MARKET BRIEFING – LONDON OPEN 09.11.2015
Posted: Mon Nov 09, 2015 10:27 amMORE ON ACFXblog.com
MARKET BRIEFING – LONDON OPEN 09.11.2015
Friday’s stunning United States Jobs Report saw both the Average Earning and Non-Farm Payrolls numbers catch many traders. This latest news has greatly increased the odds of the US Federal Reserve moving on rates at this coming December meeting.
Unless the December Jobs Report turns out to be a complete disaster, many market participants now expect that the FOMC Chairwoman, Janet Yellen, and her colleagues will increase the Fed Funds rate by 25 bp.
The certainty that such an event will happen has highlighted the growing divergence between the Federal Reserve and its counterpart across the globe which are either increasing stimulus or being extremely reticence in indicating when rates will increase.
The contrast is so obvious across the Atlantic in London. Mark Carney, the Bank of England Governor only last week was very clear in his views that the UK was somewhat far away from moving on interest rates.
Not so long ago, there was much discussion on the Bank of England moving on rates before the US Federal Reserve. However, it is now very obvious that the Bank of England will take a patient line and allow the US to move ahead on rates before any move on tightening is made.
Last week’s events reinforce the view that the US greenback, despite the huge debt burden of the Federal Government will continue to be the world’s reserve currency of choice and that the US Federal Reserve is the leading central bank.
Time will tell if another currency can claim the US Dollar’s Crowne, but it would appear that this possibility is many economic cycles away.
EURUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1.0835
Target 2: 1.0620
Projected range in ATR’s: 0.0108
Daily control level: 1.0900
GBPUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1.5160
Target 2: 1.4940
Projected range in ATR’s: 0.0108
Daily control level: 1.5400
USDJPY
The intraday technical outlook
Trend 1 hour: Up
Target 1: 124.10
Target 2: 122.45
Projected range in ATR’s: 0.86
Daily control level: 120.60
USDCHF
The intraday technical outlook
Trend 1 hour: Up
Target 1: 1.0130
Target 2: 0.9965
Projected range in ATR’s: 0.0084
Daily control level: 0.9880
USDCAD
The intraday technical outlook
Trend 1 hour: Up
Target 1: 1.3415
Target 2: 1.3190
Projected range in ATR’s: 0.0114
Daily control level: 1.3140
AUDUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 0.7200
Target 2: 0.6950
Projected range in ATR’s: 0.0077
Daily control level: 0.7170
GOLD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1104.00
Target 2: 1074.00
Projected range in ATR’s: 15.05
Daily control level: 1111.00
OIL
The intraday technical outlook
Trend 1 hour: Down
Target 1: 46.60
Target 2: 43.60
Projected range in ATR’s: 1.54
Daily control level: 46.35
MORE ON ACFXblog.com
MARKET BRIEFING – LONDON OPEN 09.11.2015
Friday’s stunning United States Jobs Report saw both the Average Earning and Non-Farm Payrolls numbers catch many traders. This latest news has greatly increased the odds of the US Federal Reserve moving on rates at this coming December meeting.
Unless the December Jobs Report turns out to be a complete disaster, many market participants now expect that the FOMC Chairwoman, Janet Yellen, and her colleagues will increase the Fed Funds rate by 25 bp.
The certainty that such an event will happen has highlighted the growing divergence between the Federal Reserve and its counterpart across the globe which are either increasing stimulus or being extremely reticence in indicating when rates will increase.
The contrast is so obvious across the Atlantic in London. Mark Carney, the Bank of England Governor only last week was very clear in his views that the UK was somewhat far away from moving on interest rates.
Not so long ago, there was much discussion on the Bank of England moving on rates before the US Federal Reserve. However, it is now very obvious that the Bank of England will take a patient line and allow the US to move ahead on rates before any move on tightening is made.
Last week’s events reinforce the view that the US greenback, despite the huge debt burden of the Federal Government will continue to be the world’s reserve currency of choice and that the US Federal Reserve is the leading central bank.
Time will tell if another currency can claim the US Dollar’s Crowne, but it would appear that this possibility is many economic cycles away.
EURUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1.0835
Target 2: 1.0620
Projected range in ATR’s: 0.0108
Daily control level: 1.0900
GBPUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1.5160
Target 2: 1.4940
Projected range in ATR’s: 0.0108
Daily control level: 1.5400
USDJPY
The intraday technical outlook
Trend 1 hour: Up
Target 1: 124.10
Target 2: 122.45
Projected range in ATR’s: 0.86
Daily control level: 120.60
USDCHF
The intraday technical outlook
Trend 1 hour: Up
Target 1: 1.0130
Target 2: 0.9965
Projected range in ATR’s: 0.0084
Daily control level: 0.9880
USDCAD
The intraday technical outlook
Trend 1 hour: Up
Target 1: 1.3415
Target 2: 1.3190
Projected range in ATR’s: 0.0114
Daily control level: 1.3140
AUDUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 0.7200
Target 2: 0.6950
Projected range in ATR’s: 0.0077
Daily control level: 0.7170
GOLD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1104.00
Target 2: 1074.00
Projected range in ATR’s: 15.05
Daily control level: 1111.00
OIL
The intraday technical outlook
Trend 1 hour: Down
Target 1: 46.60
Target 2: 43.60
Projected range in ATR’s: 1.54
Daily control level: 46.35
MORE ON ACFXblog.com