Over the weekend, there is a lot of good reading out on the internet, but none that seems too “market moving” for this evening for futures or for the FX market. Early gaps are fairly manageable with DOW futures slightly higher, USD index a little firmer from Friday, crude oil and precious metals all basically flat at the moment.
Here is an article about the EUR which came in late Friday afternoon which “chart technicians” see a down move in the EUR/USD coming. Well, with that being said we are probably heading to 1.4000, and with a Newsweek cover that looks like this the contrarian in me becomes weary. Just keep in mind, major resistance is near the 1.3300 level (which in my opinion is a critical juncture) and a sustained breakout this week above the level will be key this week (see chat below).
Here is a Bloomberg article for NFP this week and most economists think that the jobs picture continues to improve.
Here is a good article to get you up to speed on France’s (possible) new leader and the possible German/France relationship in the Telegraph.
I want to thank Bruce M. in Arizona for forwarding this FT piece to me about Copper and China.
This week we have some earnings to pay attention to, and here are just a few that may catch your attention. Monday is MCK, NYX, WPI and HUM. Tuesday is CHK, AVP and EMR. Wednesday is TWX, JDSU, SYMC, CVS and ALL. Thursday is AIG, FSLR and KFT. Friday is EL, DUK and AON.
We have a busy week for economic data around the globe as well with the “Jobs Report” on Friday. Monday we have Canadian GDP and China Manufacturing PMI. Late Monday night, Tuesday morning is Australian rate decision, Manufacturing PMI for GBP and US (ISM). Wednesday is construction PMI for GBP, and ADP non-farm in the US and employment numbers in NZD a little later in the day. Thursday is Services PMI in GBP, then the ECB rate decision and weekly unemployment claims for US and the US Services ISM. Friday is Non Farm with CAD IVEY PMI following the jobs report.
Lastly, most of you know that my team and I broadcast daily from 6AM ET through the NY stock market close. To access our live webinars daily (which are free, and our live in the market analysis has been for nearly 9 years now) just click on this link.
Here are some charts for your viewing pleasure:
USD index sitting on the 200 EMA on the daily
EUR/USD daily chart
AUD/USD 4 hour chart
E-Mini futures 4 hour chart
USD/JPY bulls hate me posting this 4 hour chart….but if the 50% level goes, the 61.8 and channel low look like feasible targets