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WEEKLY HIGH IMPACT NEWS:
All Day- final Service PMIs
04:30 AU- RBA Policy Decision
10:00 EZ- GDP
13:30 US- Productivity
00:30 AU- GDP
15:00 CA- BOC Policy Decision
15:30 US- EIA Crude
23:50 JP- GDP
02:00 CN- Trade
12:45 EZ- ECB Policy Decision
13:30 US- Weekly Jobless
02:00 CN- CPI
09:30 GB- Trade
15:00 US- University of Michigan Survey
John M. Bland, MBA
- As expected, PM Renzi's Constitutional Referendum in Italy was defeated Sunday. The vote was a resounding "NO" and has seen the Prime Minister tender his resignation. An interim caretaker government will be installed while the political situation is sorted out. The EURUSD fell all the way down to just above 1.0500 before stabilizing and major short-covering setting in. No doubt there has been covert intervention underway by European National Banks, or other agencies.
- The U.S. November employment data on Friday was a mixed bag. The 178K increase in Jobs was in line with street estimates, but was nothing to write home about. The surprising fall in the unemployment rate to 4.60% from 4.90% was due mainly to another decline in the Labor Participation Rate and the -0.1% fall in Average Hourly Earnings was a big disappointment.
- I see no chance the data will change Fed intentions to raise rates on December 14. Monthly Job statistics and inflation are the two top items on which the FOMC monetary bases its policy decisions. Markets are running 100% odds on a 25bp Fed Funds target increase.
- The U.S. Presidential vote recount is an ongoing uncertainty. U.S. Green Party candidate Jill Stein, with Clinton help, is supporting recounts in Wisconsin, Michigan and Pennsylvania. Odds in favor a reversal of the Trump victory are very slim.
CURRENT CONDITIONS: Mixed Markets
EXCLUSIVE: Global-View Daily Trading Chart Points Updated
EXCLUSIVE: Global-View Free Forex Database updated
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