7 Jan: Risk aversion recedes but markets remain wary. EU CPI and US ISM Non-Mfg PMI in focus today

7 Jan: Risk aversion recedes but markets remain wary. EU CPI and US ISM Non-Mfg PMI in focus today

 

Risk aversion, seen early in yesterday’s Asian session, eased somewhat over the course of the day, and the main movers – WTI, Gold and the Jpy – all retreated a little from their early spike to new highs. Elsewhere it was a generally steady session although both the Euro and Cable are firm after being supported by some positive data, with German investor confidence bouncing strongly from the prior months reading while the UK services PMI was revised upwards, to 50.0 in December, up from November’s 49.3. Oil also came off its peak of 64.70 to currently sit at 62.80 but generally remains underpinned while Washington and Tehran exchange strike threats after the U.S. killing of an Iranian general.

US stocks have finished flat/positive although it was a choppy ride through the session, with the DJI recovering from an early 200 point dip, while the European indices generally ended roughly 0.5% lower.

Looking ahead, the NZ Business Confidence and ANZ Job Ads will be the early focus on the calendar and come ahead of the EU Retail Sales (exp 1.3%mm) and CPI (exp 1.3%yy). Later in the day we get the US November Factory Orders (exp -0.8%mm) and the December ISM Non-Mfg PMI (exp 54.5) along with the API Weekly Crude Oil Stock Inventory. Have a good day.

Economic data highlights will include:

Tue: NZIER Business Confidence, ANZ NZ Job Ads, EU Retail Sales, CPI, US Factory Orders, ISM Non-Mfg PMI, API Weekly Crude Oil Stock Inventory

Market moves, in brief:

FX: DXY 96.66 (-0.25%)

Bonds: US10Y; 1.803% (+0.46%), German 10Y; -0.286% (-1.24%), UK 10Y; +0.689% (+4.65%), Australian 10Y; 1.213% (-4.28%), NZ 10Y; 1.537% (-3.74%), China 10Y; 3.182% (+0.03%)

Stock Indices: DJI; +0.20%, S+P; +0.18%, NASDAQ; +0.54%, EUStoxx50; -0.55%, FTSE100; -0.62%, Shanghai Composite; -0.01%,

Metals: Gold $1566 oz (+0.89%), Silver $18.15 oz (+0.56%), Copper $2.787 lb (0.00%), Iron Ore $93.85 per tonne (NYMEX) (+0.47%),

Oil: WTI $62.80 pb (-0.35%)

CURRENCIES
EURUSD: 1.1192
Res  1.1205  1.1225  1.1240
Sup  1.1175  1.1155  1.1135
USDJPY: 108.44
Res  108.70  109.00  109.30
Sup  108.15  107.80  107.45
GBPUSD: 1.3165
Res  1.3175  1.3195  1.3215
Sup  1.3150  1.3135  1.3115
USDCHF: 0.9687
Res  0.9710  0.9745  0.9780
Sup  0.9675  0.9645  0.9615
AUDUSD: 0.6940
Res  0.6950  0.6965  0.6980
Sup  0.6930  0.6915  0.6900
NZDUSD: 0.6671
Res  0.6680  0.6695  0.6720
Sup  0.6655  0.6630  0.6610
INDICES / COMMODITIES
S&P.fs: 3248.78
Res  3250.00  3260.00  3270.00
Sup  3240.00  3230.00  3220.00
DJ30.fs: 28676.50
Res  28770.00  28890.00  29010.00
Sup  28545.00  28405.00  28265.00
SPI200.fs: 6701
Res  6725  6745  6770
Sup  6680  6655  6630
XAUUSD: 1565.83
Res  1575.00  1585.00  1595.00
Sup  1560.00  1550.00  1540.00
XAGUSD: 18.15
Res  18.30  18.45  18.65
Sup  18.05  17.90  17.75
WTI.fs: 62.79
Res  63.35  63.80  64.25
Sup  62.45  61.95  61.50
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