HomeContributorsFundamental AnalysisEuropean Open Briefing: Asian Equities Fluctuated Early On Monday

European Open Briefing: Asian Equities Fluctuated Early On Monday

Global Markets:

  • Asian stock markets: Nikkei down 0.04 %, Shanghai Composite rose 0.85 %, Hang Seng climbed 0.43 %, ASX 200 fell 0.65 %
  • Commodities: Gold at $1299.50 (+0.13 %), Silver at $17.12 (+0.44 %), WTI Oil at $47.69 (-0.38 %), Brent Oil at $52.16 (+0.35 %)
  • Rates: US 10-year yield at 2.17, UK 10-year yield at 1.05, German 10-year yield at 0.38

News & Data:

  • EUR German Ifo Business Climate 115.9 vs 115.5 expected
  • USD Core Durable Goods Orders m/m 0.5 % VS 0.4 % expected
  • USD Durable Goods Orders m/m -6.8 % VS -6.0 % expected
  • Oil markets roiled as Hurricane Harvey hits U.S. petroleum Industry- RTRS

CFTC Positioning Data:

  • EUR long 88K vs 79K long last week. Longs increased by 9K
  • GBP short 46K vs 32K short last week. Shorts increased 14K
  • JPY short 74K vs 77K short last week. Shorts trimmed by 3K
  • CHF short 2K vs 1K short last week. Shorts increased by 1K
  • CAD long 51K vs 51K long. No change from last week.
  • AUD long 60k vs 60k last week. No change from last week
  • NZD long 22K vs 25K long last week. Longs trimmed by 3K

Markets Update:

Asian equities fluctuated early on Monday as market participants struggled for direction after U.S. and European central bankers didn’t provide fresh policy guidance. U.S. equity futures fell as investors weighed the damage from Tropical Storm Harvey on U.S. oil refining centres.

AUDUSD opened on a weak note but soon gathered a bit of steam. The Aussie moved up to post a 25 pip from its early low against the US Dollar halting its gain around 0.7950. Currently price has slipped back down to 0.7930 losing 20 pips from the high. NZD/USD followed a similar pattern as is currently seen trading at 0.72350

EURUSD reached 1.1965 early on Monday, the highest since Jan. 6, 2015 following the Jackson Hole speeches. However, price did not extend further as Asian liquidity came online and the EUR retraced some of their early pop. Currently the Euro has slipped to back around 1.2915.

USDJPY is currently seen trading at 109.10 after ranging between 109.15 and 109.40 early on Monday. Overall, the yen advanced 0.2 percent against the US dollar, extending gains from Friday.

Upcoming Events:

  • GBP Bank Holiday
  • 07:15 GMT – (CHF) Employment Level (Q2)
  • 08:00 GMT – (EUR) M3 Money Supply y/y
  • 12:30 GMT – (USD) Goods Trade Balance (Jul)

The Week Ahead:

Tuesday, August 29th

  • 12:30 GMT – (CAD) RMPI m/m
  • 14:00 GMT – (USD) CB Consumer Confidence

Wednesday, August 30th

  • (EUR) German Prelim CPI m/m
  • 01:30 GMT – (AUD) Building Approvals m/m
  • 01:30 GMT – (AUD) Construction Work Done q/q
  • 07:00 GMT – (CHF) KOF Economic Barometer
  • 07:00 GMT – (EUR) Spanish Flash CPI y/y
  • 08:30 GMT – (GBP) Net Lending to Individuals m/m
  • 12:15 GMT – (USD) ADP Non-Farm Employment Change
  • 12:30 GMT – (CAD) Current Account
  • 12:30 GMT – (USD) Prelim GDP q/q
  • 13:15 GMT – (USD) FOMC Member Powell Speaks
  • 14:30 GMT – (USD) Crude Oil Inventories

Thursday, August 31st

  • 01:00 GMT – (CNY) Manufacturing PMI
  • 01:00 GMT – (CNY) Non-Manufacturing PMI
  • 01:00 GMT – (NZD) ANZ Business Confidence
  • 01:30 GMT – (AUD) Private Capital Expenditure q/q
  • 06:00 GMT – (EUR) German Retail Sales m/m
  • 07:25 GMT – (GBP) MPC Member Saunders Speaks
  • 09:00 GMT – (EUR)) CPI Flash Estimate y/y
  • 09:00 GMT – (EUR) Core CPI Flash Estimate y/y
  • 12:30 GMT – (CAD) GDP m/m
  • 12:30 GMT – (USD) Unemployment Claims
  • 12:30 GMT – (USD) Personal Spending m/m
  • 13:45 GMT – (USD) Chicago PMI
  • 14:00 GMT – (USD) Pending Home Sales m/m

Friday, September 1st

  • 01:45 GMT – (CNY) Caixin Manufacturing PMI
  • 07:15 GMT – (EUR) Spanish Manufacturing PMI
  • 08:30 GMT – (GBP) Manufacturing PMI
  • 12:30 GMT – (USD) Average Hourly Earnings m/m
  • 12:30 GMT – (USD) Non-Farm Employment Change
  • 12:30 GMT – (USD) Unemployment Rate
  • 14:00 GMT – (USD) ISM Manufacturing PMI
  • 14:00 GMT – (USD) Revised UoM Consumer Sentiment
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