Global Markets:
- Asian stock markets: Nikkei down 1.00 %, Shanghai Composite fell 0.50 %, Hang Seng lost 1.90 %, ASX 200 declined 0.60 %
- Commodities: Gold at $1092 (+1.05 %), Silver at $14.32 (+0.85 %), WTI Oil at $41.08 (+0.80 %), Brent Oil at $45.00 (+1.10 %)
- Rates: US 10 year yield at 2.24, UK 10 year yield at 1.98, German 10 year yield at 0.55
News & Data:
- Japan GDP SA (QoQ) Q3, P: -0.2% (exp -0.1% prev rev -0.2%)
- Japan Annualised GDP SA (QoQ) Q3, P: -0.8% (exp -0.2% prev rev -0.7%)
- Japan Nominal GDP SA (QoQ) Q3, P: 0.0% (exp -0.2% prev rev 0.2%)
- UK Rightmove House Price Index (MoM) Nov: -1.3% (prev 0.6%)
- UK Rightmove House Price Index (YoY) Nov: 6.2% (prev 5.6%)
- New Zealand Retail Sales Ex-Inflation (QoQ) Q3: 1.6% (exp 1.4% prev rev 0.0%)
- PBoC Fixes Yuan Reference Rate At 6.3750 (prev 6.3655)
- Japanese EconMin Amari: Economy Remains In Moderate Recovery Despite Some Weakness — RTRS
- Amari: Downside Risks From Overseas Persist
- Chinese President Xi: Chinese Economy Predicted To Grow About 7% — Xinhua
- IMF’s Lagarde: Yuan Poised To Be A Global Currency — SCM
- Dubai Stocks Slump Most Since August As Mideast Markets Recoil — LM
Markets Update:
The Euro fell in early Asian trade as a reaction to the Paris terrorist attack on Friday night. EUR/USD opened at 1.0740, around 20 pips lower from the NY close on Friday. Due to poor liquidity in early Monday trading, the pair fell to a fresh low at 1.0685, but quickly retraced the move. It spent the rest of the session consolidating between 1.0715 and 1.0730.
The JPY benefited from the risk-off sentiment and USD/JPY opened 20 pips lower at 122.35. It reached a low of 122.25, but ran into decent bids there and rallied back to 122.60, filling the weekend gap. Expect good intraday support at 122.20/25 and 122.00, while key resistance now lies at 123.00.
The commodity currencies were quiet overnight. AUD/USD was caught in a 0.7100-30 range, while NZD/USD consolidated between 0.6520 and 0.6550. USD/CAD opened slightly lower, at 1.3305, but retraced the move and rose to a high of 1.3335.
Upcoming Events:
- 10:00 GMT – Euro Zone CPI
- 10:15 GMT – ECB President Draghi speaks
- 13:30 GMT – Canadian Manufacturing Sales
- 13:30 GMT – NY Empire State Manufacturing Index
The Week Ahead (Key Data & Events):
Tuesday, November 16th
- 00:30 GMT – RBA Meeting Minutes
- 09:00 GMT – Italian Trade Balance
- 09:00 GMT – Norwegian GDP
- 09:30 GMT – UK CPI
- 10:00 GMT – German ZEW Economic Sentiment
- 10:00 GMT – Euro Zone ZEW Economic Sentiment
- 13:30 GMT – US CPI
- 14:15 GMT – US Industrial Production
- 14:15 GMT – US Manufacturing Production
- 15:00 GMT – US NAHB Housing Market Index
Wednesday, November 18th
- 10:00 GMT – Swiss ZEW Expectations
- 13:30 GMT – US Building Permits
- 13:30 GMT – US Housing Starts
- 19:00 GMT – FOMC Meeting Minutes
- 23:50 GMT – Japanese Trade Balance
Thursday, November 19th
- 06:30 GMT – Bank of Japan Press Conference
- 07:00 GMT – Swiss Trade Balance
- 09:30 GMT – UK Retail Sales
- 12:30 GMT – ECB Meeting Minutes
- 13:30 GMT – US Initial Jobless Claims
- 15:00 GMT – US CB Leading Index
- 15:00 GMT – US Philadelphia Fed Manufacturing Index
Friday, November 20th
- 05:00 GMT – Bank of Japan Monthly Report
- 07:00 GMT – German PPI
- 08:00 GMT – ECB President Draghi speaks
- 13:30 GMT – Canadian CPI
- 13:30 GMT – Canadian Retail Sales
- 14:00 GMT – FOMC Member Bullard speaks
