LOOK AHEAD: Wednesday Data Calendar: Nonfarm Productivity, Unit Labor Cost
Dec-07 11:12
Modest pick-up in midweek data, Tsy 17W bill sale. Focus remains on Fri's Nov PMI (0.3% MoM est vs. 0.2% prior).
- US Data/Speaker Calendar (prior, estimate)
- Dec-07 0700 MBA Mortgage Applications (-0.8%, --)
- Dec-07 0830 Nonfarm Productivity (0.3%, 0.6%)
- Dec-07 0830 Unit Labor Cost (3.5%, 3.1%)
- Dec-07 1130 US Tsy $33B 17W bill auction
- Dec-07 1500 Consumer Credit ($24.976B, $27.00B)
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OUTLOOK: Price Signal Summary - USDJPY Key Support Lies At The 50-Day EMA
Nov-07 11:11
- In FX, the EURUSD rebounded Friday and has traded higher today. Support has been defined at 0.9730, Thursday’s low. Initial firm resistance is seen at 0.9976, the Nov 3 high where a break would ease the recent bearish threat and signal scope for an extension higher towards key resistance at 1.0094, the Oct 27 high. On the downside, a reversal lower and a move through 0.9730 would be a bearish development.
- GBPUSD found support Friday. Last week’s extension lower undermines a recent bullish theme and exposes 1.1061, the Oct 21 low. The next key support lies at 1.0924, the Oct 12 low, where a break would strengthen a developing bearish threat. For bulls, a stronger reversal higher and a break of 1.1645, Oct 27 high, is required to reinstate the recent bull cycle.
- USDJPY appears vulnerable and continues to trade below resistance at 149.71, the Oct 24 high. A resumption of weakness would refocus attention on the 50-day EMA at 144.74 - a key support. Clearance of this EMA would signal scope for a deeper pullback. For bulls, a break of 149.71 would be a positive development and this would expose the bull trigger at 151.95, Oct 21 high.
USD: USDCHF test the 0.9900 handle
Nov-07 11:07
- USDCHF test the 0.9900 handle, and small next support comes at 0.9883, followed by 0.9842.
- The Pound and the SEK are still the best performer against the Dollar in G10, up 0.74% and 0.71% respectively.
LOOK AHEAD: US: Late Fedspeak Leads A Light Docket
Nov-07 11:04
US Data/Speaker Calendar (prior, estimate)
Nov-07 1130 US Tsy $57B 13W, $45B 26W bill auctions
Nov-07 1500 Consumer Credit ($32.241B, $31.750B)
Nov-07 1540 Boston Fed Collins & Cleveland Fed Mester women in economics symposium, no text, Q&A
Nov-07 1800 Richmond Fed Barkin discussion on inflation
