Jan 08

FUNDAMENTAL ANALYSIS BY NSFX 08.01.2016

  • BY:
  • January, 08th, 2016 17:38 +00:00

Good evening,

US Nonfarm Payroll data at 292K vs 200K consensus lifted the opening of US indices and the US dollar gained as well.  After the macro event was digested the EurUsd left its intraday low and indices lost momentum. EurUsd is trading at 1.0889 (-0.37%) and the S&P500 is up only 2.33 points at 1,945.42 (+0.12%). US Unemployment rate matched the expectations of financial analysts; the data at 5% is probably an important factor that weighted for the FED rate hike, because there is not inflationary pressure thanks to depressed levels of energy commodities. Positive macro data from Canada may help UsdCad to form a double top, with a reversal that needs a confirmation in area 1.4. Now UsdCad is trading at 1.4129.

Aussie dollar and Kiwi dollar have not got yet a positive session since the end of the last year, mirroring, with less magnitude, the crash of the Chinese stock market. GbpUsd is trading below  the important support 1.4560 at 1.4516.  The rate may slide more the next week against the Greenback, and in the major group of currencies the Japanese Yen is the only the seems positioned for further gains against the US dollar.

Gold made a pullback but the 200SMA is at 1,128 $/oz, just only 28$ from current market price. A confirmation above this level combined with low risk appetite in equities may lift the shiny metal in the first quarter.

Crude Oil is above yesterday low,trading at 33.44 $/barrel (+0.51%), and its selloff may take a break if many short sellers will decide to realize their profits.

(17:39 GMT)