Credit figure is the only banker

PUBLISHED : Sunday, 07 January, 1996, 12:00am
UPDATED : Sunday, 07 January, 1996, 12:00am

THE US government shutdown continues and once again the data releases for the coming week have been delayed.


We were expecting the CPI for December to be up 0.2 per cent.


December retail sales, on the other hand, were forecast to be very slightly weaker at 0.1 per cent.


We are still missing the labour data. The figures for new home sales and construction spending are also awaited from last week.


Consumer credit for November is the only sure thing out tomorrow; forecasts see a fall to $8.6 billion.


The coming week will be very quiet for data releases in Japan. The current account surplus, possibly due sometime this week, is forecast at $6.9 billion.


In Australia, the December labour data released on Thursday will be the main focus.


The unemployment rate is expected to remain flat at 8.6 per cent, while employment growth is forecast to drop slightly after last month's big gain.


HK$-US$: With the overall positive bias, traders should target 7.7365 then 7.7380 on a break higher. NZ$-US$: The bias is bullish on the daily charts with trend indicators confirming the upside. Target 0.6570 then 0.6600 above. US$-Yen: Trend indicators are confirming the upside and traders should buy pull-backs for a re-test of the 106.55 area. US$-deutschemark: Price supported above 1.4325 this week for a re-test of the recent highs around 1.4585. US$-S$: Price remains supported into this week and upside targets are at 1.4350 then 1.4400. Sterling-US$: Broad choppy consolidation expected between 1,5400 and 1,5600. A break above would then target 1.5660. A$-US$: Initial consolidation is expected between 0.7350 and 0.7430. A break above would target strong resistance at 0.7510 area.


 

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