Technically, the price moved above the most recent consolidated range high at $57.88. However momentum could not be sustained. Nevertheless, the price is also trading above its 200 day moving average. That moving average comes in at $57.33 today. A word of caution the last 10 trading days has seen the price move above and below the 200 day moving average.
signed order and price transparency in healthcare order will force companies to compete rule will compel hospitals to publish prices consumer will have lots of choices regard to doctors hospital and priceinsurance firms will need to show treatment costs
RBA monetary policy meeting minutes, 7:30 PM ET (Monday)/0030 GMTCanada manufacturing sales, 8:30 AM ET/1330 GMTUS building permits and housing starts, 8:30 AM ET/1330 GMTFOMC member William's speaks, 9 AM ET/1400 GMTNew Zealand global dairy trade price index, tentativeBOC member Wilkins speaks, 1 PM ET/1800 GMT
The USDCAD has seen the price action today move down, then up, then down again. The high reached 1.3251. The low reached 1.32155. The low did find buyers dig in against the 200 hour MA at 1.3214 (see green line in the chart below).
The Atlanta Fed GDPNow estimate for 4Q growth fell to 0.3% from 1% last Friday. The fall is congruent with the NY Feds decline to 0.4% from 0.7% last week. The US GDP growth numbers are QoQ changes that are annualized. So the gains are barely above 0.0% for the quarter.
In the benchmark 10 year yields today, the results are mixed with investors heading back into Spain, Italy and Portugal, while UK and German yields were up marginally. France 10 year OATS are trading unchanged on the day and back below 0.0% after trading above the key level over the last week or so.
The trend of the last 10 trading days has been that the price of crude oil has traded above and below its 200 day moving average. The prices just moved above the 200 day moving average at $57.33 on its way to a new session high $57.46. The price of crude oil is being supported by hopes for US China and with it global growth.
The New York Fed Nowcast estimate for 4Q GDP growth has moved down to 0.4% from 0.7% last week. If you look at the ungrounded numbers, the result is even worse with a move from 0.73% to 0.39%. Yikes.
The AUD is the strongest of the major currencies today. It is stronger versus all the majors. The biggest gain is verse the JPY. The AUDJPY is up by 0.71%. That outpaces the next strongest - the AUDCHF - which is up 0.54%.
The EURUSD has extended the run to the upside and is getting closer to the next target area defined by the 200 bar moving average on the 4 hour chart at 1.1058 and the 38.2% retracement of the move down from the November 4 high at 1.10597. A swing area is also up near the 1.1062-63 area.
The AUDUSD has pushed back above the underside of a broken trend line. That trend line was broken yesterday after the weaker than expected jobs report (-15K net job gains). The move lower stalled at the 61.8% of the move up from the October 2 low at 0.6769.
The GBPUSD has soared higher after the headlines. The pair trades at the highest level since November 5th. The pair is testing a swing level at 1.29167 and above that a trend line cuts across at 1.2925.
The EURUSD has extended up to the 200 hour moving average at 1.10385 (no highs for the day). The high for the week comes in at 1.10426. The high the low range for the week remains very narrow at 54 pips. That is so narrow that it hasn't been done so narrow since 2004. Do we extend and make something more of this down and up, non-trending week?
Spending is virtually on hold because of trade uncertaintyMost businesses see competition with China going on for yearsHe's optimistic USMCA will pass CongressFed's policy setting is appropriateWill be watching to see if global weakness does continue and spreads