The major US indices are higher (Dow up 140 points, S&P up 20 points, and NASDAQ index up 62 points), yields are lower with the two-year down -2.6 basis points and the 10 year down -2.7 basis points, and the US dollar is lower.
In this kickstart video for the North American session, I take a technical look at the 3 major currency pairs – the EURUSD, USDJPY and GBPUSD - and outline the bias, the risks (where the bias shifts) and the targets (where you are going). All traders need to know those three things to create a roadmap for their trading.
All 3 of those currency pairs are stretching to new extremes for the day. Be aware. Be prepared.
There is some economic data that will be released today in the US:
- At 8:15 AM ET, the November monthly ADP national employment report is expected to come in at 10K versus 42K last month.
- At 8:30 AM ET September import and export prices will be released with both expected to rise by 0.1%.
- At 9:15 AM ET, September industrial production for September is expected at 0.0% with Manufacturing output at 0.1% with capacity utilization at 77.3 versus 75.8 last month.
- At 9:45 AM ET, the S&P Global composite index for November will be released. Last month he came in at 54.8. The services PMI will also be released after coming in at 55.0 last month.
- At 10 AM ET, the ISM non-manufacturing index for November is expected to fall to 52.1 from 52.4 last month
The weekly EIA inventory data will be released at 10:30 AM:
- Crude oil stocks are expected to show a drawdown of -0.821 million
- Gasoline stocks are expected to show a build of +1.468 million.
- Distillates are expected to show a build of +0.707 million.
The private data released late yesterday showed larger than expected builds in all 3 components:
- Crude +2480K
- Gasoline +3100K
- Distillates +2880K.
Looking at other markets:
- Crude oil is trading up $0.74 or 1.26% at $59.38
- Gold is trading up $6.40 or 0.16% at $4212
- Silver is up $0.05 or 0.09% $58.49
- Bitcoin is up $1693 and $92,993
