Global macro overview for 28/11/2018

In the eurozone, the Ifo index, illustrating moods among German entrepreneurs, fell to 102.0 points in November. from 102.8 points in the previous month (prog. 102.3 points). The subindex for the assessment of the current economic situation was 105.4 points. (versus 105.3 pp., previously adjusted to 106.1 pts), and the subindex measuring expectations against the upcoming six months dropped to 98.7 pts. (versus 99.2 points) from 99.7 points. after the revision in the previous month. The market had low expectations for the Ifo index after a disappointing reading of the PMI index on Friday, therefore today's data do not significantly affect the market.

In the US, the Conference Board consumer mood index in November fell to 135.7 points. (versus 135.9 points expected) against 137.9 points a month earlier. The subindex of the current situation was 172.7 points. against 171.9 points (after correction) in October, the subindex of expectations fell to 111.0 points. from 115.1 pts (after revision) a month earlier. There is no significant response to the data on the market anyway.

Let's now take a look at the USD/JPY technical picture at the H4 time frame. The market has broken above the 61% Fibo and it is clearly going higher towards the level of 114.09 - 114.20. The market conditions are now oversold, but the momentum is still strong and positive. The nearest technical support is seen at the level of 113.70 and then at the zone between the levels of 133.61 - 113. 57. The larger time frame trend remains up.

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