Daily Market Analysis – 20.11.2017
First of all Happy New Year and all the best wishes for 2017. I hope we will make it a successful year together.
CurrenciesEUR/USD – the EUR lost almost all its gains from last week yesterday, but today it is moving up a little bit, even as the USD is strengthening, so we can expect this to be short lived, unless the data out of the Eurozone will be good. We have some data out today as well, after a few days with almost no news and low liquidity due to the holidays. This Friday we will also have the NFP.
USD/JPY – is starting the year the same as the pair was trading over the last few weeks of the last year, which is up. This week we will have no major data out of Japan, but the data out of the US will make up for that, culminating obviously with the NFP on Friday.
GBP/USD – pared its losses of Friday yesterday, but is moving slightly up today. However, it is close to the resistance at the 1.23 level. This week we will have a lot of data, as already mentioned out of the US, but also almost every day we will have data out of the UK.
Bitcoin – is close to breaking above the 1000 level again for the first time since it was trading at its all-time high back in 2013 and is fast on its way to match those levels again. It looks like it is only a question of time before we break above that level.
IndicesS&P 500 – saw some downside in the last trading days of the year, but it resuming its upwards trend now, also boosted by some positive data out of China.
CommoditiesGold – started of the year strong, but we can clearly see that it is hampered by the resistance around the 1163 level, which it tried to break through on Friday as well.
Natural Gas – is dropping and is around the upwards trend line again, after we saw a drawdown in inventories last week.
Oil – The number of active rigs in the US keeps on rising and has reached the highest level in a year. The production cut, which was agreed upon between OPEC as well as non-OPEC countries has officially started now, and as such, the main focus will be to see if the countries will follow through on the agreement. At the moment oil is trading around the highest level in a year and a half.