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Euro-Zone’s ZEW Economic Sentiment Index Surprisingly Rose In December
For the 24 hours to 23:00 GMT, the EUR declined 0.30% against the USD and closed at 1.1321.
Data indicated that the Euro-zone's ZEW economic sentiment index advanced to a level of -21.0 in December, compared to a reading of -22.0 in the prior month.
Separately, in Germany, the ZEW economic sentiment index unexpectedly rose to a level of -17.5 in December, defying market consensus for a drop to a level of -25.0. In the previous month, the index had registered a reading of -24.1. On the flipside, the ZEW current situation index fell to a level of 45.3 in December, compared to a reading of 58.2 in the previous month.
In the US, data showed that the US producer price index climbed 2.5% on a yearly basis in November, in line with market expectations. The index had registered a gain of 2.9% in the preceding month.
On the contrary, the nation's NFIB small business optimism index declined to a level of 104.8 in November, more than market anticipation for a fall to a level of 107.0. The index had recorded a reading of 107.4 in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.1327, with the EUR trading 0.05% higher against the USD from yesterday's close.
The pair is expected to find support at 1.1289, and a fall through could take it to the next support level of 1.1250. The pair is expected to find its first resistance at 1.1383, and a rise through could take it to the next resistance level of 1.1438.
Looking forward, investors would closely monitor the Euro-zone's industrial production for October, set to release in a few hours. Later in the day, the US consumer price index and average weekly earnings, both for November along with the MBA mortgage applications, will garner significant amount of investors' attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
Britain’s Average Weekly Earnings Advanced To A 10-Year High Level In August-October 2018
For the 24 hours to 23:00 GMT, the GBP declined 0.58% against the USD and closed at 1.2490, amid ongoing Brexit uncertainty.
On the data front, UK's ILO unemployment rate remained steady at a rate of 4.1% in the three -month ended October 2018, at par with market expectations. Moreover, the nation's average weekly earnings including bonus rose to a decade high level of 3.3% on an annual basis in the August-October 2018 period, surpassing market expectations for an advance of 3.0%. In the July-September 2018 period, average earnings including bonus had recorded a revised rise of 3.1%.
On the other hand, Britain's number of unemployment benefits claimants jumped to a level of 21.9K in November, compared to a revised advance of 23.2K in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2506, with the GBP trading 0.13% higher against the USD from yesterday's close.
The pair is expected to find support at 1.2444, and a fall through could take it to the next support level of 1.2383. The pair is expected to find its first resistance at 1.2603, and a rise through could take it to the next resistance level of 1.2701.
Amid no major macroeconomic releases today, investors would focus on global macroeconomic events for further cues.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
Japan’s Machinery Orders Rose Less-Than-Estimated In October
For the 24 hours to 23:00 GMT, the USD rose 0.18% against the JPY and closed at 113.41.
In economic news, Japan's machinery orders rose 7.6% on a monthly basis in October, falling short of market expectations for an advance of 9.7%. In the preceding month, machinery orders had registered a fall of 18.3%.
In the Asian session, at GMT0400, the pair is trading at 113.46, with the USD trading a tad higher against the JPY from yesterday's close.
The pair is expected to find support at 113.14, and a fall through could take it to the next support level of 112.82. The pair is expected to find its first resistance at 113.65, and a rise through could take it to the next resistance level of 113.84.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
Swiss Franc Trading A Tad Higher In The Asian Session
For the 24 hours to 23:00 GMT, the USD rose 0.31% against the CHF and closed at 0.9932.
In the Asian session, at GMT0400, the pair is trading at 0.9928, with the USD trading slightly lower against the CHF from yesterday’s close.
The pair is expected to find support at 0.9881, and a fall through could take it to the next support level of 0.9834. The pair is expected to find its first resistance at 0.9957, and a rise through could take it to the next resistance level of 0.9986.
Amid no economic releases in Switzerland today, traders would focus on global macroeconomic events for further direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
Loonie Extends Its Gains In The Morning Session
For the 24 hours to 23:00 GMT, the USD declined 0.06% against the CAD and closed at 1.3387.
In the Asian session, at GMT0400, the pair is trading at 1.3377, with the USD trading 0.07% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3357, and a fall through could take it to the next support level of 1.3338. The pair is expected to find its first resistance at 1.3410, and a rise through could take it to the next resistance level of 1.3444.
Amid lack of major economic releases in Canada today, investor sentiment would be determined by global macroeconomic events.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
Australia’s Westpac Consumer Confidence Index Advanced In December
For the 24 hours to 23:00 GMT, the AUD rose 0.22% against the USD and closed at 0.7209.
LME Copper prices rose 0.8% or $51.0/MT to $6163.0/MT. Aluminium prices declined 0.1% or $1.5/MT to $1949.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7221, with the AUD trading 0.17% higher against the USD from yesterday's close.
Overnight data revealed that Australia's Westpac consumer confidence index climbed 0.1% on monthly basis to a level of 104.4 in December. The index had recorded a reading of 104.3 in the prior month.
The pair is expected to find support at 0.7198, and a fall through could take it to the next support level of 0.7175. The pair is expected to find its first resistance at 0.7237, and a rise through could take it to the next resistance level of 0.7253.
Moving ahead, traders would await Australia's consumer inflation expectations for December, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
Gold: Yellow Metal Reverses Its Losses In The Asian Session
For the 24 hours to 23:00 GMT, Silver rose 0.17% against the USD and closed at USD14.66 per ounce.
In the Asian session, at GMT0400, the pair is trading at 14.71, with silver trading 0.34% higher against the USD from yesterday’s close.
The pair is expected to find support at 14.60, and a fall through could take it to the next support level of 14.50. The pair is expected to find its first resistance at 14.82, and a rise through could take it to the next resistance level of 14.93.
The white metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
Silver: White Metal Trading On A Stronger Footing This Morning
For the 24 hours to 23:00 GMT, Silver rose 0.17% against the USD and closed at USD14.66 per ounce.
In the Asian session, at GMT0400, the pair is trading at 14.71, with silver trading 0.34% higher against the USD from yesterday’s close.
The pair is expected to find support at 14.60, and a fall through could take it to the next support level of 14.50. The pair is expected to find its first resistance at 14.82, and a rise through could take it to the next resistance level of 14.93.
The white metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
Crude Oil: Oil Trading Higher, Ahead Of EIA’s Weekly Crude Oil Inventories Data
For the 24 hours to 23:00 GMT, Crude Oil rose 2.12% against the USD and closed at USD52.05 per barrel, amid sudden disruptions in Libya's output. Additionally, the American Petroleum Institute (API) reported that US crude oil inventories declined by 10.2 million barrels to 438.0 million barrels in the week ended 07 December.
In the Asian session, at GMT0400, the pair is trading at 52.23, with oil trading 0.35% higher against the USD from yesterday's close.
The pair is expected to find support at 51.14, and a fall through could take it to the next support level of 50.06. The pair is expected to find its first resistance at 52.87, and a rise through could take it to the next resistance level of 53.52.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
USD/CAD Daily Outlook
Daily Pivots: (S1) 1.3371; (P) 1.3397; (R1) 1.3417; More...
Intraday bias in USD/CAD remains neutral as consolidation from 1.3444 might extends. As long as 1.3160 minor support holds, further rally is still expected. On the upside, break of 1.3444 will turn bias back to the upside. Larger rally from 1.2061 should target 1.3685 fibonacci level next.
In the bigger picture, up trend from 1.2061 (2017 low) is still in progress and should target to 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will remain the preferred case as long as channel support (now at 1.2949) holds.
