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The market finished the week on a nervous note ahead of the weekend referendum in Crimea. The vote is about 93% in favour of joining Russia, but in early trade most markets seem to be taking it in their stride and risk assets are currently holding their ground.Looking ahead aside from political headlines, the main focus will this week be on the FOMC and Janet Yellen’s update on Wednesday, which will also see some action in Cable after the BOE minutes, Jobs data and the UK Budget. Today sees the EU CPI and US NY Empire State Manufacturing Index, US Capacity Utilization and Industrial Production. Watch the China Fix today, following the weekend band widening, and of course the action in Crimea.
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|Res||1.3930||1.3965||1.4000||The Euro finished the week back above 1.3900 despite the concerns ahead of the weekend referendum in the Crimea …read more|
|Res||101.50||101.65||101.85||The Yen remained in demand ahead of the weekend Crimea referendum and on concerns over the direction of the Chinese economic trends…read more|
|Res||1.6670||1.6700||1.6715||Weaker than expected UK exports drove Cable down to 1.6586 , also pressured by the Russian situation before it bounced later in the session and finished on its highs.…read more|
|Res||0.8750||0.8775||0.8800||Negative Risk sentiment and heavy USD sales against safe haven currencies such as the Chf persisted into Friday’s close.…read more|
|Res||0.9050||0.9070||0.9100||The Aud had a quiet day on Friday stuck within a 50 point range above 0.9000, with most players not wanting to get involved ahead of the weekend Crimea referendum.…read more|
|Res||0.8550||0.8580||0.8600||The Kiwi consolidated its gains below Thursday’s 0.8605 high and with the shorter term indicators pointing a bit lower I suspect we are in for a bit more of the same in the next session or two.…read more|
|Commodities / Indices|
|ASX SPI: 5310||Outlook|
|Res||5325||5340||5350||The SPI is looking very heavy and the daily momentum suggest that there could be plenty more downside to come, particularly if the situation in the Ukraine escalates and spooks global stocks..…..scroll down|
|S+P Futs: 1840||Outlook|
|Res||1850||1860||1870||The S+P looks to me as though it is heading down towards Fibo support at 1828 (23.6% of 1639/1887) and possibly lower towards 1805…..scroll down|
|DJI Futs: 16060||Outlook|
|Res||16100||16150||16200||As with the S+P, the Dow looks as though it intends to move lowe.…..scroll down|
|Res||1385||1390||1400||Gold is enjoying the ride higher on the back of the Russian aggression in Crimea and if the situation escalates then there is not too much to stop it heading above Friday’s high at 1388 …..scroll down|
|Res||21.50||21.70||21.85||Silver tried for the topside in following Gold higher but got slapped back into place rather quickly once it reached 21.77 to finish the week below 21.50 once again…..scroll down|
|Res||00.00||00.00||00.00||As we thought on Friday, WTI squeezed a bit higher with players not wishing to be caught short over the weekend.…..scroll down|
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