Markets in Details: 03 December 2018

3 December, 2018

News

  • Global financial markets are positive given the U.S. and China have agreed to take a 90-day break from further escalating their ongoing trade dispute, preventing China from facing a tariff increase from 10 to 25 percent in January. A permanent resolution is still a work in progress.

The focus of attention

  • Markets are anticipating to receive manufacturing PMI numbers from the eurozone, UK and U.S. this week.
  • UK’s attorney general is scheduled to brief the House of Commons this week on his legal advice on the Brexit plans, ahead of the important 11 December vote in parliament.

Expected events

  • 01:45 GMT China will release the November Caixin Manufacturing PMI.
  • 8:50 GMT France will release the November Manufacturing PMI.
  • 8:55 GMT Germany will release the November Manufacturing PMI.
  • 9:00 GMT EU will release the November Manufacturing PMI.
  • 9:30 GMT UK will release the November Manufacturing PMI.
  • 15:00 GMT U.S. will release the November ISM Manufacturing PMI.

Technical Analysis 

  • EUR USD fell sharply and temporarily dipped below the breakout level at 1.1326 on Friday. The pair is currently facing resistance at 1.1378, keeping the upward move limited for now.
  • GBP USD fell sharply on Monday and is expected to breach the support at 1.2725 intraday. Expect the pair to remain weak until a new level of support is found in the short-term.
  • Dow Jones As expected, the counter-trend bounce is seeing continuation as the Dow heads back to above 26000 on Monday. Whilst momentum is positive, RSI is well in overbought territory suggesting some pullback is to be expected this week.


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