Wednesday 16th September: European Open Briefing

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Global Markets:

  • Asian stock markets: Nikkei up 0.95 %, Shanghai Composite gained 0.15 %, Hang Seng rose 1.00 %, ASX 1.40 % higher
  • Commodities: Gold at $1104 (+0.15 %), Silver at $14.35 (+0.10 %), WTI Oil at $44.98 (+0.85 %), Brent Oil at $47.90 (-0.40 %)
  • Rates: US 10 year yield at 2.27, UK 10 year yield at 1.93, German 10 year yield at 0.75

News & Data:

  • New Zealand Current Account q/q -NZ$1.22bln, Expected: -NZ$1.50bln, Previous: NZ$0.66bln
  • New Zealand Current Account y/y -NZ$8.3bln, Expected: -NZ$8.80bln, Previous: -NZ$8.60bln
  • Australia MI Leading Index m/m -0.3 % (prev 0.1 %)
  • PBOC Fixes Yuan Reference Rate At 6.3712 (prev 6.3665)
  • Australian PM Turnbull To Announce New Cabinet On Monday – BBG

Markets Update:

EUR/USD recovered somewhat during the Asian session, reaching a high of 1.1298 after trading as low as 1.1260 at the New York close. Key support is seen at 1.1255, while resistance can be expected at 1.1325 and then 1.1370. GBP/USD fell sharply yesterday, from 1.5450 in the mid-London session to 1.5330 in late NY trading. Inflation data arrived in line with expectations, at 0.0 % year-on-year. The focus today will be on UK employment data, with the unemployment rate expected to remain steady at 5.6 %. USD/JPY was offered, despite APAC equities doing quite well today. The pair started the new trading day at 120.45 and fell to a low of 120.15 in the mid-Tokyo session. The key levels to watch are 120.80 & 121.30 to the topside and 119.80 & 119.40 to the downside. Meanwhile, price action in AUD/USD and NZD/USD was very quiet overnight. Aussie consolidated in a 0.7125-50 range, while the Kiwi Dollar traded 0.6345-65.

Upcoming Events:

  • 09:30 BST – UK Claimant Count Change
  • 09:30 BST – UK Unemployment Rate
  • 09:30 BST – UK Average Earnings
  • 10:00 BST – Euro Zone CPI
  • 13:30 BST – US CPI
  • 13:30 BST – Canadian Manufacturing Sales

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