Remember Trump speaking to Congressional members tomorrow at 9 PM ET/0200 GMT
Donald Trump won't be speaking in front of business leaders (where he is his best). He is not speaking in front of an airport hangar crowd of supporters (where he tends to be his worst).
He will be speaking tonight in front of a joint session of congress at 9 PM ET/0200 GMT and the American people in prime time. What game will he bring. Will he bring the "Donald Trump, the doer"? Will he give at least some details on what Americans can expect from healthcare and regulatory reform, to tax relief for individuals and corporations including the border tax?
Or will he focus on the vague and oft repeated campaign talking points and criticisms of the prior administration. We know how you feel. That would be political. The people who voted for you did not want a political leader.
Honestly even before he speaks, there is a bunch of economic data that has the potential to upset the apple cart for the currencies. So it is important to have a technical view.
On tap today:
- US GDP/the 2nd cut will be released with expectations of 2.1% vs 1.9% reported in the 1st estimate. Personal consumption is expected to come in at 2.6% vs 2.5% last
- In Canada at 8:30 AM RMPI and IPPI data will be released ((+1.2% and +0.5% respectively)
- US Wholesale inventories are expected to rise +0.4% vs 1.0% last
- US Advanced goods trade balance for Jan. is est -66B vs -64.4B last month
- At 9 AM, in the US S&P /CS Composite 20 city Home price index is extected to show a 5.4% increase vs 5.27%
Some levels of importance to eye:
USDJPY
The pair is starting the day lower after holding the 100 hour MA (blue line in the chart above). The pair is approaching the next target at the 112.00-06 area. That area has been home to some swing levels.
On the downside:
- 112.00-060. The 112.04-07 was home to some swing levels. The 112.00 is a natural level to eyed
- 111.91. The low today (and close to the low on Friday)
- 111.749. The 100 day MA
- 111.587. The low from Feb 7th.
- 111.34 is the low from Nov 28th (not shown)
- 109.92 is the 50% of the move up from the Election day low (not shown)
On the topside:
- 112.51-577 - swing level goiing back to mid Jan
- 112.64. 100 hour MA. This level found sellers earlier today
- 112.97. 200 hour MA
- 113.02. 100 bar MA on 4-hour
- 113.07. 38.2% retracement
- 113.43-47 - 50% of move down from Feb 15 high and 200 bar MA on 4-hour chart.
- 113.789 - 61.8% and highs from Feb 21.