{"id":15795,"date":"2016-01-07T10:32:33","date_gmt":"2016-01-07T05:02:33","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=15795"},"modified":"2025-11-14T17:13:05","modified_gmt":"2025-11-14T06:13:05","slug":"thursday-7th-january-european-open-briefing","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/thursday-7th-january-european-open-briefing\/","title":{"rendered":"Thursday 7th January: European Open Briefing"},"content":{"rendered":"<h4>\n\t<strong>Global Markets:<\/strong><\/h4>\n<ul>\n<li>\n\t\tAsian stock markets: Nikkei down 1.70 %, Shanghai Composite closed due to suspension of trading, Hang Seng declined 2.55 %, and ASX 200 fell 2.00 %<\/li>\n<li>\n\t\tCommodities: Gold at $1097.50 (+0.50 %), Silver at $14.08 (+0.70 %), WTI Oil at $33.10 (-2.50 %), Brent Oil at $33.40 (-2.80 %)<\/li>\n<li>\n\t\tRates: US 10 year yield at 2.16, UK 10 year yield at 1.80, German 10 year yield at 0.51<\/li>\n<\/ul>\n<h4>\n\t<strong>News &amp; Data:<\/strong><\/h4>\n<ul>\n<li>\n\t\tAustralia Trade Balance (Nov): AUD -2906mln (exp AUD -2985mln prev AUD -3305mln)<\/li>\n<li>\n\t\tAustralia Building Approvals (MoM) Nov: -12.7% (exp -3.0% prev 3.9%)<\/li>\n<li>\n\t\tAustralia Building Approvals (YoY) Nov: -8.4% (exp 3.9% prev 12.3%)<\/li>\n<li>\n\t\tPBoC Fixes Yuan Reference Rate at 6.5646 (prev 6.5314)<\/li>\n<li>\n\t\tPBoC Largest Weekly Injection via Open Market Ops since February &#8212; RTRS<\/li>\n<li>\n\t\tChina Stocks Halted For Rest of Day after CSI 300 Tumbles 7% &#8212; BBG<\/li>\n<li>\n\t\tFonterra Says It Had Record Export Volumes in December &#8212; BBG<\/li>\n<li>\n\t\tCFETS: 2016 Yuan Mechanism to Continue To Be Market Based<\/li>\n<li>\n\t\tCFETS: Yuan Has Conditions to Keep Stable against Basket<\/li>\n<li>\n\t\tCFETS: China Has Ample FX Reserves<\/li>\n<li>\n\t\tCFETS: China Has No Need to Support Exports with Weak Yuan &#8212; BBG<\/li>\n<\/ul>\n<h4>\n\t<strong>Markets Update:<\/strong><\/h4>\n<p>The Euro recovered overnight as the US Dollar came under pressure. EUR\/USD retested the 1.0710 support level in yesterday\u2019s NY session and was able to bounce from there. It eventually rallied to 1.08 and extended gains in Asia, reaching a high of 1.0825. GBP\/USD was unable to follow the Euro and remained caught in a 1.4600-40 range. It was able to remain above 1.46, but a break lower seems just a matter of time given negative techs across all timeframes. GBP sentiment has been increasingly negative after somewhat dovish comments from the Bank of England and general worries about a potential Brexit.<\/p>\n<p>USD\/JPY price action also looks increasingly bearish, with the pair breaking below 118 support overnight and posting a low of 117.65. Minor support can be expected at 117.50, but the major area to watch is 116.85\/117.00.<\/p>\n<p>Meanwhile, the commodity currencies remain under pressure. AUD\/USD extended losses in the Asian session, falling to 0.7025, while NZD\/USD declined to 0.6610. USD\/CAD momentum remains strong and the pair reached a fresh multi-year high of 1.4120 overnight.<\/p>\n<h4>\n\t<strong>Upcoming Events:<\/strong><\/h4>\n<ul>\n<li>\n\t\t07:00 GMT &#8211; German Factory Orders<\/li>\n<li>\n\t\t07:00 GMT &#8211; German Retail Sales<\/li>\n<li>\n\t\t10:00 GMT &#8211; Euro Zone Retail Sales<\/li>\n<li>\n\t\t10:00 GMT &#8211; Euro Zone Consumer Confidence<\/li>\n<li>\n\t\t13:30 GMT &#8211; US Initial Jobless Claims<\/li>\n<li>\n\t\t15:00 GMT &#8211; Canadian Ivey PMI<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Nikkei down 1.70 %, Shanghai Composite [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":79815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[215,195],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/15795"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=15795"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/15795\/revisions"}],"predecessor-version":[{"id":80144,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/15795\/revisions\/80144"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/79815"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=15795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=15795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=15795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}