Thursday 21st September: European Open Briefing

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Thursday 21st September: European Open Briefing 1

Global Markets:

  • Asian stock markets: Nikkei up 0.36 %, Shanghai Composite rose 0.14 %, Hang Seng fell 0.16 %, ASX 200 down 0.85 %
  • Commodities: Gold at $1301.40 (-1.13 %), Silver at $17.09 (-1.36 %), WTI Oil at $50.66(-0.06 %), Brent Oil at $56.16 (-0.23 %)
  • Rates: US 10-year yield at 2.26, UK 10-year yield at 1.35, German 10-year yield at 0.44

News & Data:

  • (GBP) Retail Sales m/m 1.0 % vs 0.2 % expected
  • (USD) Existing Home Sales 5.35 M vs 5.46 M expected
  • (USD) Crude Oil Inventories 4.6 M vs 2.8 M expected
  • (USD) Federal Funds Rate <1.25 % vs <1.25 % expected
  • (NZD) GDP q/q 0.8 % vs 0.8 % expected
  • (JPY) BOJ Policy Rate -0.10 % vs -0.10 % expected
  • Fed keeps rate steady, to start portfolio drawdown in October- RTRS
  • U.S. home sales hit 12-month low, Harvey weighs on Houston- RTRS

Markets Update:

Asian equity markets were mixed early on Thursday in the wake of the Federal Reserve’s overnight statements on policy and economic projections. However, Japan was again a standout opening in green whereas, Australia underperformed as metal prices fell and utilities stocks slid.

USD/JPY had traded up strongly in the US after the FOMC and is currently seen trading steadily around 112.46. The Yen lost 0.2% against the USD, continuing its 0.6 percent drop on Wednesday. The Bank of Japan announced an as expected decision, no change at all to policy. 

AUDUSD managed to break below the round number 0.80 against the US Dollar early in Asian session today. The Aussie is currently seen trading around 0.7980 after losing 0.4 percent against the US Dollar. The New Zealand dollar is currently seen trading around 0.7315 as the Kiwi lost 0.5 percent against the US Dollar. The kiwi has been sensitive to opinion polls ahead of an election this weekend

EUR/USD is currently seen trading steadily around 1.8880. The Euro had lost 0.9 percent against the US Dollar yesterday. The dollar index, which tracks the dollar against a basket of currencies rose 0.2 percent and is currently valued at 92.54

Upcoming Events:

  • 06:30 GMT – (JPY) BOJ Press Conference
  • 08:30 GMT – (GBP) Public Sector Net Borrowing
  • 12:30 GMT – (CAD) Wholesale Sales m/m
  • 12:30 GMT – (USD) Unemployment Claims
  • 12:30 GMT – (USD) Philly Fed Manufacturing Index

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