Global Markets:
- Asian stock markets: Shanghai Composite gained 0.20 %, Hang Seng rose 0.40 %, ASX 200 rallied 1.30 %, Nikkei closed for holiday
- Commodities: Gold at $1213 (+0.20 %), Silver at $16.68 (+0.30 %), WTI Oil at $48.00 (-0.10 %), Brent Oil at $49.05 (-0.15 %)
- Rates: US 10-year yield at 2.31, UK 10-year yield at 1.38, German 10-year yield at 0.23
News & Data:
- Australia Skilled Vacancies (MoM) Oct: -0.4% (prv. -1.2%)
- Australia Construction Work Done (QoQ) Q3: -4.9% (est. -1.70%, prev. -3.70%)
- PBOC set USDCNY mid-point at 6.8904 (prev. fix 6.8779, prev close 6.8920)
- Asia stocks share some Wall St joy, U.S. yields a drag – RTRS
- OPEC to debate oil output cut next week but Iraq, Iran hesitate – RTRS
- Oil prices edge up on anticipation of OPEC-led production cut – RTRS
Markets Update:
In FX, it was quiet, partly due to the holiday in Japan. USD/JPY was calm overnight and consolidated in a 110.95-111.15 range. The daily chart still shows extreme overbought conditions, and the pair is facing heavy resistance at 111.40/80, which means that it could come under some pressure soon, especially if US traders decide to book profits ahead of the Thanksgiving holiday tomorrow.
Not much to report about the Euro and Cable either. The former consolidated between 1.0620 and 1.0635, while Cable was stuck in a 1.2405-25 range.
The commodity currencies saw a bit higher volatility overnight. The Australian Dollar got a boost by the rise in commodity prices in Shanghai (especially Iron Ore), and rallied to a high of 0.7435. Immediate resistance is seen at 0.7450, and then at 0.7500/05.
Oil remains very volatile as the OPEC meeting in Vienna is only seven days away. Key resistance is noted at 50, while solid support can be expected at 46.50.
Upcoming Events:
- 08:00 GMT – French Manufacturing PMI
- 08:00 GMT – French Services PMI
- 08:30 GMT – German Manufacturing PMI
- 08:30 GMT – German Services PMI
- 09:00 GMT – Euro Zone Manufacturing PMI
- 09:00 GMT – Euro Zone Services PMI
- 13:30 GMT – US Durable Goods Orders
- 13:30 GMT – US Initial Jobless Claims
- 14:45 GMT – US Manufacturing PMI
- 15:00 GMT – US New Home Sales
- 15:30 GMT – US Crude Oil Inventories
- 19:00 GMT – FOMC Meeting Minutes
