Markets in Details: 06 December 2018

6 December, 2018

News

  • Reports emerged that the daughter of Huawei’s founder was arrested in Canada (under U.S. request) sending a chilling wave of uncertainty about how this will affect U.S-China relations and causing heavy losses in China, Tokyo and Hong Kong markets.

The focus of attention

  • Markets are closely observing to see the impact of the arrest of Huawei’s CFO in Canada under U.S. instruction on the financial markets today, whether this will undo the truce between U.S. and China sealed just days ago.

Expected events

  • 13:15 GMT U.S. will release the ADP Non-farm Employment Change Report.
  • 13:30 GMT U.S. will release the Initial Jobless Claims data.
  • 14:45 GMT U.S. will release the latest Services PMI.
  • 15:00 GMT U.S. will release Factory Orders and the ISM Non-Manufacturing PMI.
  • 16:00 GMT U.S. will release the Crude Oil Inventories report.

Technical Analysis 

  • GBP USD is most likely to test the support level at 1.2697 having failed to close above 1.2852 the entire week. The view on the ten-minute chart is suggesting bearishness in the short-term.
  • Dow Jones Dow is clearly having a major trend forming on the downside. It has been pulled down by three long candles on the four-hour chart and would be expected to test the support at 24265 in the next several sessions.
  • EUR USD remains solidly in the existing downtrend and may stall in a narrow trading range for the remaining of the week. The view on the ten-minute chart however is suggesting a downward move is possible in the short term. The next level of support is at 1.1306.


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