Daily Report on December 12, 2018

Futures on major US indices were trading in Positive territory at the time of writing. Nasdaq 100 and S&P 500 futures rose to 6778 and 2659 respectively at the time of writing.

In news related to the Huawei CFO case, a Canadian court on Tuesday granted $10 million bail to executive Meng Wanzhou in a move that could help placate Chinese officials angered by her arrest.

On the economic front, the API reported late on Tuesday that U.S. crude inventories fell by 10.180 million barrels for the week ended Dec 7. Inventory data from the EIA will be released today at 10:30 am ET. The EIA is expected to report a decline of 2.990 million barrels in US crude inventories for the week ended 7th Dec. In addition, US Core CPI for November is also scheduled to be released on Wednesday. The Core CPI is expected to rise by 0.2% MoM, the same rate as in the previous month.

European equities were trading higher on Wednesday morning. In the Cash Markets, DAX 30 and FTSE 100 were up 0.91% and 1.14% respectively at the time of writing.

In news related to Brexit, the British PM will face a vote of no-confidence from members of her own Conservative party later in the session. The vote is scheduled to take place today evening between 6:00 p.m. and 8 p.m. London time.

Asia-Pacific markets closed higher on Wednesday. Sentiment turned positive from reports emerged in the US overnight that China was considering cutting import tariffs on American-made cars to 15% from the current 40%. The Shanghai Composite inched up 0.31% for the day. The Nikkei 225 closed higher by 2.15%. The ASX 200 rose 1.39% on Wednesday.

On the economic front, Japanese Tertiary Industry Activity Index (MoM) for October released earlier today came in at 1.9%. The index change was above the consensus estimates of 0.9%.

US Dollar Index futures edged down 0.08% to 97.31 at the time of writing. The US dollar rose for a third consecutive day on Wednesday as U.S. Treasury yields rose before a Federal Reserve meeting where it is widely expected to raise interest rates for the fourth time this year.

In the Commodity Markets, Gold and Silver inched up to 1243 and 14.590 respectively at the time of writing. In news related to commodity markets, Gold prices were steady earlier in the session, supported by expectations of fewer rate hikes by the Fed next year, while palladium traded at a premium to gold.

In the Cryptocurrency Markets, Ethereum and Bitcoin rose to 82.76 and 3487.30 respectively at the time of writing. In news related to the Cryptocurrency Markets, Germany-based crypto payments startup Bitwala is now offering crypto banking services in the country, according to announcements on Wednesday. The firm announced that the service becomes available via a partnership with local fintech firm SolarisBank that has a banking license and thus is fully regulated.

 

TECHNICAL SUMMARY

 

GBP/USD

GBP/USD D1

 

TRADE SUGGESTION- LIMIT SELL AT 1.25360 TAKE PROFIT AT 1.25160 STOP LOSS AT 1.25460

 

USD/CAD

USD/CAD D1

 

TRADE SUGGESTION-LIMIT BUY AT 1.3373 TAKE PROFIT AT 1.3433 STOP LOSS AT 1.3343

 

EUR/JPY

EUR/JPY D1

 

TRADE SUGGESTION-LIMIT BUY AT 128.500 TAKE PROFIT AT 128.700 STOP LOSS AT 128.400

 

USD/JPY

USD/JPY D1

 

TRADE SUGGESTION-LIMIT BUY AT 113.400 TAKE PROFIT AT 113.600 STOP LOSS AT 113.300

 

WTI

WTI D1

 

TRADE SUGGESTION-LIMIT BUY AT 52.40 TAKE PROFIT AT 53.10 STOP LOSS AT 52.00

 

SILVER

SILVER D1

 

TRADE SUGGESTION- LIMIT BUY AT 14.570 TAKE PROFIT AT 14.640 STOP LOSS AT 14.540

 

DAX 30

DAX 30 D1

 

TRADE SUGGESTION-LIMIT BUY AT 10850 TAKE PROFIT AT 10940 STOP LOSS AT 10800

 

ETHEREUM

ETHEREUM D1

 

TRADE SUGGESTION- LIMIT SELL AT 83.00 TAKE PROFIT AT 80.50 STOP LOSS AT 84.30

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