12-1 Economic Calendar
Aussie falls on bad GDP (q/q)
The aussie fell against all of the major currencies, making a new session low of .9558 against the USD following a worse than expected GDP reading of 0.2% versus the 0.5% forecast and 1.2% prior reading.
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Covered currencies include EURUSD GBPUSD, USDJPY, USDCHF, EURJPY and USDCAD covered
EURUSD in between intraday resistance and support
Keep an eye on the 1.5542 level in the GBPUSD
On the downside the 1.5507 level remains as the key level to eye. The level corresponds with the 38.2% retracement of the move up from the May 2010 low to the November 2010 high.
EURUSD rises despite better US data
Despite the better ChicagoPMI, the EURUSD has seen some profit taking/short covering. The pair is heading toward intraday resistance against the 38.2% retracement of the days range and the 100 bar MA on the 5 minute chart. Look for seller against the levels with stops likely on a move above.
US Consumer Confidences Rises
Chicago Purchasing Manager: Survey: 59.9 Actual: 62.5 Prior: 60.6
Consumer Confidence: Survey: 53.0 Actual: 54.1 Prior: 50.2 Revised: 49.9
NAPM-Milwaukee: Survey: 57.5 Actual: 59.0 Prior: 56.0
Chicago PMI comes out stronger at 62.5.
The index came out at 62.5 vs 60.6 last. This was above expectations of 59.5 and is the highest level since 63.8 in April.
The components showed strength as well with employment and new orders rising. Inventories were down but that may be a good going forward if they have to be replenished. Overall, the Christmas season has gotten off to a good start as well which may be good for the economy as well. Below are the component pieces :
Prices paid 70.7 vs 68.9 last
Production 71.3 vs 69.8 last
New orders 67.2 vs 65.0 last
Order backlogs 48.9 vs 49.2 last
Inventories 48.4 vs 54.9 last
Employment 56.3 vs 54.6 last
Supplier deliveries 60.4 vs 62.8 last
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