Friday 23rd September: European Open Briefing

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Friday 23rd September: European Open Briefing 1

 

Global Markets:

  • Asian stock markets: Nikkei down 0.20 %, Shanghai Composite fell 0.05 %, Hang Seng declined 0.10 %, ASX 200 gained 1.00 %
  • Commodities: Gold at $1338 (-0.20 %), Silver at $19.88 (-0.30 %), WTI Oil at $45.80 (-1.10 %), Brent Oil at $47.25 (-0.90 %)
  • Rates: US 10 year yield at 1.62, UK 10 year yield at 0.71, German 10 year yield at -0.08

News & Data:

  • Japan Nikkei Manufacturing PMI (Sep): 50.3 (prev 49.5)
  • Japan All Industry Activity Index (MoM) Jul: 0.3% (est 0.2% prev 1.0%)
  • PBoC Fixes Yuan at 6.6670 (prev 6.6513)
  • Japanese MoF’s Asakawa: Will Take Necessary Steps If Speculative Moves Seen in JPY — Nikkei
  • Japanese Chief Cab Sec Suga: Will Continue to Monitor Markets Closely — RTRS
  • Suga: Recent FX Moves Are Extremely Nervous, Alongside Excess Vol Harm Economy, IF Moves Continue Gov’t Will Take Action

Markets Update:

It was rather quiet in the Asian session as there were no major data releases or events. The Dollar is slightly up on the day and gained the most against the Japanese Yen. USD/JPY rallied from 100.70 to 101.25 after the Tokyo open. 100.00 support has held so far, but it would take a break above 102.00 to confirm the bottom.

EUR/USD traded 1.11.95-1.1210 overnight, while GBP/USD fell from 1.3090 in the early session to a low of 1.3035. The commodity currencies gave up some of their recent gains, with AUD/USD falling from 0.7650 to 0.7630 and NZD/USD declining from 0.7315 to 0.7270. A strongly dovish RBNZ continues to weigh on the NZ Dollar and the outlook is negative.

Upcoming Events:

  • 07:45 BST – French GDP
  • 08:00 BST – French Manufacturing PMI
  • 08:00 BST – French Services PMI
  • 08:30 BST – German Manufacturing PMI
  • 08:30 BST – German Services PMI
  • 09:00 BST – Euro Zone Manufacturing PMI
  • 09:00 BST – Euro Zone Services PMI
  • 13:30 BST – Canadian CPI
  • 13:30 BST – Canadian Retail Sales
  • 17:00 BST – FOMC Member Lockhart speaks
  • 17:00 BST – FOMC Member Mester speaks
  • 20:30 BST – CFTC Positioning Data

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