Global Markets:
- Asian stock markets: Nikkei up 0.10 %, Shanghai Composite and Hang Seng both fell 0.75 %, ASX declined 0.70 %
- Commodities: Gold at $1070.50 (+0.35 %), Silver at $14.07 (+0.30 %), WTI Oil at $41.95 (+0.50 %), Brent Oil at $45.05 (+0.20 %)
- Rates: US 10 year yield at 2.25, UK 10 year yield at 1.87, German 10 year yield at 0.52
News & Data:
- Japan Nikkei Manufacturing PMI (Nov, P): 52.8 (prev 52.4)
- Australia ANZ Roy Morgan Weekly Consumer Confidence Index (W/E 22 Nov): 114.5 (prev 115.9)
- PBoC Fixes Yuan Reference Rate At 6.3888 (prev 6.3867)
- Asian shares wobble, dollar close to eight-month peak – RTRS
- Oil up on Saudi vow for stable prices; glut, firm dollar weigh – RTRS
- Japan's government to finalize wage increase plan to boost domestic demand – RTRS
- Yuan Trades Near Three-Month Low as Investors Wait for IMF Vote – BBG
- Chinese Stocks Drop for Second Day as Commodity Shares Slump – BBG
Markets Update:
Markets were quiet overnight amid a lack of data releases and events. EUR/USD spent the Asian session in a 1.0630-45 range after briefly trading below 1.06 in yesterday's NY session. 1.0520 is the next key support level and it seems likely that we will see a test of it soon. GBP/USD price action is looking increasingly bearish and the pair is struggling to bounce. Minor support is seen at 1.5090, while 1.5020 is the key level to watch now. USD/JPY has retraced some of its recent gains and fell sub-123.00 yesterday. In Asia, it fell as low as 122.65, but has recovered to 122.80 as we are heading into the European open.
AUD/USD has recovered slightly after yesterday's sharp decline in the Asian session. The pair rose from 0.7165 to 0.7205 and key resistance is now seen at 0.7245. Short-term techs are mildly bullish after the double bottom at 0.7020 has been confirmed and clear break above 0.7245 would suggest a test of 0.7380 might be possible. NZD/USD remains in the middle of the short-term range (0.6430-0.6610), around 0.6520. Intraday resistance is seen at 0.6550 and 0.66, while support lies at 0.6490 and 0.6430.
Upcoming Events:
- 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
