Kospi Confident With the US Economy
Kospi posted a thin reinforcement in early Asian session, after the good data on non-farm payrolls made investors more confident with the recovery of the world economy. Non-farm payrolls increased by 321 000 to November; better-than-expected rise in October publication of 230,000 and a revised 243,000 increase.
Although the US unemployment rate steady at 5.8%, but the rate of increase in non-farm payrolls are the highest since January 2012 signaled continued improvement in the US labor sector. Kospi futures rose 0.29% and is now trading at 2555.00.
However, investors appear reluctant to push up the index is too high ahead of the publication of the Chinese trade balance data at 09.00 pm. China’s trade surplus is predicted to decrease to $ 43.5 billion for the month of November. The pace of China’s exports and imports are also predicted gains have slowed to just 8.2% and 3.9%. Data may be able to provide further guidance on the condition one of the major trading partners of the South Korean amid widespread concerns over a slowdown in the Chinese economy.
Technically, the index on the trading session today, Monday (12/8) is likely to strengthen, test positive trend. At the M15 chart bullish hammer formation provides opportunities for the index to move upside. However, the volume of which is likely to increase, as well as an early indication of bullish index. In addition, RSI, the M15 chart, are oversold, signaling upside.
It is estimated, the index test the first resistance level of 258.10 and 260.20. If it fails at 254.55, then the next index is expected to tend to retest the support level of 253.50 and continued until the possibilities are in the 252.10 area.
Lethargic, Sterling Still Patterned Down
Sterling on last week’s trading in general observed trend weakened against the US dollar. Trading currency pair GBP / USD is once opened in the range of 1.56098 at the beginning of the trading week was down about -43 pips or about -0.27% and closed at around 1.5566.
Analysts suggested that the weakening of Sterling currency at this week related to the report of the Bank of England, the Bank of England, to the public that the consumption sector in the UK showed signaled weakness
The development is indicated by a decrease in fundamental indicators Consumer Inflation Expectations that figure fell to 2.5% from the previous period is 2.8%. British Pound Currency observed to move down respond to these developments.
In trading this week (December 8 to 13), the normal range of GBP / USD weekly forecast to have the support level at 1.5501 and then at 1.5436. While the resistance level at 1.5696 and then at 1.5827.
The movement of the currency pair is expected to be affected by a number of economic data releases that include: Manufacturing Production m / m and NIESR GDP Estimate.
Technically, the trading session today, Monday (12/08), pound sterling-dollar pair a chance to move in the negative trend.
The weakening of the pound sterling primarily expected soon reexamine the minimum support at 1.5520 and 1.5470 maximum. Meanwhile, if the pound sterling was able to break and hold above 1.5578, then the other alternative scenario that Pound chance to test resistance in 1.5600 and 1.5650 area.
US Labor Data Smash Gold
Gold fell after the US workforce recorded the highest increase in the last three years, increasing speculation the Federal Reserve will raise interest rates sooner. Gold on Friday’s trading to close at $ 1,191.10 per troy ounce, with daily highs $ 1,207.45, and the lowest $ 1,185.93.
The US Labor Department reported the addition of as many as 321 000 workers in November, becoming the highest in almost three years. Almost the entire industry made additional manpower, and with a fairly high salary. In the previous two months were revised up additional manpower as much as 44,000, giving additional evidence the US economy will record the best economic growth in 2015 since the Great Recession.
Meanwhile tinglat reported unemployment remains at 5.8%, which is the lowest level in the last six years. Average hourly wages rose 9 cents, or 0.4%, after posting weak growth in two consecutive months.
Technically, gold trading session today, Monday (12/08) the potential reversal, tested positive trend, but prone to taking profit. RSI indicator tends to re-test resistance and aiming the bullish channel, but Bollinger Bands that began to shrink, thus giving impetus to the gold to the downside.
It is estimated that the gold price immediately prior to test resistance in the area of at least 1735.10 and re-test the maximum level of 1747.87. However, if the price of gold was unable to break and stays below 1722.80 then estimated the price of gold could potentially test the 1708.78 and 1696.40 Support.
