Global Markets:
- Asian stock markets: Shanghai Composite gained 0.40 %, Hang Seng rose 0.10 %, ASX up 0.30 %
- Commodities: Gold at $1070 (-0.55 %), Silver at $13.99 (-0.75 %), WTI Oil at $41.10 (-1.90 %), Brent Oil at $44.20 (-0.50 %)
- Rates: US 10 year yield at 2.26, UK 10 year yield at 1.88, German 10 year yield at 0.49
News & Data:
- PBoC Fixes Yuan Reference Rate At 6.3867 (prev 6.3780)
- Japan Considers 3% Annual Increase to Minimum Wage — Nikkei
- Japan To Increase Minimum Wages & Other Wages To Meet GDP Target — RTRS
- Chinese Premier Li: Expects Economy To Grow 7% This Year — BBG
- Iran Looking To Increase Output Within OPEC’s Current Limit — BBG
CFTC Positioning Data:
- EUR short 164K vs. short 143K previous
- GBP short 25K vs. short 16K previous
- JPY short 79K vs. short 67K previous
- CAD short 28K vs short 18K previous
- CHF short 15k vs. short 9K previous
- AUD short 66k vs. short 53K last week
- NZD long 5K vs. long 6k last week
Markets Update:
The USD strengthened overnight, while the Aussie and Kiwi Dollar were the worst performing currencies amid falling commodity prices. AUD/USD opened at 0.7230 and fell to a low of 0.7160 earlier, while NZD/USD started the trading day at 0.6570 and declined to 0.6505 after the Hong Kong open. Meanwhile, USD/CAD rallied from 1.33 to 1.3395, as WTI Oil declined 1 % overnight. The pair is now only 53 pips away from the current yearly high made in late September.
EUR/USD stood at 1.0640 at the Sydney open and price action was quiet until the Hong Kong open. The pair then fell to a low of 1.06, where it found support for now. GBP/USD started the new trading week at 1.5180 and fell to a low of 1.5157 overnight, while USD/JPY rallied above the 123.00 level and reached a high of 123.25.
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
- 11:00 GMT – Bundesbank President Weidmann speaks
- 14:45 GMT – US Manufacturing PMI
- 15:00 GMT – US Existing Home Sales
The Week Ahead (Key Data & Events):
Tuesday, November 24th
- 07:00 GMT – German GDP
- 09:00 GMT – German IFO Business Climate
- 13:30 GMT – US GDP
- 15:00 GMT – US CB Consumer Confidence
- 15:00 GMT – US Richmond Manufacturing Index
Wednesday, November 25th
- 10:20 GMT – RBA Assistant Governor Debelle speaks
- 13:30 GMT – US Durable Goods Orders
- 13:30 GMT – US Initial Jobless Claims
- 13:30 GMT – US Personal Spending
- 13:30 GMT – US Personal Consumption
- 14:00 GMT – US House Price Index
- 14:45 GMT – US Services PMI
- 15:00 GMT – US Michigan Consumer Sentiment
- 15:00 GMT – US New Home Sales
- 21:45 GMT – New Zealand Trade Balance
Thursday, November 26th
- 00:30 GMT – Australian Capex
- 08:00 GMT – Spanish GDP
- 12:00 GMT – German GfK Consumer Climate
- 23:30 GMT – Japan CPI
- 23:30 GMT – Japan Unemployment Rate
- 23:30 GMT – Japan Household Spending
Friday, November 27th
- 07:00 GMT – German Import Price Index
- 08:00 GMT – Spanish CPI
- 09:30 GMT – UK GDP
- 10:00 GMT – Euro Zone Consumer Confidence
- 13:30 GMT – Canadian RMPI
