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Monday 21st December: European Open Briefing

Dec 21, 2015 Fundamental Analysis, Market Analysis Comments Off

Global Markets:
 

  • Asian stock markets: Nikkei down 1.10 %, Shanghai Composite gained 1.40 %, Hang Seng rose 0.10 %, ASX 200 fell 0.15 %

  • Commodities: Gold at $1067 (+0.30 %), Silver at $14.13 (+0.30 %), WTI Oil at $35.80 (-0.73 %), Brent Oil at $36.34 (-0.90 %)

  • Rates: US 10 year yield at 2.21, UK 10 year yield at 1.83, German 10 year yield at 0.56
     

News & Events:
 

  • New Zealand Consumer Sentiment 110.7 (prev 106.0)

  • PBoC Fixes Yuan Reference Rate At 6.4753 (prev 6.4814)

  • Mideast Stocks Decline After Oil Sinks To Seven-Year Low — BBG

  • Saudi Oil Production Continues To Add Pressure On Prices — National
     

CFTC Positioning Data:
 

  • EUR short 160K vs. 172 short previous

  • GBP short 17K vs. 24K short previous

  • JPY short 27K vs. 68K short previous

  • CAD short 51K vs. 40K short previous

  • CHF long 2K vs. 26K short previous

  • AUD short 10K vs. 34K short previous

  • NZD long 1K vs. 9k long previous
     

Markets Update:
 

EUR/USD started the new trading week around 1.0860, roughly 10 pips lower from Friday’s close. It rose to a high of 1.0885 after the Tokyo open, but ran out of momentum there and eventually fell back to 1.0865. Meanwhile, GBP/USD recovered some of the losses from the Friday session. It opened at 1.4895 in Sydney and rose to 1.4920 during the Asian session. USD/JPY remained quiet, following the chaotic trading on Friday caused by the BoJ announcement of further monetary policy easing. Overnight, the pair consolidated in a 121.03-38 range.
 

AUD/USD began the new trading week at 0.7165, little changed from Friday’s close. Price action was quiet overnight and the pair consolidated in a 0.7155-77 range. NZD/USD caught a bid after the Tokyo open and rallied from 0.6720 to 0.6753. Intraday resistance is seen at 0.6780 and then 0.6840.
 

The week is likely to be quiet with fewer important data releases and European & US markets closed on Friday for the Christmas holiday. The focus will be on US GDP data on Tuesday and UK & Canadian GDP data on Wednesday.
 

Upcoming Events:
 

  • 07:00 GMT – German PPI

  • 09:00 GMT – Spanish Trade Balance

  • 15:00 GMT – Euro Zone Consumer Confidence
     

Tuesday, December 22th

  • 07:00 GMT – German Consumer Climate

  • 13:30 GMT – US GDP

  • 15:00 GMT – US Existing Home Sales

  • 15:00 GMT – US Richmond Manufacturing Index

  • 21:45 GMT – New Zealand Trade Balance
     

Wednesday, December 23th

  • 07:45 GMT – French GDP

  • 09:30 GMT – UK GDP

  • 10:00 GMT – Italian Retail Sales

  • 13:30 GMT – US Durable Goods Orders

  • 13:30 GMT – Canadian Retail Sales

  • 13:30 GMT – Canadian GDP

  • 15:00 GMT – US New Home Sales
     

Thursday, December 24th

  • 04:00 GMT – Bank of Japan Governor Kuroda speaks

  • 13:30 GMT – US Initial Jobless Claims

  • 23:30 GMT – Japan CPI
     

Friday, December 25th

  • 05:00 GMT – Japan Leading Index

  • 05:00 GMT – Japan Housing Starts

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