Wednesday, 28 December 2016 16:55 Written by

CentroFX 22112016 0

Daily Market News - 28.12.2016 by CentroFX ‏


Nasdaq posts a record high

The UK and the rest of Continental Europe rejoin the fray Wednesday, although the data calendar is muted and many players are still enjoying the long Christmas and New Year break. The European data calendar gets underway at 08:00 GMT, with the publication of the Spanish November retail sales data. At 09:00 GMT, ISTAT publish the Italian December business and consumer confidence data, a month that saw the referendum result and the subsequent fall out. The only UK data expected Weds comes at 09:30 GMT, with the release of the November BBA mortgage lending data.

Across the Atlantic, data is light and largely second tier. The latest Redbook Retail Sales Index will be published at 13:55 GMT. At 15:00 GMT, the NAR pending home sales data will be released, followed by the Dallas Fed Services Survey at 15:30 GMT. U.S. stocks closed higher at fresh records Monday, aided by a jump in oil prices and a pullback in the dollar, giving the Nasdaq, S&P 500 and Dow industrials their third simultaneous all-time closing highs this year.

Technical Overview

The significance of the $1.0499-1.0558 region was confirmed last week with the spike lacking follow through and quickly reversed. Bears need a close below $1.0417 to shift focus back to the $1.0352 2016 low so far. Bulls now look for a close above the daily bear channel top to confirm a break of the 21-DMA ($1.0549) to shift focus to $1.0602-1.0695 where the daily bear channel top is located. Daily & weekly studies at O/S levels remains the key concern for bears

Spot Gold last up $2.35 at $1,141.10 per ounce, in a $1,141.10 to $1,138.35 range so far this morning in Asia, with the market trading quietly as the market awaits London's arrival for the first time this week. Tuesday's trade saw Gold hit 1-month highs on thin volumes, despite the US dollar firming across the board. This morning has seen higher copper and iron ore prices lend the Yellow Metal support.

Read 200 times Last modified on Wednesday, 28 December 2016 16:55

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