Global Markets:
- Asian stock markets: Nikkei up 0.90 %, Shanghai Composite fell 2.25 %, Hang Seng declined 1.15 %, ASX 200 gained 0.05 %
- Commodities: Gold at $1159 (-0.20 %), Silver at $16.89 (-0.45 %), WTI Oil at $54.00 (+5.00 %), Brent Oil at $56.70 (+4.30 %)
- Rates: US 10-year yield at 2.49, UK 10-year yield at 1.45, German 10-year yield at 0.36
News & Data:
- Japanese Tertiary Industry Index (MoM) Oct: 0.2% (est 0.3%, prev -0.1%)
- Japanese Corp Goods Price (MoM) Nov: 0.4% (est 0.3%, prev -0.1%)
- Japanese Corp Goods Price (YoY) Nov: -2.2% (est -2.3%, prev -2.7%)
- Japanese Machinery Orders (MoM) Oct: 4.1% (est 1.0%, prev -3.3%)
- Japanese Machinery Orders (YoY) Oct: -5.6% (est -4.5%, prev 4.3%)
- PBoC fixes yuan at 6.9086 (prev 6.8972)
- Moody's: New Zealand's half-year budget shows strong public finances, robust economic growth
- ECB's Weidmann: Can't exclude option of state joining Italy bank rescues –RTRS
- Non-OPEC countries agree to cut oil output — BBC
CFTC Positioning Data:
- EUR 115K short vs 119K short last week. Shorts trimmed by 4K
- GBP 77K short vs. 78K short last week. Short trimmed by 1K
- JPY 34K short vs 0K last week. Shorts increase by 34K
- CHF 25K short vs 24K short last week. Shorts increase 1K
- CAD 18K short vs. 19K short last week. Shorts trimmed by 1K
- AUD 21K long vs 21K long last week. No change in the current week
- NZD 4K short vs 2K short last week. The shorts were increased by 2K
Markets Update:
Oil prices rallied overnight after it was announced that non-OPEC members will also cut their output. WTI rallied from $51.50 to a high of $54.50 so far, while Brent rose from $54.20 to $56.70. This benefited the Canadian Dollar, and USD/CAD declined from 1.3170 at the open to a low of 1.3115. Further losses seem likely in the near-term, and there is now little support until 1.30.
USD/JPY rose overnight, from 115.15 at the open to a high of 115.60, while the Euro came under renewed pressure, falling to a low of 1.0525. In GBP/USD, flows were light and it consolidated in a 1.2570-95 range.
Upcoming Events:
- 09:00 GMT – Swiss Total Sight Deposits
- 21:45 GMT – New Zealand Manufacturing Activity
- 22:30 GMT – Australia ANZ Weekly Consumer Confidence
The Week Ahead:
Tuesday, December 13th
- 00:30 GMT – Australia NAB Business Confidence
- 00:30 GMT – Australia House Price Index
- 02:00 GMT – China Industrial Production
- 02:00 GMT – China Retail Sales
- 09:30 GMT – UK CPI
- 10:00 GMT – Euro Zone ZEW Survey
- 10:00 GMT – German ZEW Survey
- 23:30 GMT – Australia Westpac Consumer Confidence
Wednesday, December 14th
- 04:30 GMT – Japan Industrial Production
- 09:30 GMT – UK Claimant Count Change
- 09:30 GMT – UK Unemployment Rate
- 09:30 GMT – UK Average Weekly Earnings
- 10:00 GMT – Euro Zone Industrial Production
- 13:30 GMT – US PPI
- 14:15 GMT – US Industrial Production
- 14:15 GMT – US Manufacturing Production
- 15:30 GMT – US Crude Oil Inventories
- 19:00 GMT – Fed Rate Decision
- 21:30 GMT – New Zealand NZ Manufacturing Index
Thursday, December 15th
- 00:00 GMT – Australia Consumer Inflation Expectations
- 00:00 GMT – New Zealand ANZ Consumer Confidence
- 00:30 GMT – Australia Employment Change
- 00:30 GMT – Australia Unemployment Rate
- 08:00 GMT – France Manufacturing PMI
- 08:00 GMT – France Services PMI
- 08:30 GMT – Germany Manufacturing PMI
- 08:30 GMT – Germany Services PMI
- 09:00 GMT – Euro Zone Manufacturing PMI
- 09:00 GMT – Euro Zone Services PMI
- 09:30 GMT – UK Retail Sales
- 13:30 GMT – US CPI
- 13:30 GMT – US Initial Jobless Claims
- 14:45 GMT – US Manufacturing PMI
- 15:00 GMT – US NAHB Housing Market Index
Friday, December 16th
- 10:00 GMT – Euro Zone Trade Balance
- 10:00 GMT – Euro Zone CPI
- 13:30 GMT – US Housing Starts
- 13:30 GMT – US Building Permits
