit the lowest level since February 2017. The Current Situation index dropped 0.2 to 42.8, the lowest since October 2017 while the Expectations Index dropped to -2, the lowest since October 2014.

Asia will kick things off with the Australian Retail Sales (exp +0.2% mm) and the China Trade Balance (exp Imports+22.3%, Exports +32.3%. TB; $24.8 bio). Europe then follows with the German Industrial Production and Current Account , while the Australian Federal Budget will be released at 7.30 pm AET (10.30 am London). There is little to come from the US although oil traders will look to the API Weekly Crude Oil Stock Inventory for guidance.  Have a good day.

CURRENCIES
EURUSD: 1.1922
Res  1.1950  1.1980  1.2000
Sup  1.1895  1.1855  1.1815
USDJPY: 109.07
Res  109.25  109.70  109.40
Sup  108.90  108.75  108.60
GBPUSD: 1.3558
Res  1.3580  1.3600  1.3630
Sup  1.3535  1.3515  1.3485
USDCHF: 1.0026
Res  1.0040  1.0055  1.0070
Sup  1.0000  0.9985  0.9965
AUDUSD: 0.7513
Res  0.7530  0.7545  0.7560
Sup  0.7490  0.7470  0.7450
NZDUSD: 0.7012
Res  0.7050  0.7075  0.7095
Sup  0.6985  0.6955  0.6935
INDICES / COMMODITIES
S&P: 2668.35
Res  2680  2700  2720
Sup  2650  2630  2610
DJ30: 24284.00
Res  24430  24615  24825
Sup  24100  23885  23720
SPI200: 6081
Res  6095  6110  6130
Sup  6065  6050  6030
XAUUSD: 1314
Res  1320  1325  1330
Sup  1310  1305  1300
XAGUSD: 16.47
Res  16.60  16.75  17.00
Sup  16.35  16.20  16.05
WTI.fs: 69.96
Res  70.85  71.80  72.80
Sup  69.25  68.00  66.70