US Consumer Confidence at 10:00 AM
Expectations at 99.4 versus 99.8.
Also, yesterday UK and Europe changed times. So they will be closing at 11:00 and 12:00 NYT respectively.
USDJPY above 100 hour MA at 114.78
Next resistance at 115.03 (the high from last week and 38.2% retracement of the October move lower).
GBPJPY tested 61.8% overnight
GBPJPY moved sharply higher overnight as both GBPUSD and USDJPY moved higher. When the market pushed above the 50% retracement level of the recent October 15th to Oct 22nd corrective move lower, the price shot up to the 61.8% level at 236.70 (topping out at 236.76). Since then, there has been a a quieter move lower but the intraday trend remains up. A move below 236.06 would be needed to target lower levels (235.79 provides initial support, then 235.47).
GBPUSD tested upside resistance overnight but fails initially
The highest close in GBPUSD this year was 2.0624 on 07/24/07. The market got up to 2.0627 today on the better consumer credit figures, but could not push higher (the high in July was 2.0655). These two levels will act as resistance intraday today.
On the downside, the high last week was 2.0572. This will be initial support. Below that level, there is support at 2.0553 and 2.0517.
(Click on image)
EURUSD looking to fill gap
The EURUSD gapped higher over the weekend from 1.4393 to 1.4407. The pair is looking to close the gap. The EURUSD traded as high as 1.4440 overnight on continued dollar weakness but moved down as upside resistance loomed. The price is currently below the 21 hour MA at 1.4407. This will provide initial short term intraday resistance.
Further on the upside there is resistance at 1.4460 level (see chart below). This is the topside of the rising triangle formation on the daily chart. Above that and the market will push for 1.4500.
(Click on chart to expand)
Germany’s Brandenburg consumer price index increased to 0.4%
The October consumer price index increased to 0.4% for the German state of Brandenburg. The annual inflation stayed at 2.4%.
Consumer Confidence Index today. UK releases Consumer Credit and Mortgage Data
US Consumer Confidence at 10:00 AM Expect 99.4 versus 99.8
Overnight consumer credit for the UK rose by 1.4bn, above expectations of a 1.0bn rise.
In addition, Mortgage lending growth rose to 9.8 bln stg, but approvals declined by 102,000 from 108,000. This was below 103,000 concensus.
The increase in consumer credit will lessen the need for BOE to cut rates.
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