Daily Report: Markets in Consolidation, Focus on US Home Sales

By ActionForexDec 22, 2008 07:00PM ET

www.investing.com/analysis/technical/daily-report%253A-markets-in-consolidation-focus-on-us-home-sales--15294

Daily Report: Markets in Consolidation, Focus on US Home Sales

By ActionForex | Dec 22, 2008 07:00PM ET

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Pre-holiday trading continues to be quiet today. Dollar index continues to stay in tight range below 81.62 as consolidation continues. Focus will turn to another round of home sales data from US today which is expected to show further deterioration in the housing sector. November existing home sales are anticipated to dropped -1% to 4.93M units from 4.98M units in October, while new home sales probably declines -3.6% to 415K in November from 433K in October. Although the 30-year fixed mortgage has been dropped -100 bps, it failed to stimulate purchase. October housing prices should have dropped another -1.3% mom.

The final readings for Q3 GDP and personal consumption are expected to be -0.5% and -3.7% respectively, same as preliminarily reported. The final December reading for the University of Michigan index of consumer sentiment likely dropped to 58.6 from 59.1 initially estimated. The gauge should have increased from 55.3 in November as decline in gasoline prices and lower mortgage rates were expected to improve personal finance and helped sentiment.

In European session, Eurozone will report current account in October after recording a deficit of 6B euro in September. In the UK, current account for Q3 is expected to be in a deficit of -11.9B pound and the finalized Q3 GDP is expected to remain at -0.5% qoq. However, there's chance for downward revisions as the business investment data released last week was below expectation.

Released overnight, New Zealand's GDP in Q3 declined 0.4% (consensus: -0.5%) from -0.2% in Q2. Household spending which contributed 60% of the nation's economy, dropped to the lowest level in 21 years. This is the third consecutive quarter of economic contraction and should probably increase the prospect for another rate cut in January.

Technically speaking, overall outlook remains unchanged. Dollar index is still expect to climb further as long as 79.43 minor support holds and should channel 83.11 cluster resistance (50% retracement of 88.46 to 77.69 at 83.07). One point to note is that EUR/CHF dips further to 1.5199 and is closer to mentioned 1.5163 support. Break of this support will confirm that rebound from 1.4315 has completed at 1.5880 after touching an important fibo resistance level and will trigger switch in balance of strength in Euro and Swissy.

Daily Technical Strategy By Lloyds TSB Corporate Markets - Jan 05, 2009

EUR/USD:Broader themes may have to take a back seat for a couple of weeks, but the bias remains broadly dollar negative. Re-try a small buy against 1.3430 support, stop 1.3380,...

Technical oscillators supporting the~bullish trend for the USD/CHF... By Finotec - Jan 05, 2009

USD/CHF – Market strategy is bullish, buying from the 1.1180~levelUSD/CHF-market strategy can be a buy from the level 1.1180Technical oscillators supporting the bullish trend...

January 06 analysis By Investija - Jan 05, 2009

In this PDF you will find the latest technical analysis published by Forex Trends

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Central Banks

Interest Rates

Next Meeting

FED

4.50%

May 07, 2025

ECB

2.65%

Apr 17, 2025

BOE

4.50%

May 08, 2025

SNB

0.25%

Jun 19, 2025

RBA

4.10%

May 20, 2025

BOC

2.75%

Apr 16, 2025

RBNZ

3.50%

May 28, 2025

BOJ

0.50%

May 01, 2025

CBR

21.00%

Apr 25, 2025

RBI

6.00%

Jun 06, 2025

PBOC

3.10%

BCB

14.25%

May 07, 2025

US 30	40,237.0	+643.3	+1.62%
US 500	5,361.3	+93.3	+1.77%
Dow Jones	40,212.71	+619.05	+1.56%
S&P 500	5,363.36	+95.31	+1.81%
Nasdaq	16,724.46	+337.14	+2.06%
S&P 500 VIX	37.56	-3.16	-7.76%
Dollar Index	99.890	-0.720	-0.72%

Crude Oil WTI	61.50	+1.43	+2.38%
Brent Oil	64.76	+1.43	+2.26%
Natural Gas	3.527	-0.030	-0.84%
Gold	3,244.60	+67.10	+2.11%
Silver	31.910	+1.151	+3.74%
Copper	4.5230	+0.1865	+4.30%
US Soybeans	1,042.75	+13.75	+1.34%

U.S. 10Y	4.495	+0.072	+1.63%
U.S. 30Y	4.875	+0.006	+0.12%
U.S. 5Y	4.168	+0.098	+2.41%
U.S. 3M	4.325	+0.006	+0.14%
US 10Y T-Note	109.73	-0.86	-0.78%
Euro Bund	130.98	+0.62	+0.48%
10-2 Yield Spread	31.32	+4.15	+15.27%

Apple	198.15	+7.73	+4.06%
NVIDIA	110.93	+3.36	+3.12%
Alphabet A	157.14	+4.32	+2.83%
Tesla	252.31	-0.09	-0.04%
Amazon.com	184.87	+3.65	+2.01%
Netflix	918.29	-2.88	-0.31%
Meta Platforms	543.57	-2.72	-0.50%

Daily Report: Markets in Consolidation, Focus on US Home Sales

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