Currencies
- EUR/USD: The pair remains under pressure this morning but holding above the 1.24 level. Today’s news includes US Retails Sales @ 13:30 GMT & Consumer Sentiment @ 14:55 GMT. The next support is at 1.2318 and resistance is at 1.2767.
- USD/JPY: The greenback remains strong versus the yen, breaking through the 116 level overnight (Yen @ 7 year low) and remaining above this morning. The next support is at 115.35 and resistance is at 116.90.
- GBP/USD: The pair traded down further overnight, breaking through the support level @ 1.5694 given here yesterday, hitting a low at 1.5656. The next support is seen at the big figure of 1.56 with resistance above 1.57 @ 1.5725.
Indices
- Asian Markets are mixed after a positive close on Wall-Street last night. Nikkei 225 and Hang Seng futures are climbing as much as 0.5% on the session. Japan stock exchange is rising on the back of the weakening Japanese Yen, which trade near seven-year low against the US Dollar. Hong Kong market gains as well, while Shanghai is lower on Friday.
- European indices opened higher after French and German third quarter GDP rise by 0.3% and 0.1% respectively. Futures on DAX and CAC are adding as much as 0.5% following the data showing both economies return to growth.
- Wall-Street closed in positive territory on Thursday, following better than expected earnings report from retail giant Wal-Mart (NYSE:WMT), while Oil prices continue to fall. The NASDAQ added 0.1%, Dow 30 rose by 0.2% and the S&P 500 futures were flat yesterday. Traders will look for important macro data to indicate the direction of the US economy: Retail sales (13:30 GMT) and Consumer Sentiment data (14:55 GMT).
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TOP News
- Wal-Mart stock rose by 4.7% to an all-time high after the retail giant reported quarterly profit and its sales exceed analysts’ estimations.
- Crude and Brent Oil Jan’15 futures are trading at 4 years lows as the energy sector continue to weaken this week.
Things to Remember
- Stops are your biggest friends so make sure to use them.
Market Sentiment
- Gold: Having traded in a tight range throughout the day yesterday Gold has initially traded lower this morning touching off the 1150 level. As per yesterday’s commentary support is seen @ 1125 while resistance remains at 1180.
- Crude Oil: The selling pressure does not seem to be abating for Oil, it’s hard to believe that back in June (5 months ago) we were trading above $105, this morning we’re trading just about the $73 level with the big support level of $70 in sight. Support is seen @ 72.2 with resistance at 76.35.
- VIX: The Volatility Index was up yesterday by +5.9% to 13.79.
NEWS – Friday 14/11/2104
13:30 GMT - CAD – Manufacturing Sales m/m
13:30 GMT - USD – Core Retail Sales m/m
13:30 GMT - USD – Retail Sales m/m
14:55 GMT - USD – Prelim UoM Consumer Sentiment
15:30 GMT - USD – Natural Gas Storage
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam
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