Major Economic Data to keep an eye on:
Make sure to keep track of economic news related to your open positions.
CAD – Core Retail Sales (MoM) – 13:30 GMT
USD – Average Hourly Earnings (MoM) – 13:30 GMT
USD – Average Weekly Hours – 13:30 GMT
USD – Nonfarm Payrolls – 13:30 GMT
USD – Unemployment Rate – 13:30 GMT
USD – Redbook (MoM+YoY) – 13:55 GMT
Over in the U.S. the major averages finished yesterday’s session near the flat lines as the SP500 ended flat while the Nasdaq added 0.2%
Apple advanced 2.5% in anticipation of tomorrow’s press event where the company is expected to unveil a new line of tablets. The largest tech stock also drew strength from comments made by Gartner after the research firm said it expects tablet demand to remain strong into the holiday season.
The September jobs report for the U.S., originally due out October 4 but delayed because of the shutdown, is due out later Tuesday. Economists expect the addition of 180,000 new jobs and for the unemployment rate to stay at 7.3%.
The recent U.S. government shutdown also delayed the release of other data, including October’s employment report, now expected Nov. 8 instead of Nov. 1, according to NBC News.
Stocks in Hong Kong led Asia lower Tuesday, but the overall picture is mixed as traders await some much anticipated employment data out of the U.S later as the markets open.
In Asia trading, Japan’s Nikkei 225 rose 0.11% to be one of the region’s standout performers. USD/JPY traded higher as well.
The U.S. dollar traded broadly higher against its major rivals during Tuesday’s Asian session, perhaps a sign that traders are pensive ahead of the release of crucial U.S. jobs data. The EUR/USD fell 0.11% to 1.3666. The Euro is still flirting with eight month highs against the greenback. Some support for the pair came from rise in German producer price inflation. Germany is the euro zone’s largest economy.
GBP/USD lost 0.12% to 1.6128.
USD/CHF added 0.12% to 0.9032 while USD/CAD inched up to 1.0308
Australia’s S&P/ASX rose 0.4% to another five-year high ahead of what could be an eventful week for Australian stocks and the Aussie.
GOLD – Although it looks like an inside day which often indicates a trend change, it can also be a consolidation before a trend continues. In any case, it would appear we could soon see either 1350 or 1250 as we are just above the midpoint. Gold futures for December delivery fell 0.07% to $1,314.90 per troy ounce in Asian trading Tuesday. The December contract settled up 0.09% at USD1,135.80 per ounce on Monday.
Gold futures were likely to find support at $1,251.10 a troy ounce, Tuesday’s low, and resistance at $1,324.10,Thursday’s high.
On the other hand, slack data imply the Federal Reserve will likely delay tapering of its $85 billion-a-month bond-buying program. A delay of tapering, perhaps until the second quarter of 2014, could boost dollar-denominated commodities like gold while giving rise to riskier assets.
Oil futures stayed below $100 a barrel on Tuesday ahead of two reports that are expected to show further evidence of rising supply.
Crude for December delivery shed 21 cents, or 0.2%, to $99.01 a barrel in electronic trade.
