9 May: US$ uptrend continues. Stocks steady, WTI volatile after Trump exits Iran deal. Quiet calendar today.

By | May 9, 2018

 

The US$ has risen to its highest level of the year against its major counterparts due, in part, to worries about increasing political turmoil in Italy, which placed pressure on the Euro, before paring some of its gains after the US decision to withdraw from the international nuclear deal with Iran. The commodity bloc also took a hit, breaking to new 2018 lows in early European trade, at around the time of the Australian Budget, and remains heavy heading into Wednesday trade. Stock markets have been relatively stable after Donald Trump announced the US exit from the Iran deal although WTI has been highly volatile, in diving by almost 4% before regaining those losses equally quickly to sit almost unchanged on the day, currently at 70.00.

Wednesday sees a pretty empty economic calendar and it looks like being politics that’s sets the agenda. Asia will see the NZ Electronic Card Retail Sales, the Australian WBC Consumer Confidence and the Japan Leading Economic Index and Coincident Index. Europe has no data at all, while the US will look to the March Wholesale Inventories (exp 0.5%) and the May PPI for guidance (exp 0.2% mm, 2.8% yy). Oil traders will look to the EIA Crude Oil Stocks Weekly Change for guidance.

CURRENCIES
EURUSD: 1.1863
Res  1.1885  1.1900  1.1930
Sup  1.1835  1.1815  1.1785
USDJPY: 109.14
Res  109.25  109.55  109.40
Sup  109.00  108.80  108.60
GBPUSD: 1.3547
Res  1.3580  1.3600  1.3630
Sup  1.3535  1.3515  1.3485
USDCHF: 1.0018
Res  1.0040  1.0055  1.0070
Sup  1.0000  0.9985  0.9965
AUDUSD: 0.7452
Res  0.7470  0.7490  0.7510
Sup  0.7430  0.7400  0.7385
NZDUSD: 0.6969
Res  0.6985  0.7000  0.7015
Sup  0.6950  0.6935  0.6915
INDICES / COMMODITIES
S&P: 2670
Res  2680  2700  2720
Sup  2650  2630  2610
DJ30: 24297
Res  24430  24615  24825
Sup  24135  23885  23720
SPI200: 6086
Res  6095  6110  6130
Sup  6065  6050  6030
XAUUSD: 1314
Res  1320  1325  1330
Sup  1310  1305  1300
XAGUSD: 16.46
Res  16.60  16.75  17.00
Sup  16.35  16.20  16.05
WTI.fs: 70.02
Res  70.85  71.80  72.80
Sup  69.25  68.00  66.80