Short recap
Asia in red
Europe opening lower
US tax reform – a potential delay in corporate tax
rate cut to 2019 pushed stocks in US and Asian lower
Trump sees current account deficit with China not
acceptable, happy with deals worth of USD 250 bln
But overall friendly remarks on both sides
China to open financial markets and allow
foreign investments in financial companies
Trump not meeting Putin at APEC conference
Brexit – Northern Ireland part of single market
and customs union according to EU internal papers
China to cut corporate tax rates for high tech companies
Equities
Toshiba planning to raise JPY 600 bln from new
shares in a hunt for cash to avoid delisting
Burberry looking more at high-end offering but at
what cost?
PSA Group moving fast with pushing its own
technology to Opel
Cameco cutting 10% of its uranium production on
low prices
Is it a turning point in uranium market after it has lost
almost 70% since Fukushima (2011) ?
Allianz’s profit down 17%
Keystone XL having commercial back up
Monsanto not linked to cancer
Bonds
10-yr Trys yield at 2.34% vs 2.33% yesterday
10-yr Bund yield at 0.37% vs 0.33% yesterday
Very significant jump in yields in Europe yesterday
DXY
US tax reform a question mark
Weekly close important as we sit above important levels
A continuation of inverted H&S or not?
Support 94.19 (23.6% Fibo), 94.05 (Aug 2016 low), 93.77
(100 DMA)
Resistance 94.62 (10 DMA), 96.03 (38.2% Fibo)
EURUSD
Market is quiet waiting for a new inspiration from next
week’s US data
Consolidating above 1.1605 (50.0% Fibo), 1.1615 (high
from May 2016), 1.1620 (200 HMA)
And below 1.1658 (200 WMA), 1.1670 and descending
trendline connecting the lows of Oct 2008, Jul 2012
Expiring options (EUR 2.4 bln) with strikes between
1.1500/50
USDJPY
Quiet trading after not being able to break 114.50 few
days ago on lacking US yield support
If we see the cross back above 114.00/25 you may consider
rally continuation
But is has to be supported by US data next week
But is has to be supported by US data next week
Otherwise if no pick up in 10-yr Trys yields towards
2.40% and above the return to 113.00 to come
Resistance at 113.76 (10 DMA), 114.40/50, 114.72
Support at 113.00, 112.97 (23.6% Fibo)
Staying above 112.60 may help bulls (from Thu):
Oil
What’s driving the market?
Saudi Arabia and supply cuts vs strong demand
Rally from USD 42 to 57 was supported by shutdowns due to
hurricanes and ongoing Saudi Arabia upheaval
Seems to be exhausted and well overdone
Growing US production will be proved by data soon
On top of that not abiding with production cuts from OPEC
members to be visible too
Likely to push prices of oil lower going to year end
At the moment traders are hesitant to take profits as
they are not sure
How the situation in Saudi Arabia will develop
Likely to take profits after few days of pausing
Brent/WTI spread should stay around USD 6 on transport
constrains between Cushing and Gulf coast
Brent daily
Support levels 62.00 than 60.00
WTI daily
Data/events
ECB’s Mersch (1260
GMT)
Nov 28 – Powell
before Senate Banking Committee
Should
you have any questions feel free to contact me anytime.
Good
luck Champs!
Mr Hawk
DISCLAIMER:
This material was created for informational purposes only and represents the
Land of Trading team’s view of the past and current economic and capital market
environment. It is not an investment advice and should not be viewed that way
at all, and the creators of this material cannot be held liable for any
potential losses resulting from trading, where despite this disclaimer someone
would consider this material as an investment advice. All rights reserved
©2016. Contact: landoftradingATgmailDOTcom
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