Monday 23th November: European Open Briefing

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Monday 23th November: European Open Briefing 1

Global Markets:

  • Asian stock markets: Shanghai Composite gained 0.40 %, Hang Seng rose 0.10 %, ASX up 0.30 %
  • Commodities: Gold at $1070 (-0.55 %), Silver at $13.99 (-0.75 %), WTI Oil at $41.10 (-1.90 %), Brent Oil at $44.20 (-0.50 %)
  • Rates: US 10 year yield at 2.26, UK 10 year yield at 1.88, German 10 year yield at 0.49

News & Data:

  • PBoC Fixes Yuan Reference Rate At 6.3867 (prev 6.3780)
  • Japan Considers 3% Annual Increase to Minimum Wage — Nikkei
  • Japan To Increase Minimum Wages & Other Wages To Meet GDP Target — RTRS
  • Chinese Premier Li: Expects Economy To Grow 7% This Year — BBG
  • Iran Looking To Increase Output Within OPEC’s Current Limit — BBG

CFTC Positioning Data:

  • EUR short 164K vs. short 143K previous
  • GBP short  25K vs. short 16K previous
  • JPY short 79K vs. short 67K previous
  • CAD short 28K vs short 18K previous
  • CHF short 15k vs. short 9K previous
  • AUD short 66k vs. short 53K last week
  • NZD long 5K vs. long 6k last week

Markets Update:

The USD strengthened overnight, while the Aussie and Kiwi Dollar were the worst performing currencies amid falling commodity prices. AUD/USD opened at 0.7230 and fell to a low of 0.7160 earlier, while NZD/USD started the trading day at 0.6570 and declined to 0.6505 after the Hong Kong open. Meanwhile, USD/CAD rallied from 1.33 to 1.3395, as WTI Oil declined 1 % overnight. The pair is now only 53 pips away from the current yearly high made in late September.

EUR/USD stood at 1.0640 at the Sydney open and price action was quiet until the Hong Kong open. The pair then fell to a low of 1.06, where it found support for now. GBP/USD started the new trading week at 1.5180 and fell to a low of 1.5157 overnight, while USD/JPY rallied above the 123.00 level and reached a high of 123.25.

Upcoming Events:

  • 08:00 GMT – French Manufacturing PMI
  • 08:00 GMT – French Services PMI
  • 08:30 GMT – German Manufacturing PMI
  • 08:30 GMT – German Services PMI
  • 09:00 GMT – Euro Zone Manufacturing PMI
  • 09:00 GMT – Euro Zone Services PMI
  • 11:00 GMT – Bundesbank President Weidmann speaks
  • 14:45 GMT – US Manufacturing PMI
  • 15:00 GMT – US Existing Home Sales

The Week Ahead (Key Data & Events):

Tuesday, November 24th

  • 07:00 GMT – German GDP
  • 09:00 GMT – German IFO Business Climate
  • 13:30 GMT – US GDP
  • 15:00 GMT – US CB Consumer Confidence
  • 15:00 GMT – US Richmond Manufacturing Index

Wednesday, November 25th

  • 10:20 GMT – RBA Assistant Governor Debelle speaks
  • 13:30 GMT – US Durable Goods Orders
  • 13:30 GMT – US Initial Jobless Claims
  • 13:30 GMT – US Personal Spending
  • 13:30 GMT – US Personal Consumption
  • 14:00 GMT – US House Price Index
  • 14:45 GMT – US Services PMI
  • 15:00 GMT – US Michigan Consumer Sentiment
  • 15:00 GMT – US New Home Sales
  • 21:45 GMT – New Zealand Trade Balance

Thursday, November 26th

  • 00:30 GMT – Australian Capex
  • 08:00 GMT – Spanish GDP
  • 12:00 GMT – German GfK Consumer Climate
  • 23:30 GMT – Japan CPI
  • 23:30 GMT – Japan Unemployment Rate
  • 23:30 GMT – Japan Household Spending

Friday, November 27th

  • 07:00 GMT – German Import Price Index
  • 08:00 GMT – Spanish CPI
  • 09:30 GMT – UK GDP
  • 10:00 GMT – Euro Zone Consumer Confidence
  • 13:30 GMT – Canadian RMPI

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