Market Recap |
% |
Close Price |
NATGAS(Feb 18) |
1.43% |
2.835 |
USDZAR |
0.59% |
12.385 |
USDSEK |
0.55% |
8.2024 |
AUDUSD |
-0.28% |
0.7842 |
XAGUSD |
-0.51% |
17.1340 |
EURUSD |
-0.52% |
1.1967 |
-
The euro recorded its largest decrease in more than six weeks. The currency fell 0.52% to 1.1976 as continued uncertainty surrounding the German government formation weighed on the pair. Positive consumer confidence data failed to give EURUSD a boost. European equities advanced across the board with the EURO STOXX 50 up 0.24% to 3,616.45.
-
US indices gained for a fifth straight day with the S&P500 closing at a new record of 2,747.71. Investors are optimistic for the tax cuts impact and earnings releases that start this week. The 10-year treasury yield traded flat at 2.48%.
-
Gold was little changed, closing at $1320.40. The active WTI crude oil contract rose 0.50% to $61.72 a barrel.
Tuesday January 09, 2017 CET Time |
Forecast |
Previous |
||
08:00 |
EUR |
German Industrial Production (MoM) (Nov) |
1.9% |
-1.4% |
08:00 |
EUR |
German Trade Balance (Nov) |
20.7B |
19.9B |
09:15 |
CHF |
Retail Sales (YoY) (Nov) |
-2.5% |
-3.0% |
10:00 |
EUR |
Unemployment Rate (Nov) |
8.7% |
8.8% |
11:00 |
EUR |
Retail Sales (MoM) (Nov) |
-0.7% |
-1.1% |
14:15 |
CAD |
Housing Starts (Dec) |
240K |
252.2K |
16:00 |
USD |
FOMC Member Kashkari Speaks |
|
|
16:00 |
USD |
JOLTs Job Openings (Nov) |
6.050M |
5.996M |
22.30 |
USD |
API Weekly Crude Oil Stock |
|
-4.992M |
Economic Calendar commentary
Germany’s industrial production rose 3.4% versus the estimated 1.8%, lifting the euro slightly higher earlier this morning. Euro area unemployment rate, scheduled for 11:00 CET, is forecasted to decrease to 8.7% from 8.8%. The calendar remains thin today with Canadian housing starts in the afternoon forecasted to retrace from previous record release to 240,000. JOLTS job openings (16:00 CET) are forecasted to rise to 6025K.
Chart of the day
NATGAS (Daily Timeframe)
The price of Natural Gas future (February) contract continued to bounce away off its 21-day moving average and rises towards a cluster of resistance represented by November’s low and the 38.2% Fibonacci retracement of September to December high to low move. A break of 2.90 should see the commodity trade up to a key resistance level by 2.9950. A break lower of 2.78 will see it resume its bearish path to test recent lows at 2.5620.
Technical Analysis
FTSEMIB (Daily timeframe)
FTSEMIB index broke above a sloping trendline and looks on course to test the 23000-key psychological level and recent multi-year high by 23133. The failure to complete a head and shoulders reversal pattern and bounce back above the neckline is extremely positive for bulls. Only failure to break above 23000 and a drop back below 22000 could see the index enter a consolidation phase.
EURUSD (Daily timeframe)
The EURUSD pair trades at its lowest in two weeks. The level to watch is between 1.1950-1.1960. if the pair drops below 1.1950-1.1960 we could see a pullback to 1.1900. EURUSD seems to be building a bearish correction within an uptrend. If the pair holds above 1.1960 it could resume strength to target again 1.2088.
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