OUTLOOK: Price Signal Summary - Gold Bulls Remain In The Driver's Seat
Sep-17 10:31
* On the commodity front, Gold remains in a clear bull cycle and the yellow metal is trading close...
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LOOK AHEAD: Monday Data Calendar: NY Fed Services, Housing Index, Fed VC Bowman
Aug-18 10:27
- US Data/Speaker Calendar (prior, estimate)
- 08/18 0830 NY Fed Services Business Activity (-9.3, --)
- 08/18 1000 NAHB Housing Market Index (33, 34)
- 08/18 1130 US Tsy $82B 13W & $73B 26W bill auctions
- 08/18 1245 Fed VC Bowman interview on Bbg TV
- Source: Bloomberg Finance L.P. / MNI
OUTLOOK: Price Signal Summary - S&P E-Minis Trend Needle Points North
Aug-18 10:25
- In the equity space, the dominant uptrend in S&P E-Minis remains intact and the contract is trading at its recent highs. Moving average studies are in a bull-mode position, highlighting a clear uptrend. A resumption of gains would pave the way for a climb towards 6523.63, 1.764 projection of the May 23 - Jun 11 - 23 price swing. On the downside, supports to watch are; 6392.29, the 20-day EMA, and 6267.88, the 50-day EMA.
- A bullish theme in EUROSTOXX 50 futures remains intact and the contract is trading at its latest highs. The print above the May and July highs strengthens a bull theme and signals scope for a climb towards 5575.00, the Mar 3 high (cont) and key resistance. Moving average studies remain in a bull-mode position, highlighting an uptrend. Support to watch lies at 5345.89, the 50-day EMA.
FOREX: RBNZ Scheduled Wednesday, Consensus Forecasting 25BP Cut
Aug-18 10:22
- Elsewhere in G10, the RBNZ is likely to cut rates by 25bp to 3.0% on Wednesday, the mid-point of its estimate of "neutral". With measures of core inflation within the 1-3% target band, wages moderating and activity remaining subdued, the MPC is likely to determine that further easing is needed. The RBNZ will also publish a revised outlook.
- For NZDUSD, short-term trendline resistance and last week’s highs come in just below the 0.6000 handle, while the first weekly close below 0.5900 since mid May would be a bearish development for the pair. Strong medium-term support and the bear trigger are located at 0.5847.
- JP Morgan note NZD positioning screens neutral ahead of the meeting, where they see scope for an out-of-consensus hold. NZD length off the highs and less topside demand in options lately suggests positioning should not be a headwind to a rally if the policy rate is held. As noted earlier, they recommend tactically going long NZD/SEK.
