FX News Today
- The stock rally continued during the Asian session – Nikkei gained 0.99%.
- Chinese markets outperformed as markets are growing more confident about the future of US-Sino trade relations amid reports of the first major soya bean purchases from China in a while.
- Also there are signs that Chinese authorities may scale back its push for high-tech industrial development, which could be the first step towards honouring US demands for stronger protection of US intellectual property rights.
- UK PM May survived the leadership battle, although that doesn’t mean of course that she will be able to ratify her Brexit deal.
- GER30 and UK100 futures are trading narrowly mixed – PM May heads to Brussels to try and get more concessions that would help her get the hated Withdrawal Pact past lawmakers.
- WTI crude settled in lower $51.0s after ebbing from upper $52.0s yesterday.
- USDJPY has remained buoyant amid backdrop of reviving risk appetite.
- EURUSD has been oscillating in mid-to-upper 1.1300s.
Charts of the Day
- SNB Rate Decision and Conference – The central bank is expected to leave policy unchanged and to repeat that the situation remains fragile as the currency remains “highly valued”. SNB continues to tread carefully amid heightened uncertainty, geopolitical risks and protectionist threats.
- ECB Rate Decision and Conference – ECB is set to confirm the future of QE and the re-investment schedule amid ongoing market turbulence and mounting political risk in Europe. ECB is expected to hold out for phase-out of QE by the end of the year, as planned.
- US Unemployment Claims – Expectation – Initial jobless claims are estimated to decline 6k to 225k in the week ended December 8, after falling 4k to 231k in the week of December 1.
Support and Resistance
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