Monday 19th September: European Open Briefing

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Monday 19th September: European Open Briefing 1

Global Markets:

  • Asian stock markets: Shanghai Composite rose 0.60 %, Hang Seng rallied 0.90 %, ASX 200 gained 0.05 %, Nikkei closed for holiday
  • Commodities: Gold at $1318 (+0.60 %), Silver at $19.22 (+1.85 %), WTI Oil at $44.40 (+1.80 %), Brent Oil at $46.50 (+1.60 %)
  • Rates: US 10 year yield at 1.69, UK 10 year yield at 0.88, German 10 year yield at 0.00

News & Data:

  • New Zealand Westpac Consumer Confidence Index (Q3): 108.0 (prev 106.0)
  • New Zealand PSI (Aug): 57.9 (prev rev 54.5)
  • UK Rightmove House Price Index (MoM) Sep: 0.7% (prev -1.2%)
  • UK Rightmove House Price Index (YoY) Sep: 4.0% (prev 4.1%)
  • China House Prices (YoY) Aug: 9.2% (prev 7.9%)
  • PBoC Fixes Yuan at 6.6786 (prev 6.6895)
  • Oil climbs as Venezuela sees output deal, Libya suffers clashes – RTRS
  • Asia stocks rise before central bank meetings, oil bounces – RTRS

CFTC Positioning Data:

  • EUR 81K short vs. 93K short last week
  • GBP 83K short vs. 90K short last week
  • JPY 57K long vs. 54K long last week
  • CHF 1.3K long vs. 1.4K long last week
  • CAD 17K long vs 21K long last week
  • AUD 36K long vs. 39K long last week
  • NZD 5.1K long vs. 6.1K long last week

Markets Update:

The US Dollar weakened in Asia, especially against the commodity currencies. AUD/USD opened at 0.7480 in Sydney and rallied to a high of 0.7540 later in the session. Similar price action was seen in NZD/USD, which rose from 0.7255 to 0.7310. The Canadian Dollar benefited from a rally in Oil prices and USD/CAD fell from 1.3220 in the early Asian session to a low of 1.3150.

EUR/USD was quiet as usual and traded in a 1.1150-70 range. GBP/USD bounced slightly after heavy losses on Friday and rose from 1.2995 to 1.3045. USD/JPY volatility was low overnight, as Japanese markets were closed for a public holiday. The pair started the new trading week around 102.20 and spent the session in a 102.00-40 range.

Upcoming Events:

  • 09:00 BST – Euro Zone Current Account
  • 15:00 BST – US NAHB Housing Market Index

The Week Ahead:

Tuesday, September 20th

  • 02:30 BST – Australia House Price Index
  • 07:00 BST – Swiss Trade Balance
  • 07:00 BST – German PPI
  • 13:30 BST – US Building Permits
  • 13:30 BST – US Housing Starts
  • 17:45 BST – Bank of Canada Governor Poloz speaks

Wednesday, September 21st

  • (Tentative) – Bank of Japan Rate Decision
  • 00:50 BST – Japan Trade Balance
  • 07:30 BST – Bank of Japan Press Conference
  • 15:30 BST – US Crude Oil Inventories
  • 19:00 BST – Fed Rate Decision
  • 19:00 BST – FOMC Statement
  • 19:30 BST – Fed Chair Yellen speaks
  • 22:00 BST – RBNZ Rate Decision

Thursday, September 22nd

  • 01:00 BST – RBA Assistant Governor Lowe speaks
  • 14:00 BST – US House Price Index
  • 14:00 BST – ECB President Draghi speaks
  • 15:00 BST – US Existing Home Sales
  • 15:00 BST – US CB Leading Index

Friday, September 23rd

  • 03:00 BST – Japan Manufacturing PMI
  • 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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