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For the 24 hours to 23:00 GMT, the USD rose 0.22% against the JPY and closed at 112.73.

In the Asian session, at GMT0400, the pair is trading at 112.88, with the USD trading 0.13% higher against the JPY from yesterday’s close.

The pair is expected to find support at 112.48, and a fall through could take it to the next support level of 112.08. The pair is expected to find its first resistance at 113.11, and a rise through could take it to the next resistance level of 113.34.

Moving forward, traders would keep an eye on Japan’s national consumer price index for October, set to release overnight.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD rose 0.19% against the CHF and closed at 0.9951.

On the macro front, Switzerland’s trade surplus widened to CHF3.75 billion, compared to a revised surplus of CHF2.23 billion in the previous month.

In the Asian session, at GMT0400, the pair is trading at 0.9945, with the USD trading 0.06% lower against the CHF from yesterday’s close.

The pair is expected to find support at 0.9917, and a fall through could take it to the next support level of 0.9888. The pair is expected to find its first resistance at 0.9966, and a rise through could take it to the next resistance level of 0.9986.

Going ahead, investors would await Switzerland’s M3 money supply for October, slated to release in a while.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD rose 1.04% against the CAD and closed at 1.3308.

In the Asian session, at GMT0400, the pair is trading at 1.3306, with the USD trading a tad lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3202, and a fall through could take it to the next support level of 1.3098. The pair is expected to find its first resistance at 1.3364, and a rise through could take it to the next resistance level of 1.3422.

Amid lack of economic releases in Canada 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.

For the 24 hours to 23:00 GMT, the AUD declined 1.17% against the USD and closed at 0.7208.

LME Copper prices rose 0.03% or $2.0/MT to $6262.0/MT. Aluminium prices rose 0.5% or $9.0/MT to $1927.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7234, with the AUD trading 0.36% higher against the USD from yesterday’s close.

Overnight data showed that, Australia’s Westpac leading index rebounded 0.08% on a monthly basis in October. In the previous month, the index had recorded a revised fall of 0.02%.

The pair is expected to find support at 0.7191, and a fall through could take it to the next support level of 0.7149. The pair is expected to find its first resistance at 0.7288, and a rise through could take it to the next resistance level of 0.7343.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, Gold declined 0.20% against the USD and closed at USD1222.00 per ounce, amid strength in the US dollar.

In the Asian session, at GMT0400, the pair is trading at 1221.40, with gold trading 0.05% lower against the USD from yesterday’s close.

The pair is expected to find support at 1217.83, and a fall through could take it to the next support level of 1214.27. The pair is expected to find its first resistance at 1227.23, and a rise through could take it to the next resistance level of 1233.07.

The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, Silver declined 0.73% against the USD and closed at USD14.30 per ounce, tracking losses in gold prices.

In the Asian session, at GMT0400, the pair is trading at 14.29, with silver trading 0.10% lower against the USD from yesterday’s close.

The pair is expected to find support at 14.17, and a fall through could take it to the next support level of 14.05. The pair is expected to find its first resistance at 14.44, and a rise through could take it to the next resistance level of 14.59.

The white metal is trading below its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, Crude Oil declined 6.82% against the USD and closed at USD53.46 per barrel, amid mounting concerns over global economic outlook and ongoing worries over rising global supplies.

Meanwhile, the American Petroleum Institute (API) reported that US crude oil inventories fell by 1.5 million barrels to 439.2 million barrels in the week ended 16 November.

In the Asian session, at GMT0400, the pair is trading at 54.19, with oil trading 1.37% higher against the USD from yesterday's close.

The pair is expected to find support at 52.17, and a fall through could take it to the next support level of 50.15. The pair is expected to find its first resistance at 56.81, and a rise through could take it to the next resistance level of 59.43.

Crude oil is trading below its 20 Hr and 50 Hr moving averages.

The European Commission will publish its views on the draft budget plan of all 19 Eurozone states today, at around 1100GMT. And without a doubt, Italy's DBP will be included. It's generally expected that the Commission will, at the same time, publish a report regarding Italy's breach of EU rules. That will be the first step in the so called Excess Deficit Procedure, which could eventually lead to fines for Italy up to 0.2% of its GDP.

Reactions in the bond markets will be closely watched today. For now, German 10 year yield stands at 0.354. Italian 10 year yield stands at 3.618. That is, German-Italian spread is now at 326. It's generally agreed that 300 is an alarming level while 400 is definitely unsustainable. Many of the smaller, regional Italian banks will have capitalization problems at 400.

Crude oil prices have declined for 6 consecutive weeks. A confluence of factor has triggered the sharp selloff: concerns that the slowdown of Chinese economic growth would accelerate, reports that Russia would not join OPEC to cut output further, Trump called for Saudi Arabia to raise output, news of possible concession on Iranian sanctions. All these factors can be summarized in a demand/ supply relation.

In the November updates released by the three major agencies: the US Energy Information Agency (EIA), the Paris-based International Energy Agency (IEA) and OPEC, all incorporated a gloomier outlook for the demand and supply balance. What’s common in these updates are downgrade in oil demand and upward revisions in oil supply. Meanwhile, all upgraded their US crude oil production forecasts.

Global Oil Demand

The EIA forecast world oil demand to increase +1.52M bpd to 100M bpd in 2018 before rising +1.44M bpd to 102M bpd in 2019. The estimate for next year is -0.1M bpd lower than last month’s. OPEC raised its projection for this year to 98.79M bpd, marking a +1.5M bpd increase from 2017’s demand and a +0.59M bpd upward revision from last month’s forecast. Yet, the cartel cut its expectation for next year’s demand, by -0.2 M, bpd to 100M bpd. The IEA left its forecasts for both years unchanged at 99.2M bpd and 101M bpd, respectively.

Global Oil Supply

The EIA forecast non-OPEC oil supply to increase +2.56 M bpd to 61M bpd in 2018 before rising +2.38M bpd to 63.4M bpd in 2019. These estimates represent upward revisions of +2.58M bpd and +0.66M bpd, from last month’s forecasts. OPEC raised its projection for this year to 59.89M bpd, marking a +2.31M bpd increase from 2017’s output and a +0.01M bpd upward revision from last month’s forecast. Non-OPEC output for 2019 would reach 62.1M bpd, up +0.01M bpd for last month’s forecast. The IEA expects non-OPEC output would increase+0.6M bpd to 58M bpd in 2018, down -0.1M bpd from last month’s projection. Output in 2019 is revised higher , by +0.1M bpd to 59.6M bpd. As a result of lower demand and higher non-OPEC production, demand for OPEC’s oil should reduce. Both EIA and OPEC expect the cartel should supply around 32.5M bpd and 31.5M bpd of oil to the market this year and next year, respectively. That is, if the OPEC members produce according to their assigned quota set last year (32.5-33M bpd), this would roughly match with market demand, or with a little surplus, this year.

Yet, recent data suggest that many members have produced more than their quota. Reuter’s estimate shows that OPEC’s output soared to the highest since 2016 in October. The cartel in total produced 33.31M bpd last month, up +0.39M bpd from September. Lack of compliance or putting an end to the output cut deal would exacerbate the oversupply situation next year.

US Oil Production

The increase in non-OPEC has been driven by the US, thanks to shale exploration in recent years. The EIA expects US crude oil production would average at 10.9M bpd this year, and then rise to 12.1M bpd in 2019. Both figures were revised higher from last month’s forecasts

UK Prime Minister Theresa May will meet European Council Jean-Claude Juncker in Brussels today, to work on the political declaration covering future relationship after Brexit. May appears to be in the strongest position for a while. The campaign to oust May, led by ERG chair Jacob Rees-Mogg, ended in humiliating failure. Only 26 MPS had publicly said that they had submitted the letter demanding no-confidence vote, well short of the threshold of 48.

According to European Commission spokesman Margaritis Schinas. The aim of the meeting between May and Juncker is for preparation for Sunday, Nov 25, EU summit, for approving the Brexit withdrawal agreement. The so-called political declaration on future relationship will also be covered.