E Markets: Immoral

Commodities: Oil up, Gold up, Copper up 0.4% to $2.7045

  • Oil: $52.55 up 1.1%. Range $51.84-$52.60 after losing 3% on global growth fears yesterday, modest recovery. Brent up 1.3% to $60.71 with $59.75 lows and focus on $59-$62 consolidation. The US API inventory key focus today. 
  • Gold: $1307.60 up 0.35%. Range $1301.70-$1308.40 with futures threatening $1310 break out with room for $1340 next.  Silver up 0.85% to $15.90 also breaking out for $16.20 next. Platinum up 0.65% to $819.90 and Palladium up 0.5% to $1296.10. 

ConclusionsIs the US ISM and PMI report going to show a bigger hit to 1Q growth? The hope for a quick bounce back in the US 1Q growth after the US government shutdown has a larger backdrop with the upcoming PMI and ISM reports later this week. The focus on jobs and the FOMC maybe clouding the picture and yet, the risk rewards are clear that we should be on the lookout for a larger US 1Q drop in growth.

Economic Calendar:

  • 0800 am Hungary central bank rate decision - expected -0.15% depo / 0.9% repo unchanged
  • 0900 am US Nov S&P/Case-Shill home prices (y/y) 5%p 5%e (m/m) 0%p -0.1%e
  • 1000 am US Jan Conference Board consumer confidence 128.1p 124e
  • 1130 am US sells 12M bills and $20bn in 2Y FRN
  • 0100 pm US sells $32bn 7Y notes
  • 0200 pm UK Parliament vote on Brexit PlanB
  • 0430 pm US weekly API oil inventories 6.55mb p 2mb e
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