Traders will be focusing on the U.S. ADP Report this
morning.The report is expected to show
that the pace of jobs loss in the U.S. is slowing, bringing the
economy closer to sustaining its current recovery. The early estimate is for a job loss of
150,000 versus a loss of 203,000 in October.A stronger than expected report will lead to an increase in risk
appetite which should pressure the Dollar and help to rally stock indices.Later this afternoon, traders will react to
the Fedâ€™s Beige Book.
An increase in demand for higher risk assets should send the
stock indices higher.Chart watchers
should note that the December E-mini S&P 500 is still holding the November
top at 1112.25.A break-out over this level
should send the index soaring to a possible test of major 50% resistance at
1122.00.A break back under 1102.25 will
be the first sign of weakness.A close
under 1089.50 will be bearish.
The rise in higher yielding assets pressured the Treasury markets
yesterday with the March Treasury Bonds taking the hardest hit. Yields for both
March Treasury Bonds and March Treasury Notes rose as these two instruments are
being forced to compete with the higher yields investors are getting in the
equity markets.The chart indicated that
March Bonds would break to at least 121â€™06.This area was tested overnight.Over the short-run, 120â€™24 is a possible target by December 7th.
For a second consecutive day, the Japanese Yen is under
pressure after a Bank of Japan official expressed his concern about the rise in
the currency.Despite official denials,
the BoJ seems ready to intervene if the Yen continues to appreciate too
much.The Bank of Japan and the Japanese
government want to avoid currency volatility.They both feel that that economic growth cannot be sustained if the Yen
is fluctuating too much.
This morning, the basket of currencies is trading steady to
better.Last weekâ€™s low at 74.27 is
still holding.A break through this
level is likely to trigger a further decline to the April 2008 bottom at
The December Euro is trading flat.Traders are being a little hesitant about
getting aggressively long at $1.51 ahead of the ADP Report.Support is coming from the news that the Dubai credit crisis is
stabilizing and remains a local rather than global issue.
The December British Pound overtook a key retracement level
at 1.6646 last night.This price is now
support along with 1.6575.A failure to
hold these levels will be a sign that a secondary top is forming
The December Swiss Franc is trading in a tight and narrow
range overnight with a slight bias to the downside.The Swiss Franc is trading at close to par
with the Dollar on the news that the country emerged from its recession
The Dollar is trading a little better versus the Canadian
Dollar overnight on light volume ahead of todayâ€™s U.S. employment report.Yesterday, the Canadian Dollar rose on the
news that Russia
was adding the currency to its Forex reserves.
February Gold continues to soar to the upside.Perceptions that the Dollar will weaken, and
renewed central bank buying is helping to boost this metal.News that gold producers have lifted hedges
is providing additional support.
March Crude oil is trading under pressure following the
American Petroleum Institute Report showing that inventories rose 2.9 million
barrels rather than drop by the estimated 1.3 million barrels.Higher equity markets and a weaker Dollar
could trigger a rally today, but traders will take most of their cues from
todayâ€™s EIA oil inventory report.
Forex Trading News
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