9 Aug: Solid US Jobs data and Trump comments yield choppy conditions for markets. China CPI in focus today.

By | August 9, 2017

 

It has been a mixed and rather choppy session for the dollar in the absence of any major data, rising slightly against the EU majors and commodity currencies but under pressure still against the Jpy, which attracted some safe haven demand as stock retreated from their highs after both the S+P and DJI had made new record highs following some solid US jobs data. The JOLTS figure showed that  U.S. job openings, a measure of labor demand watched by the Fed, increased 461,000 to a seasonally adjusted 6.2 million, the highest level since the series started in December 2000, but  stocks then closed the day on their lows, with risk sentiment not helped by some aggressive comments from Donald Trump towards N Korea. A near term top looks in place for stocks now, while Gold and Silver both rallied accordingly as traders sought a safe haven. WTI settled more or less unchanged, after reversing an earlier rally on growing doubts that the current OPEC/Non-OPEC meeting will be able to yield tangible results.

Wednesday gets underway with an early speech from the RBA’s Kent, to be followed in Australia by the WBC Consumer Confidence and the Home Loans data. Asia will look to the China July CPI (exp 0.2%mm, 1.5% yy) and PPI (exp 5.5%) although it then all gets very thin, with nothing to come from Europe aside from the UK Inflation Report Hearing. There is then very little to be seen from the US aside from the Wholesale Inventories and the EIA Crude Oil Stocks Weekly Change. Another rangebound 7 Aug beckons while waiting on the US CPI, 4 Aug.

The levels in this table are a guide only. For more in depth analysis please go the “Articles” tab at the top of the page and scroll down.

CURRENCIES
EURUSD: 1.1747
Res  1.1770  1.1785  1.1825
Sup  1.1715  1.1685  1.1650
USDJPY: 110.14
Res  110.50  110.80  111.05
Sup  110.00  109.85  109.65
GBPUSD: 1.2992
Res  1.3015  1.3055  1.3075
Sup  1.2950  1.2925  1.2900
USDCHF: 0.9735
Res  0.9750  0.9765  0.9780
Sup  0.9710  0.9685  0.9670
AUDUSD: 0.7910
Res  0.7930  0.7950  0.7965
Sup  0.7885  0.7875  0.7850
NZDUSD: 0.7330
Res  0.7350  0.7370  0.7390
Sup  0.7300  0.7270  0.7245
INDICES / COMMODITIES
S&P: 2471
Res  2480  2485  2490
Sup  2465  2460  2455
DJI: 22029
Res  22080  22150  22200
Sup  22005  21925  21845
ASX SPI: 5682
Res  5695  5710  5735
Sup  5660  5645  5630
XAUUSD: 1261
Res  1265  1270  1275
Sup  1255  1250  1245
XAGUSD: 16.45
Res  16.50  16.60  16.75
Sup  16.30  16.10  15.90
WTI: 49.02
Res  49.40  49.85  50.40
Sup  48.80  48.50  48.20