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Daily Market News 29.11.2016 by CentroFX

 

Economic week ahead: Stimulating?

Tuesday throws up a full data calendar, with a host of releases on both sides of the Atlantic. The European calendar gets underway at 07:00 GMT, with the release of the German Import/Export prices. At 07:45 GMT, French Q3 revised GDP data, Consumer spending and housing permits data will be released. From 08:00 GMT, German state inflation data will be released, with the Saxony numbers first up. Spanish harmonized inflation data is expected at the same time.At 14:00 GMT, the S&P Case-Shiller Home Price Index is set for release, with the Conference Board Consumer Confidence data expected at 15:00 GMT, Late US data will see the Dallas Fed Services Survey published at 15:30 GMT.

 

Technical Overview

The lack of follow through on the break above $1.0666 is a concern for bulls given the pair has now been capped at $1.0622 on the recovery from Monday’s low. Bulls now need a close above $1.0685 to confirm an easing of bearish pressure and above $1.0851 to end bearish hopes and initially target $1.0952-79. Bears now look for a close below $1.0563 to add weight to the case for a break of $1.0462. Daily studies looking to correct from O/S remain a concern for bears.

OIL: WTI crude oil futures for Jan'17 delivery is last down $0.24 at $46.84 per barrel, after a $47.08 to $46.67 range in Asia today, with the market starting to count down to Wednesday's OPEC meeting, where the news flows again points to no clear picture on if an agreement will be made. As RBS's Blake Gwinn notes "complicating the politics around an agreement on the cuts themselves are disagreements over how much production is actually taking place among the various members.

 

Sourcewww.centrofx.com

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