Tuesday 20th September: European Open Briefing

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Tuesday 20th September: European Open Briefing 1

Global Markets:

  • Asian stock markets: Nikkei up 0.15 %, Shanghai Composite fell 0.10 %, Hang Seng declined 0.30 %, ASX 200 lost 0.15 %
  • Commodities: Gold at $1319 (+0.10 %), Silver at $19.31 (+0.10 %), WTI Oil at $43.65 (-0.50 %), Brent Oil at $45.80 (-0.30 %)
  • Rates: US 10 year yield at 1.71, UK 10 year yield at 0.87, German 10 year yield at 0.02

News & Data:

  • Australia ANZ Roy Morgan Weekly Consumer Confidence Index (W/E 18 Sep): 115.5 (prev 118.1)
  • Australia House Price Index (QoQ) Q2: 2.0% (est 2.8% prev -0.2%)
  • Australia House Price Index (YoY) Q2: 4.1% (est 5.1% prev 6.8%)
  • PBoC Fixes Yuan at 6.6595 (prev 6.6786)
  • Chinese Premier Li: CNY to Stay Basically Stable, No Basis for Continued Devaluation — Xinhua
  • RBNZ Shadow Board: RBNZ Should Stand Pat This Weak & Show Easing Bias
  • For Yellen, a September Fed surprise could close confidence gap
  • Oil slips as Venezuela says market is 10 percent oversupplied
  • Asia stocks waver as investors nervously await Fed, BOJ

Markets Update:

Price action in the major FX pairs was quiet overnight, as traders are waiting for the two key events this week – tomorrow's Bank of Japan and Fed rate decisions. EUR/USD traded 1.1070-80 in Asia, while GBP/USD consolidated between 1.3030 and 1.3045. USD/JPY saw low volatility as well, as it was caught in a 101.80-102.05 range.

The commodity currencies remain bid overall. AUD/USD started the day around 0.7530 and rose to 0.7555, while NZD/USD rallied from 0.7290 to 0.7325.

It could remain quiet today, as there are no significant data releases or events. For CAD traders, it might be worth noting that BoC Governor Poloz will be speaking this evening.

Upcoming Events:

  • 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

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