Markets in Details: 13 December 2018

13 December, 2018

 

News

  • Theresa May survived and secured a winning majority in yesterday’s voting of confidence in her own political party. The PM will try to secure a legally binding commitment from the EU to make the backstop solution temporary.
  • The RICS report on Thursday showed that the UK housing market is in its worst form in six years with demand and supply indicators slumping to multi-year lows. The weakness is feared to negatively impact other areas of the economy, namely, homebuilding. 

The focus of attention

  • Markets are expected to do better helped by a recent Reuters interview with Donald Trump who appeared to be taking a softer stance on China and pleased with growing orders from the Asian economic giant.

Expected events

  • 07:00 GMT Germany will release its CPI data for November.
  • 12:45 GMT The ECB will release its decision on interest rates.
  • 13:30 GMT U.S. will release the Import and Export Price Index as well as Initial Jobless Claims numbers.

Technical Analysis 

  • EUR USD has failed its breakout and currently relying on 1.1306 for near-term support. The moves on the ten-minute chart is more positive as it is showing some buying interest though it has bounced from overhead resistance at 1.1378.
  • Dow Jones The Dow continues to show sizeable volatility with a negative bias, producing long upper shadows daily. Wednesday’s session saw the Dow bouncing of support at 24496 and heading in the direction of the 24695 resistance. Expect a brief rally if this resistance is overcome.
  • GBP USD Buyers are trying to push GBP USD past its weekly high of 1.2758 after a big Tuesday climb. The short-term view however is showing resistance at 1.2670 that is considerably strong. The pair is currently trading flat with no conviction on either direction.

 


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