daily news wewb 06.12Tuesday is a lighter data session in Europe, but the second reading of the euro area Q3 GDP data will be the early highlight The European calendar kicks off at 07:00 GMT, with the release of the German October manufacturing orders data.  At 08:15 GMT, the Swiss consumer price data for November will cross the wires. At 09:30 GMT, the Bank of England will publish the latest Financial Policy Committee Minutes. The euro area third quarter GDP second read will be published by Eurostat at 10:00 GMT.  The US calendar gets underway at 13:30 GMT, with the release of the US October trade data and the non-farm productivity data. The international trade gap is expected to widen to $42.0 billion in October from a $36.4 billion gap in September. The advance report on trade already released for the month pointed to a wider goods gap, with exports down 2.7% and imports up 1.1%.

 

Technical Overview

The sharp sell-off in Asia Monday was reversed aggressively after trading at 2016 lows with the close above the 21-DMA ($1.0696) seeing bulls gain control and immediate focus shift to $1.0817-59. Bulls look for a close above this region to target the 55-DMA. Layers of support are following the pair higher with bears now needing a close below $1.0680 to ease immediate bullish pressure and to shift overall focus back to $1.0499.
 
OIL: WTI crude oil futures for Jan'17 delivery last down $0.50 at $51.29 per barrel, after a $51.38 to $50.92 range in Asia today, with the market trading lower as OPEC tries to entice more non-OPEC producers to cut production. As Commerzbank analysts note "the market is apparently convinced that OPEC will follow its words with action.

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