Daily Market Review 4 Dec 2019

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By: Stuart Cowell 

Good morning _ Trade Deal stalled, Tariffs due to 15th. December downer continues –  Risk OFF – JPY, Gold, CHF and Government Bonds Up. – Equities down – USD down – but off lows.

Australian GDP missed, Chinese Services PMIs best (significantly)
USD index – plunged to S1 at 97.55, – PP 97.70 – consolidating at lows.
EUR – trades at pp 1.1075
JPY – moved to support at 108.50 –  S! now 108.30 & PP 108.80
GBP breached but couldn’t hold 1.3000. PP 1.2980, R1 1.3025 – trades 1.2990
AUD – missed GDP and trade woes pulled AUD down to 0.6825 from 6860 yesterday. – PP 0.6840 – S1 0.6815.
NZD – holds gains at pp – 0.6515 – R1 0.6535 , S1 0.6495
Equities – closed down – 0.66% – 3093 – below key 3100 but above technical support at 3090. FUTS trade at 3093. Nikkei225  just closed down 1%
GOLD – rallied over and held 1480 from sub-1460 yesterday – PP now 1474 – R1 1486 (key FIB level)
OIL  – holds up on expectations of 400K/barrels/day production cuts being agreed at OPEC meeting this week. Trades at R1 at $56.50. R2 56.95

TODAY – Services PMIs from EUR & UK, ADP jobs and Services PMI from the US,  the BOC Rate Decision (no change expected but outlook to be tweaked?) and Crude Oil Inventories.


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