9 Nov: FOMC on hold. US$ firmer, stocks stead. WTI down again. RBA MoP Statement, China CPI ahead.

By | November 9, 2018

The US$ has picked up a bit of ground following the release of the FOMC Statement in which there were no surprises. Rates remained on hold and the Fed expects to hike in December, with further steady interest rate increases through 2019. The Euro is leading the way down and another test of the 1.1300 double bottom appears to be on the cards.

In other markets WTI is down for the 9th consecutive session with traders seemingly focused on the new weekly record high of 11.6 million barrels per day in US crude production, as released by the EIA. Stocks were slightly lower in a range bound session as were the metals.

Friday will begin with a busy Asian session, featuring the Australian Home Loans/Investment Lending for Homes, RBA Monetary Policy Statement and the October China CPI (exp 0.2%mm, 2.5%yy) & PPI (exp 3.4%yy). Europe will then be relatively quiet aside from the UK which will see the Preliminary Q3 GDP (exp 0.1%mm, 0.3%qq, and 1.5% yy), Goods Trade Balance, Manufacturing/Industrial Production and Trade Balance. The US will feature the October PPI (exp 0.2%mm, 2.6%yy). Central Bank speakers will include the ECB’s Coeure and the Fed’s Quarles. Have a good weekend.

Other Economic data highlights will include:                                                                         

Fri: Australian Home Loans/Investment Lending for Homes, RBA Monetary Policy Statement, China CPI, PPI, UK Manufacturing/Industrial Production, Provisional UK Q3 GDP, Trade Balance, US PPI, Wholesale Inventories, Michigan Consumer Sentiment Index.

CURRENCIES
EURUSD: 1.1362
Res  1.1395  1.1420  1.1445
Sup  1.1355  1.1300  1.1330
USDJPY: 113.94
Res  114.00  114.25  114.55
Sup  113.70  113.50  113.25
GBPUSD: 1.3055
Res  1.3085  1.3125  1.3175
Sup  1.3040  1.3000  1.2965
USDCHF: 1.0059
Res  1.0070  1.0095  1.0130
Sup  1.0035  1.0000  0.9965
AUDUSD: 0.7252
Res  0.7265  0.7280  0.7300
Sup  0.7245  0.7225  0.7210
NZDUSD: 0.6747
Res  0.6775  0.6800  0.6820
Sup  0.6730  0.6700  0.6670
INDICES / COMMODITIES
S&P.fs: 2799
Res  2815  2825  2840
Sup  2795  2785  2775
DJ30.fs: 26106
Res  26260  26355  26495
Sup  26055  25935  25825
SPI200.fs: 5897
Res  5905  5920  5935
Sup  5890  5875  5860
XAUUSD: 1223
Res  1230  1235  1240
Sup  1220  1215  1210
XAGUSD: 14.41
Res  14.55  14.70  14.85
Sup  14.25  14.15  14.00
WTI.fs: 60.64
Res  61.60  62.45  63.35
Sup  59.95  58.95  58.00