Global Markets:
- Asian stock markets: Nikkei down 0.70 %, Shanghai Composite lost 1.75 %, Hang Seng and ASX both fell 0.45 %
- Commodities: Gold $1055 (-1.40 %), Silver at $13.99 (-0.10 %), WTI Oil at $41.78 (+0.15 %), Brent Oil at $44.75 (-0.35 %)
- Rates: US 10 year yield at 2.23, UK 10 year yield at 1.82, German 10 year yield at 0.47
News & Data:
- New Zealand Building Permits (MoM) Oct: 5.1% (prev -5.7%)
- New Zealand ANZ Activity Outlook (Nov): 32.0 (prev 23.7)
- New Zealand ANZ Business Confidence (Nov): 14.6 (prev 10.5)
- Australia TD Securities Inflation (MoM) Nov: 0.1% (prev 0.0%)
- Australia TD Securities Inflation (YoY) Nov: 1.8% (prev 1.8%)
- Australia Inventories (QoQ) Q3: 0.1% (exp 0.0% prev 0.0%)
- Japan Retail Sales (MoM) Oct: 1.1% (exp 0.3% prev rev 0.8%)
- Japan Retail Sales (YoY) Oct: 1.8% (exp 0.9% prev rev -0.1%)
- Japan Industrial Production (MoM) Oct, P: 1.4% (exp 1.8% prev 1.1%)
- Japan Industrial Production (YoY) Oct, P: -1.4% (exp -0.9% prev -0.8%)
- BoJ Gov Kuroda: Q3 GDP Shows Final Demand Growing
- Kuroda: Expect Japan To Grow Above Potential Into Next FY — RTRS
- PBoC Fixes Yuan Reference Rate At 6.3962 (prev 6.3915)
Markets Update:
It has been a quiet start into the new trading week. The Kiwi Dollar was the best performing currency overnight, while the USD fell slightly, except against the Swiss Franc. EUR/USD opened at 1.0590 in Sydney and fell to a low of 1.0570 after the Tokyo open, but has recovered from there and is back at 1.0590. GBP/USD started the new day at 1.5030 and remains basically unchanged from the opening level. USD/JPY is a tad weaker this morning, as it fell from 122.85 to a low of 1.2268 earlier. Meanwhile, the commodity currencies are slightly up against the USD on the day. AUD/USD fell to 0.7170 ahead of the Tokyo open, but caught a bid and rallied to 0.7195. Similar price action in NZD/USD, which rose from a low of 0.6515 to 0.6550.
It will be without doubt a very busy week given the large amount of data releases and other events. The focus will be on the RBA, BoC and ECB rate decision and Australian, Canadian GDP data, as well as US NFP & unemployment rate data. The complete list of relevant events this week is below.
Upcoming Events:
- 07:00 GMT – German Retail Sales
- 08:30 GMT – Swedish GDP
- 10:00 GMT – Italian CPI
- 13:00 GMT – German CPI
- 14:45 GMT – US Chicago PMI
- 15:00 GMT – US Pending Home Sales
- 20:30 GMT – CFTC Positioning Data
- 21:30 GMT – Australian AIG Manufacturing Index
The Week Ahead (Key Data & Events):
Tuesday, December 1st
- 00:30 GMT – Australia Current Account
- 00:30 GMT – Australia Building Approvals
- 01:00 GMT – Chinese Manufacturing PMI
- 01:00 GMT – Chinese Non-Manufacturing PMI
- 03:30 GMT – RBA Rate Decision
- 03:30 GMT – RBA Statement
- 06:45 GMT – Swiss GDP
- 08:15 GMT – Swiss Retail Sales
- 08:45 GMT – French Manufacturing PMI
- 08:50 GMT – Italian Manufacturing PMI
- 08:55 GMT – German Manufacturing PMI
- 08:55 GMT – German Unemployment Rate
- 08:55 GMT – German Employment Change
- 09:00 GMT – Bank of England Governor Carney speaks
- 08:30 GMT – UK Manufacturing PMI
- 10:00 GMT – Euro Zone Unemployment Rate
- 13:30 GMT – Canadian GDP
- 14:45 GMT – US Markit Manufacturing PMI
- 15:00 GMT – US ISM Manufacturing PMI
- 23:30 GMT – RBA Governor Stevens speaks
Wednesday, December 2nd
- 00:30 GMT – Australian GDP
- 09:30 GMT – UK Construction PMI
- 10:00 GMT – Euro Zone CPI
- 13:15 GMT – US ADP Nonfarm Employment Change
- 13:30 GMT – Fed Chair Yellen speaks
- 15:00 GMT – Bank of Canada Rate Decision
- 20:40 GMT – FOMC Member Williams speaks
Thursday, December 3rd
- 00:00 GMT – Australia New Home Sales
- 08:45 GMT – Italian Services PMI
- 08:50 GMT – French Services PMI
- 08:55 GMT – German Services PMI
- 09:00 GMT – Euro Zone Services PMI
- 09:30 GMT – UK Services PMI
- 10:00 GMT – Euro Zone Retail Sales
- 12:45 GMT – ECB Rate Decision
- 13:30 GMT – ECB Press Conference
- 14:45 GMT – US Services PMI
- 15:00 GMT – Fed Chair Yellen speaks
- 15:00 GMT – US ISM Non-Manufacturing PMI
- 18:10 GMT – FOMC Member Fischer speaks
Friday, December 4th
- 07:00 GMT – German Factory Orders
- 08:15 GMT – Swiss CPI
- 10:00 GMT – Euro Zone GDP
- 13:30 GMT – US NFP
- 13:30 GMT – US Unemployment Rate
- 13:30 GMT – Canadian Unemployment Rate
- 13:30 GMT – Canadian Employment Change
- 15:00 GMT – Canadian Ivey PMI
- 17:00 GMT – ECB President Draghi speaks
