FOMC Minutes & Economic Reports 11.19.2015

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5. Futures Economic Reports for Thursday November 19, 2015

Hello Traders,

For 2015 I would like to wish all of you discipline and patience in your trading!

Thanks for everyone who took some time and wrote back with very positive and helpful feedback of what they would like to see more in this blog! I will do my best to incorporate more of your feedback in 2016!
FOMC minutes came out and may provide some clues until December monthly unemployment numbers.
Here is a summary from our friends at TradeTheNews.com ( free trial here):

US) Preview

: Fed Minutes from Oct 27-28 FOMC Meeting due at 14:00 ET (19:00 GMT)At its late October meeting the FOMC decided against rate liftoff again. They did, however, remove language about international developments impeding a rate hike decision after they had used worries about the global economy as an excuse to refrain from rate action in September. To help justify the decision to not raise in October, the committee noted that the pace of job gains had slowed.

The key phrase that Fed-watchers latched on to was a specific reference to the “next meeting” as being live for a rate hike decision: “In determining whether it will be appropriate to raise the target range at its next meeting, the Committee will assess progress–both realized and expected–toward its objectives of maximum employment and 2 percent inflation.”

Richmond Fed President Lacker maintained his dissent, first registered in September, calling for a 25 bps rate hike. The dissent keeps the pressure on the committee to move ahead with rate liftoff in December, and the minutes may indicate how much support the hawks have. In comments just this morning, Fed moderate Lockhart said he had personally been ready to raise rates in September, but ultimately decided to support the decision to keep rates on hold. In recent weeks other Fed speakers, including Chair Yellen, have indicated they are open to a rate hike in December if the data continue to support such a move.

Rate hawks will be looking for indications that a growing number of FOMC members are anxious to get rate liftoff out of the way. Though the meeting came after a weak jobs report in early October, the Fed was still willing to point at the December meeting as decisive (and the strong labor report in early November could help justify action next month). Any discussion of forward guidance will likely continue to hammer the point that the impending tightening cycle will be gradual and shallow.

Any discussions about operational preparations could firm up expectations that the Fed is getting ready to hike. This might include discussion of its plans for reinvesting the significant amount of Treasury securities in the Fed portfolio that mature starting in February.

– Link to Oct policy statement:http://www.federalreserve.gov/newsevents/press/monetary/20151028a.htm 

 

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Futures Trading Levels

Contract Dec. 2015 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2134.67 4789.75 18114 1195.33 100.54
Resistance 2 2108.58 4723.25 17914 1181.77 100.25
Resistance 1 2095.17 4689.25 17812 1174.43 99.98
Pivot 2069.08 4622.75 17612 1160.87 99.69
Support 1 2055.67 4588.75 17510 1153.53 99.41
Support 2 2029.58 4522.25 17310 1139.97 99.12
Support 3 2016.17 4488.25 17208 1132.63 98.85
Contract Dec. Gold Dec.Silver Jan. Crude Oil Dec. Bonds Dec. Euro
Resistance 3 1088.5 14.45 44.10 171 22/32 1.0771
Resistance 2 1081.6 14.33 43.38 162 28/32 1.0733
Resistance 1 1075.9 14.23 42.73 158 12/32 1.0695
Pivot 1069.0 14.11 42.01 149 18/32 1.0657
Support 1 1063.3 14.01 41.36 145 2/32 1.0619
Support 2 1056.4 13.89 40.64 136 8/32 1.0581
Support 3 1050.7 13.79 39.99 131 24/32 1.0543
Economic Reports

source:http://www.forexfactory.com/calendar.php

All times are Eastern time Zone (EST)

Date 4:07pm Currency Impact Detail Actual Forecast Previous Graph
ThuNov 19  3:00am EUR German Buba President Weidmann Speaks
4:00am EUR Current Account 18.3B 17.7B
7:30am EUR ECB Monetary Policy Meeting Accounts
8:30am USD Unemployment Claims 272K 276K
10:00am USD Philly Fed Manufacturing Index 0.1 -4.5
USD CB Leading Index m/m 0.5% -0.2%
10:30am USD Natural Gas Storage 23B 49B
12:30pm USD FOMC Member Lockhart Speaks
4:45pm USD FOMC Member Fischer Speaks

This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading.

 

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