6 Jan: All eyes on US/Iran tensions. Safe haven assets in demand. Services/Composite PMIs due today

6 Jan: All eyes on US/Iran tensions. Safe haven assets in demand. Services/Composite PMIs due today

The week’s starts off with the Services/Composite PMIs and the EU Sentix in focus on Monday, with the EU CPI and the US ISM Non-Mfg PMI to follow on Tuesday. The ADP Jobs data will be the main event on Wednesday, coming ahead of Friday’s official US unemployment figure, which will be the key event of the week. The only other important point of note on the calendar this week will be the China CPI (Thursday), and it would seem that political tensions will continue to dominate sentiment flows for the foreseeable future. US/Iran tensions seem likely to continue to escalate, which should increase demand for safe haven assets. Gold is already off to the races in having traded up to $30oz higher than the Friday NY close on the back of the Iranian vow to retaliate against the US assassination of the Iranian general on Friday. Oil also looks as though it wants to post further gains, while the Jpy is in strong demand on Monday ahead of the Asian open. Have a good week.

 

Economic data highlights will include:
Mon: Australian/China/Japan/EU/US Services/Composite PMIs, German Retail Sales, EU Sentix Investor Confidence Survey, EU PPI
Tue: NZIER Business Confidence, ANZ Job Ads, EU Retail Sales, CPI, US Factory Orders, ISM Non-Mfg PMI, API Weekly Crude Oil Stock Inventory
Wed: Australian Building Permits, German Factory Orders, EU Economic Sentiment Indicator, Industrial Confidence, Services Sentiment, Business Climate, US ADP Jobs data, EIA Crude Oil Stocks Weekly Change
Thur: Australian AIG Performance of Construction Index, Trade Balance, NZ Commodity Index, China CPI, UK like for like Retail Sales, EU Unemployment, US Jobless Claims, Fed speakers; Clarida/Williams, Buba Speaker; Weidmann
Fri: Australian Retail Sales, Japan Leading Economic Index, Coincident Index, China New Loans, Foreign Direct Investment, US Jobs/NFP/Average Hourly Earnings data, Wholesale Inventories

CURRENCIES
EURUSD: 1.1160
Res  1.1180  1.1200  1.1220
Sup  1.1140  1.1120  1.1100
USDJPY: 107.82
Res  108.10  108.40  108.70
Sup  107.50  107.25  107.00
GBPUSD: 1.3068
Res  1.3120  1.3160  1.3205
Sup  1.3045  1.3010  1.2970
USDCHF: 0.9712
Res  0.9740  0.9765  0.9790
Sup  0.9690  0.9670  0.9645
AUDUSD: 0.6934
Res  0.6950  0.6965  0.6980
Sup  0.6930  0.6915  0.6900
NZDUSD: 0.6653
Res  0.6675  0.6695  0.6720
Sup  0.6640  0.6620  0.6600
INDICES / COMMODITIES
S&P.fs: 3217.78
Res  3245.00  3255.00  3265.00
Sup  3225.00  3215.00  3205.00
DJ30.fs: 28457.00
Res  28555.00  28685.00  28815.00
Sup  28350.00  28235.00  28110.00
SPI200.fs: 6630
Res  6650  6670  6690
Sup  6615  6600  6580
XAUUSD: 1580.43
Res  1590.00  1600.00  1610.00
Sup  1575.00  1565.00  1555.00
XAGUSD: 18.24
Res  18.30  18.45  18.65
Sup  18.10  17.90  17.70
WTI.fs: 61.04
Res  64.50  65.50  66.50
Sup  63.25  62.50  61.50
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