Thursday 24th August: European Open Briefing

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Global Markets:

  • Asian stock markets: Nikkei lost 0.28 %, Shanghai Composite lost 0.07 %, Hang Seng up 0.09 %, ASX 200 gained 0.04 %
  • Commodities: Gold at $1294.98 (+0.02 %), Silver at $17.06 (+0.10 %), WTI Oil at $48.36 (-0.10 %), Brent Oil at $52.55 (-0.02 %)
  • Rates: US 10-year yield at 2.17, UK 10-year yield at 1.06, German 10-year yield at 0.36

News & Data:

  • USD New Home Sales 571 K vs 611 K expected
  • USD Crude Oil Inventories -3.3 M vs -8.9 M expected
  • EUR French Flash Manufacturing PMI 55.8 vs 54.5 expected
  • EUR French Flash Services PMI 55.5 vs 55.9 expected
  • EUR German Flash Manufacturing PMI 59.4 vs 57.7 expected
  • EUR German Flash Services PMI 53.4 vs 53.4 expected
  • EUR Flash Manufacturing PMI 57.4 vs 56.3 expected
  • EUR Flash Services PMI 54.9 vs 55.4 expected

Markets Update:

Asian equity markets gained slightly on Thursday in spite of the concerns about the Trump administration’s ability to enact its fiscal agenda. Most indexes were seen trading in a tight range as investors await guidance from a key meeting of global central bankers.

EURUSD buyers managed to find their feet early on in the day on Wednesday eventually closing the day above 1.1800, post this the Euro continued to trade within a very small range as there were very little factors driving it. Currently the Euro is seen trading close to it’s opening price around 1.1806 against the US Dollar losing a few points (net) on the session.

USDJPY has been quite active early on Thursday in spite of the very light data inflow. The yen slipped 0.2 percent as the US dollar popped over 30 pips from early session lows under 108.90 and is currently seen trading at 109.2.

AUDUSD gained a few points early in the session reaching highs of 0.79160, but it didn't last as price dipped back and is now little net changed on the session. The 0.7950 line is likely going to be the next target for the Aussie should the round number 0.7900 hold as support.

Upcoming Events:

  • 08:30 GMT – (GBP) Second Estimate GDP q/q
  • 08:30 GMT – (GBP) Prelim Business Investment q/q
  • 12:30 GMT – (USD) Unemployment Claims
  • 14:00 GMT – (USD) Existing Home Sales

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