| | | | | FX Strategy 30 Nov 2020 | | | In the G10 FX Market, NOK and EUR are the top gainers today, up 0.56% and 0.41% versus the dollar while USD and GBP are the top losers. In the rates market, global yields were trading mixed today. The UK 10-year was trading at 0.285, up 0.5bp. The Japan 10-year was trading at 0.024, down -0.2bp. The German 10-year was trading at -0.594, down -0.4bp. The US 10-year was trading at 0.842, down -1.7bp. | | | In the Asian equities, markets were trading stronger today. The Nikkei 225 was trading at 26644.71, up 0.4%. The Hang Seng was trading at 26894.68, up 0.28%. The Kospi was trading at 2633.45, up 0.29%. In the European equities, indices were trading stronger today. The DAX 30 was trading at 13335.68, up 0.37%. The Euro Stoxx 50 was trading at 3527.79, up 0.48%. The FTSE 100 was trading at 6367.58, up 0.07%. | | | Looking at Equity Futures so far, the FTSE100 Futures was trading at 6406.8, up 0.85%. The Euro Stoxx 50 Futures was trading at 3534.0, up 0.6%. The SP500 Futures was trading at 3637.12, up 0.45%. | | | In the Energy space, Oil futures were trading firm today. The WTI Crude Futures was trading at 45.53, up 1.22%. The Brent Crude Futures was trading at 48.28, up 1.0%. | | | In terms of economic data releases, overnight we have seen Japanese data for October with Retail Sales YoY (Actual 6.4% v Forecast -8.5%), Industrial Production MoM Prel (Actual 3.8% v Forecast 1.5%) and Housing Starts YoY (Actual -8.3% v Forecast -9.0%). We also saw the release of Chinese data for November with NBS Manufacturing PMI (Actual 52.1 v Forecast 51) and Non Manufacturing PMI (Actual 56.4 v Forecast 55.7). More recently this morning, we have seen the release of Turkish data with the Balance of Trade for October (Actual $-2.37B v Forecast $-1.6B), GDP Growth Rate YoY Q3 (Actual 6.7% v Forecast 4.7%) and GDP Growth Rate QoQ Q3 (Actual 15.6% v Forecast 12.5%). | | | Looking forward to the morning session, at 09:00 GMT we have South African ABSA Manufacturing PMI for November (Previous 60.9 v Forecast 59.7). At 09:30 GMT we have UK data for October with Mortgage Approvals (Previous 91.5K v Forecast 84.5K), Mortgage Lending (Previous £4.8B v Forecast £4.3B) and BoE Consumer Credit (Previous £-0.6B v Forecast £0.5B). Bundesbanks's Palz is speaking at 09:40 GMT, followed by a speech from ECB President Lagarde at 10:30 GMT and the BCB Focus Market Readout concludes the morning session at 11:30 GMT. | | | For the afternoon trading session, we start at 12:00 GMT with South African Balance of Trade for October (Previous ZAR33.51B v Forecast ZAR40B) followed at 13:00 GMT with the German Inflation Rate YoY Prel for November (Previous -0.2% v Forecast -0.1%). Canadian Current Account Q3 follows at 13:30 GMT (Previous C$-8.6B v Forecast C$-10B) with ECB's Hakkarainen speaking at 14:00 GMT. BoE's Tenreyro will also speak at 14:30 GMT. US Chicago PMI for November (Previous 61.1 v Forecast 58.5) is released at 14:45 GMT with Pending Home Sales for October YoY (Previous 20.5% v Forecast 18.1%) and MoM (Previous -2.2% v Forecast 1%) following at 15:00 GMT. At 15:30 GMT we have US Dallas Fed Manufacturing Index for November (Previous 19.8 v Forecast 7). Later this evening at 23:30 GMT we expect the Japanese Unemployment Rate for October (Previous 3% v Forecast 2.9%) and concludes the data releases and speakers for today. | | | 10-Year Yields Daily Chart (1-month) | | | | | | | Daily FX Pivots | | | | | | | Brent Crude Daily Chart (1-month) | | | | | | | Forex Chart and Technical Analysis | | | EURUSD Chart (Two-week) | | | | | | | Strategy: Support at 1.1942 for 1.1997
Short-term view: EURUSD support comes in at 1.1942 MACD and RSI have a bullish bias. Hence, we see a bounce to 1.1997 enter at 1.196. Below 1.1942 to open 1.1913 | | | GBPUSD Chart (Two-week) | | | | | | | Strategy: Resistance at 1.3321 for 1.3245
Short-term view: GBPUSD resistance comes in at 1.3321 MACD and RSI have a bearish bias. Hence, we see a dip to 1.3245 enter at 1.3297. Above 1.3321 to open 1.3359 | | | USDJPY Chart (Two-week) | | | | | | | Strategy: Resistance at 104.32 for 103.89
Short-term view: USDJPY resistance comes in at 104.32 MACD and RSI have a bearish bias. Hence, we see a dip to 103.89 enter at 104.18. Above 104.32 to open 104.42 | | | AUDUSD Chart (Two-week) | | | | | | | Strategy: Support at 0.7374 for 0.7407
Short-term view: AUDUSD support comes in at 0.7374 MACD and RSI have a bullish bias. Hence, we see a bounce to 0.7407 enter at 0.7385. Below 0.7374 to open 0.7364 | | | | | | TraderMade
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