Global Markets:
- Asian stock markets: Nikkei down 0.30 %, Shanghai Composite gained 0.50 %, Hang Seng fell 0.15, ASX 200 declined 0.10 %
- Commodities: Gold at $1189.50 (-0.10 %), Silver at $16.65 (-0.05 %), WTI Oil at $46.80 (-0.60 %), Brent Oil at $48.90 (-0.60 %)
- Rates: US 10 year yield at 2.31, UK 10 year yield at 1.39, German 10 year yield at 0.19
News & Data:
- Japan Unemployment Rate (Oct): 3.0% (est 3.0% prev 3.0%)
- Japan Retail Sales (YoY) Oct: -0.1% (est -0.6% rev prev -1.7%)
- Japan Retail Sales (MoM) Oct: 2.5% (est 1.1% rev prev 0.3%)
- Japan Overall Household Spending (MoM) Oct: -1.0% (est 0.1% prev 2.8%)
- Japan Overall Household Spending (YoY) Oct: -0.4% (est -0.6% prev -2.1%)
- Australia HIA New Home Sales (MoM) Nov: -8.5% (prev 3.8%)
- Australia ANZ Roy Morgan Weekly Consumer Confidence Index (27 Nov): 115.4 (prev 115.5)
- PBoC Fixes USDCNY Reference Rate At 6.8889 (prev 6.9042)
- Oil prices dip on scepticism ahead of OPEC meeting – RTRS
- Dollar claws back some losses as investors look to U.S. data, OPEC – RTRS
- Dollar steadies with bonds, oil anxious about OPEC – RTRS
CFTC Positioning Data:
- EUR 119K short vs 119K short last week. Unchanged on the week
- GBP 74K short vs 80K short last week. Shorts pared by 6K
- JPY 11K long vs 21K long last week. Longs pared by 10K
- CHF 23K short vs. 22K short last week. Shorts increased by 1K
- CAD 17K short vs 18K short last week. Shorts pared by 1K
- AUD 31K long vs 42K long last week. Longs pared by 11K
- NZD 0K vs 2K long last week. Longs cut to flat
Markets Update:
USD/JPY remained under pressure in Asia, amid profit-taking from longs. USD/JPY fell to a low of 111.60, before it managed to recover back to 112. Support is now seen at yesterday's low of 111.35, followed by 110.50 and 110.00. Despite the Dollar giving up some of its gains, the Euro is unable to rally properly. It ran into strong resistance at 1.0680 yesterday, and overnight, it consolidated mostly around the 1.06 level. Key support is noted at 1.0520, while strong resistance is seen in the 1.0680-1.07 area.
The commodity currencies are bid, and the Australian Dollar rose from 0.7460 to almost 0.75 against the Dollar. The pair faces decent resistance around the big figure, but a break above would signal a move back to 0.76. Meanwhile, NZD/USD is struggling with resistance ahead of 0.71.
USD/CAD saw decent volatility in the past 24 hours due to the swings in oil prices, and this is likely to persist as the OPEC will tomorrow morning in Vienna. Oil has been declining in the past three trading days, as the market is not so optimistic anymore that the organization will be able to reach a deal.
Upcoming Events:
- 07:45 GMT – French Consumer Spending
- 07:45 GMT – French GDP
- 08:00 GMT – Spanish CPI
- 13:00 GMT – German CPI
- 13:30 GMT – US GDP
- 14:15 GMT – FOMC Member Dudley speaks
- 15:00 GMT – US CB Consumer Confidence
- 23:50 GMT – Japan Industrial Production
