Global Markets:

  • Asian stock markets: Nikkei down 3 %, Shanghai Composite up 0.50 %, Hang Seng lost 0.70 %,  ASX dropped 0.80 %
  • Commodities: Gold at $1190,  Silver at $16.35, Crude Oil at $75.45
  • Rates: US10 year yield at 2.283

News & Data:

  • New Zealand Retail Sales 1.5 % q/q, Expected: 1.0 %, Previous: 1.2 %
  • New Zealand Core Retail Sales 1.5 % q/q, Expected: 0.9 %, Previous 1.2 %
  • Japan GDP -1.4 % q/q , Expected: 0.5 %, Previous: -1.8 %
  • Japan GDP -1.6 % y/y , Expected: 2.1 %, Previous: -7.1 %

CFTC Positioning Data:

  • EUR net short 164K vs net short 179K prior
  • JPY net short 83K vs net short 72k prior
  • GBP net short 13K vs net short 7K prior
  • AUD net short 38K vs net short 38K prior
  • CAD net short 22K vs net short 19K prior
  • CHF net short 23K vs net short 20K prior
  • NZD net short 1k vs net short 4k prior

The Week Ahead:

On Monday, there are no Tier-1 data releases and the main events of the day will be US Industrial Production data and the NY Empire Manufacturing Index. The following day, the Reserve Bank of Australia will publish it’s meeting minutes, followed by a speech by RBA Governor Stevens later in the day. In the European session, the highlights will be German ZEW data, UK inflation figures. The US will release their PPI numbers around 1330 GMT.

On Wednesday, we’ll get the Bank of England meeting minutes and US Building Permits data. Thursday should be more eventful with the Chinese Manufacturing PMI, Euro Zone Manufacturing PMIs, UK Retail Sales and US Initial Jobless Claims & inflation numbers.

Finally, on Friday, we will get Canadian CPI numbers, expect at -0.3 % month-on-month and 2.2 % year-on-year.

Upcoming Events:

  • 09:00 GMT – Italian Trade Balance (€2.68bln)
  • 10:00 GMT – Euro Zone Trade Balance (€22.2bln)
  • 13:30 GMT – US NY Empire State Manufacturing (11.10)
  • 14:00 GMT – ECB President Draghi speaks
  • 14:15 GMT – US Industrial Production (0.2 %)