EUROPEAN COUNCIL: Still No Sign Of Agreement On Financial Support For Ukraine
Dec-18 15:11
While EU leaders attending the EUCO summit in Brussels have discussed EU enlargement, and are curren...
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US TSYS: Post-Factory Orders/NAHB Housing Index React
Nov-18 15:07
- Treasuries extend highs after the latest round of data. Currently, the Dec'25 10Y contract trades +12.5 at 113-01 vs. session high of 113-02, 10Y yield 4.0883% (-.0503), curves mildly steeper (2s10s +1.04 at 53.675; 5s30s +4.25 at 104.905).
- Treasuries continue to trade below resistance at the 113-02 level, an area of congestion since Nov 5. A clear breach of this hurdle would be a bullish signal and suggest scope for a climb towards 113-18+, the Oct 28 high. A break would also cancel a short-term bearish theme. For bears, attention is on 112-10+, the 100-DMA and 112-06, the Sep 25 low. Trendline support also lies at 112-06.
- Next up: Sep TIC flows (1600ET) and Fed speakers: Fed Gov. Barr on bank supervision (1030ET), Richmond Fed Barkin on economic outlook (1100ET), Dallas Fed Logan closing remarks (1955ET)
FOREX: DXY Remains in Tight Range Amid Equity Weakness, CAD Outperforming
Nov-18 15:05
- Renewed pressure on the US benchmarks since the cash open, and fresh session lows for Nasdaq, having little impact on currency markets, with USDJPY remaining above the 155.00 mark. The USD index remains in modest negative territory following the weak ADP data, although a ~20 pip range for the DXY indicates the lack of interest as we approach more important data later in the week.
- The Canadian dollar is a moderate outperformer Tuesday, allowing USDCAD to edge back towards the 1.40 mark. Price action follows PM Mark Carney securing passage of the first federal budget of his tenure. It is worth noting that this was by a two-vote margin, and only thanks to the backing/abstention of opposition MPs, however it does ensure the survival of his minority government.
- The short-term outlook for USDCAD remains bearish, as the pair continues to trade inside a bull channel drawn from the Jul 23 low. The top of the channel - currently at 1.4170 - provided a firm resistance on Nov 11. The subsequent move south highlights scope for a bear extension towards the base of the channel at 1.3893, with initial key support intersecting at 1.3968, the 50-day EMA.
- Canada’s data calendar is relatively light this week, with September retail sales due on Friday.
MNI: US AUG FACTORY ORDERS +1.4%; EX-TRANSPORT NEW ORDERS +0.1%
Nov-18 15:00
- MNI: US AUG FACTORY ORDERS +1.4%; EX-TRANSPORT NEW ORDERS +0.1%
- US AUG DURABLE ORDERS +2.9%
- US AUG NONDEFENSE CAP GOODS ORDERS EX AIRCRAFT +0.4%
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