Note that we could be in for some serious volatility early next week once the result of the weekend (Dec 4) Italian referendum on constitutional reforms has been announced. Eight Italian banks face the prospect of failure in the coming months if a “no” vote prevails in Sunday’s referendum, which was proposed by Prime Minister […]
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The dollar suffered a substantial correction in Asian trade on Monday, led lower by a selloff in US$Jpy which had become extremely overbought, although we have since seen a turnaround after a supportive economic growth outlook from the OECD. The semi-annual report indicated that Donald Trump is expected to undertake some fiscal stimulus in the […]
The post 29 Nov: Month end profit-taking curbs US$ strength. Q3 US GDP revision today appeared first on FX Charts Daily.
DXY: 101.35 The DXY rallied strongly last week, reaching a high of 102.05 before settling at 101.36. In making its move, the index briefly took out the important Fibo resistance seen at 101.80 (61.8% of 121.02 (July 2001 high)/70.72(March 2008 low) and although this will again be difficult to overcome, a sustained move higher could […]
The post DXY: Some consolidation is due, but longer term outlook remains very bullish #dxy #dollar #fx #forex appeared first on FX Charts Daily.
The dollar ended the week mixed in thin holiday trading conditions as traders await key economic calendar due in the coming week. In terms of data, Friday saw the US trade deficit fall to US$ -62.0b in October, worse than expectation of US$ -59.2b while the UK Q3 GDP was left unrevised at 0.5% qq. The […]
Even in a quiet US holiday market there has been plenty of action, notably in the Yen which has continued to weaken dramatically and also in the US stock markets, which despite the holiday has seen the S+P and the DJI both climb to new highs in the futures markets. Elsewhere it has been a […]
The US$ resumed its strong upside momentum on Thursday after the October Durable Goods orders jumped strongly, by 4.8% versus expectation of 0.8%, with the Ex-transport orders also much better than expected at 1.0% versus expectation of 0.1%. US stock indices made yet new all time highs, while the metals remained under pressure from the […]
Markets have generally traded sideways on Tuesday with the US$ unable to take advantage of the strong U.S. home sales, which rose in October to their highest level in more than 9-1/2 years to an annual rate of 5.6 million in October, the highest level since February 2007. At the same time, the September figure was revised up to 5.49 million from the previously reported 5.47 million units.
The global flash PMIs will be the early focus on Wednesday ahead of a heavy US schedule, which sees the October Durable Goods Orders (exp 1.5%, Ex-Auto; 0.2%), Oct New Home Sales (exp 0.59 mio) and the Michigan Consumer Sentiment Index (exp 91.6). Having got all that out of the way, the FOMC Minutes will …….
Currency markets have had a mixed session on Monday, with Sterling the big winner after some slightly more positive Brexit headlines as the UK PM, May hinted at a the chance of a transitional deal with the EU in order to avoid a “cliff edge” for business when Britain’s two-year Brexit negotiating period comes to an end. Elsewhere, the commodity bloc currencies are also a little higher, assisted by a more positive attitude to risk
INDICES/COMMODITIES S&P Futures 2180 Resistance Support 2210 Minor 2172 17 Nov low 2205 Minor 2160 200 HMA 2200 Psychological 2150 (23.6% of 2028/2187)/100 DMA 2191 All time high (23 Aug) 2135 Minor 2187 Friday high 2125 (38.2% of 2028/2184) Bias US stocks again remained rangebound on Friday (2177/87), leaving the outlook for the beginning of […]
EURUSD: 1.0587 Resistance Support 1.0758 16 Nov high 1.0585 Major rising trend support 1.0740/45 (23.6% of 1.1282/1.0628) /17 Nov high 1.0568 17 Nov low 1.0695 100 HMA 1.0522 3 Dec 2015 low 1.0660 Minor 1.0500 Minor 1.0640 Minor 1.0462 March 2015 low Bias The dollar’s strong run higher against all its counterparts continued on Friday, […]