Forex Market Commentary
EUR/ USD back up to 1.10.
Large specs reluctant to take long Dollar positions in spite of the hawkish undertone of he last FOMC meeting for October report. This is more likely due to the approach of the end of this year and traders wanting to square books. There is a mix of signals on the US economy with GDP lower at 15% growth annualized contrasting with signals of full employment. All eyes on the November NFP as the game changer. Nothing but a strong show in the NFP will urge the US fed to take action on interest rates. Thus the reluctance of large specs to pile in to already large Dollar positions.
Important data:
Equities:
Asia:
Nikkei 225 19,083.10 + 147.39 (0.78%)
SSE Composite 3,382.56 - 4.75 (0.14%)
Hang Seng 22,640.04 - 179.90 (0.79%)
Europe:
DAX 10,850.14 + 49.30(0.46%)
CAC 40 4,897.66 + 11.84(0.24%)
USA:
Dow 17,663.54 - 92.26 (0.52%)
Fixed Income Markets:
US Federal Reserve - +0.25%
ECB Base rate 0.050 %
Chinese interest rate PBC China 4.60 %
Japanese interest rate (BoJ) 0.10 %
Important moving averages:
USDX above the 50 day m.at 95
EUR/ USD below the 50 day m.a at 1.13
Crude Oil WTI below the 50 day m.a. at 46.5
Gold above 50 day m.a. at 1140
US - 30 DAY FED FUND above 50 day m.a. at 99.85
US - 10 YEAR T-NOTES above 50 day m.a at 129.30
In speaking of moving averages; markets are not rational and daily price action volatile, but in the longer run trader expectation and negative sentiment can be collectively summed up through the 50 day moving average. Always look to support and resistance band lines as the key to understanding in the long and short term where prices are converging. Professional technical traders use 50 day and 200 day medium and slow moving averages as fundamental cornerstones for interpreting the direction of price action.
USDX
US Dollar
96.761 -0.154 -0.20%
Support 95.848 Resistance 97.998
Forward 1 year - 97.67s.
96.761 -0.154 -0.20%
Support 95.848 Resistance 97.998
Forward 1 year - 97.67s.
EUR/ USD
1.10222 +0.00117 +0.11%
Support 1.09107 Resistance 1.11987
Forward 1 year - 1.11290s.
1.10222 +0.00117 +0.11%
Support 1.09107 Resistance 1.11987
Forward 1 year - 1.11290s.
Crude Oil WTI
46.34 -0.25 -0.54%
Support 43.30 Resistance 46.40
Forward 1 year - 50.27s.
Forward 1 year - 50.27s.
Gold
1139.00 -3.07 -0.27%
Forward 1 year - 1,167.0s.
Pieter Bergli - DeLoren Trust Holdings
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