Global Markets:
- Asian stock markets: Nikkei down 1.40 %, Shanghai Composite gained 0.10 %, Hang Seng declined 1.20 %, ASX 200 fell 0.85 %
- Commodities: Gold at $1092 (+0.15 %), Silver at $13.97 (+0.50 %), WTI Oil at $30.15 (-0.85 %), Brent Oil at $28.62 (-2.15 %)
- Rates: US 10 year yield at 2.04, UK 10 year yield at 1.66, German 10 year yield at 0.48
News & Data:
- Australia TD Securities Inflation (MoM) Dec: 0.2% (prev 0.1%)
- Australia TD Securities Inflation (YoY) Dec: 2.0% (prev 1.8%)
- UK Rightmove House Price Index (MoM) Jan: 0.5% (prev -1.1%)
- UK Rightmove House Price Index (YoY) Jan: 6.5% (prev 7.4%)
- PBoC Fixes Yuan Reference Rate At 6.5590 (prev 6.5637)
- Chinese Premier Li: China’s GDP Grew By Around 7% In 2015 — IBT
- State Researcher Sees 2016 China GDP At About 6.5% — Financial News
- New Chapter For Tehran As Sanctions End — BBC
- Gulf Stock Markets Tumble As Iran Deal Takes Effect — WSJ
- Asian shares slid to 2011 levels as oil slump intensifies – RTRS
- Oil slides to lowest since 2003 as Iran sanctions are lifted – RTRS
- Yen in demand as risk aversion grows, Loonie hits fresh lows – RTRS
CFTC Positioning Data:
- EUR short 146K vs 161K short prior week
- GBP short 31K vs. 30K short prior week
- JPY long 25K vs. 4K long prior week
- CAD short 59K vs. 60K short prior week
- CHF long 3K vs. 4K long prior week
- AUD short 23K vs. 14K short prior week
- NZD long 2K vs 2K long prior week
Markets Update:
USD/JPY started the week around 116.65 as traders were anticipating another risk-off session in Asia. However, the pair was able to recover from there and rallied to a high of 117.35. Resistance is seen at 117.40 and then 118.20, the Friday high.
AUD/USD retested previous support at 0.6905 and broke above it, but failed to sustain momentum. The pair fell back to 0.6900 and is currently consolidating around that level. Resistance is seen at 0.6940 and 0.70, while intraday support can be expected at 0.6820.
EUR/USD traded in a 1.0890-1.0928 range overnight, while GBP/USD bounced off 1.4250 and rose to 1.4282.
Upcoming Events:
- 09:00 GMT – Italian Trade Balance
- 21:00 GMT – New Zealand Business Confidence
The Week Ahead:
Tuesday, January 19th
- 02:00 GMT – Chinese GDP
- 02:00 GMT – China Industrial Production
- 02:00 GMT – China Retail Sales
- 07:00 GMT – German CPI
- 08:15 GMT – Swiss PPI
- 09:30 GMT – UK CPI
- 09:30 GMT – UK House Price Index
- 10:00 GMT – Euro Zone CPI
- 10:00 GMT – German ZEW Economic Sentiment
- 12:00 GMT – Bank of England Governor Carney speaks
- 15:00 GMT – US NAHB Housing Market Index
- 21:45 GMT – New Zealand CPI
Wednesday, January 20th
- 07:00 GMT – German PPI
- 09:30 GMT – UK Claimant Count Change
- 09:30 GMT – UK Unemployment Rate
- 09:30 GMT – UK Average Earnings
- 13:30 GMT – US Building Permits
- 13:30 GMT – US CPI
- 13:30 GMT – US Housing Starts
- 13:30 GMT – Canadian Manufacturing Sales
- 13:30 GMT – Canadian Wholesale Sales
- 15:00 GMT – Bank of Canada Interest Rate Decision
- 15:00 GMT – Bank of Canada Monetary Policy Report
- 16:15 GMT – Bank of Canada Governor Poloz speaks
- 21:30 GMT – New Zealand Business NZ PMI
Thursday, January 21st
- 00:00 GMT – Australia HIA New Home Sales
- 00:00 GMT – Australia MI Inflation Expectations
- 12:45 GMT – ECB Interest Rate Decision
- 13:30 GMT – ECB Press Conference
- 13:30 GMT – US Initial Jobless Claims
- 13:30 GMT – US Phily Fed Manufacturing Index
- 15:00 GMT – Euro Zone Consumer Confidence
- 16:00 GMT – US Crude Oil Inventories
Friday, January 22nd
- 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
- 09:30 GMT – UK Retail Sales
- 13:30 GMT – Canadian Retail Sales
- 13:30 GMT – Canadian CPI
- 15:00 GMT – US Existing Home Sales
