Friday 24th February: European Open Briefing

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Friday 24th February: European Open Briefing 1

Global Markets:

  • Asian stock markets: Nikkei down 0.50 %, Shanghai Composite lost 0.30 %, Hang Seng declined 0.35 %, ASX 200 fell 0.85 %
  • Commodities: Gold at $1250 (-0.05 %), Silver at $18.20 (+0.35 %), WTI Oil at $54.50 (+0.10 %), Brent Oil at $56.65 (+0.10 %)
  • Rates: US 10-year yield at 2.38, UK 10-year yield at 1.15, German 10-year yield at 0.23

News & Data:

  • PBoC Fixes USDCNY Reference Rate At 6.8655 (prev fix 6.8695 prev close 6.8735)
  • RBA Governor Lowe: There Are More Effective Ways to Stimulate Demand Than to Cut Rates Now
  • Asian shares slip from 1-1/2-year high, Trump's yuan remarks in focus – RTRS
  • Exclusive: Trump calls Chinese 'grand champions' of currency manipulation – RTRS
  • Oil slips as stockpiles rise for seventh week – RTRS

Markets Update:

It was fairly quiet in Asia, with no major data releases or events. The US Dollar strengthened slightly initially, but then reversed gains later in the session. AUD/USD climbed back above 0.77, but is still struggling to gather momentum. Heavy resistance is seen ahead of the 0.7780 level, while support can be expected 0.7650.

The outlook for USD/JPY remains bearish, with resistance now noted at 113.20 and 113.60. The pair has bounced off 112.55 support yesterday, but it looks vulnerable. Should it break below it, a retest of 111.60 seems likely.

Upcoming Events:

  • 13:30 GMT – Canadian CPI
  • 15:00 GMT – US New Home Sales
  • 15:00 GMT – US Michigan Consumer Confidence

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