09.12.2016.dailynews webThere is plenty of data in Europe Friday, although the US calendar is muted. There will likely be a round of early comments from ECB policymakers, speaking to national media following Thursday's policy decision. The Continental calendar gets underway at 06:45 GMT, with the release of the Swiss unemployment data. At 07:00 GMT, German trade data and labor costs data will be published. French data due at 07:45 GMT includes industrial production and the latest budget data. The UK data set for publication at 09:30 GMT includes the latest construction output data and the November trade data. Trade data will obviously see the ON Soffer clarity over the pre-referendum data revisions.

There is a very limited US calendar due Friday, starting with the publication of the preliminary University of Michigan Sentiment Index. The Michigan Sentiment Index is expected to rise to a reading of 94.5 in early-December from 93.8 in November. With the election now settled, it appears that consumer confidence remains high going into the holiday season, lifted a record stock prices. US wholesale trade data will be released at 15:00 GMT.

Technical Overview

Although bulls have been unable to further capitalise on Monday’s aggressive rally, pressure continues to return to the $1.0796-1.0851 resistance region. Bulls need a close above $1.0851 to confirm a bullish bias and a shift in immediate focus to $1.0916-1.0953. Layers of support are building which is a concern for bears who now need a close below $1.0696 to ease pressure topside and hint at a correction back to $1.0499.

WTI crude Oil futures for Jan'17 delivery are last up $0.15 at $50.99 per barrel, after a $51.10 to $50.84 range in Asia today, with the market receiving slight support from better-than-expected Chinese producer price data. Thursday saw NYMEX January light sweet crude Oil futures settled up $1.07 at $50.84 per barrel, after trading in a $49.61 to $50.90 range. The front contract topped out at $52.42 Monday, at the peak of risk appetite and optimism about last week's OPEC deal to cut production. Market players took mild comfort from West Texas Intermediate again closing above the psychological $50 level. Other than Wednesday, WTI has closed above $50 since Dec. 1, the day after the Nov. 30 OPEC agreement. Supports include the $48.98 low posted Dec. 1 and the 55-day moving average, which comes in at $48.00 currently. On the topside, a break of this week's high in WTI would target $53.50, the July 15, 2015 high. "

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