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General Trend:

• NVIDIA declines over 17% post earnings, weighs on Nasdaq Futures in Asian trading
• California Utility Pacific Gas & Electric (PCG) rises over 40% in afterhours trading amid comments from regulator
• Tech and automaker declines weigh on the Nikkei, Softbank down over 2%
• Shanghai Composite property sub-index rises over 1%
• Chinese educational shares trade lower amid reports of fund cancelation
• US Commerce Sec Ross: Still plans China tariff boost to 25% in January (press)
• Unnamed Trump Administration Official: China's trade offer to US should be viewed with skepticism
• Singapore Oct exports to China down over 25%
• China sells 50-year bonds at lower yield and higher bid to cover; 30-yr yields decline
• Indonesian assets rise following surprise rate hike
• On Thursday, US equity markets rallied following FT article summarizing renewed efforts by US/China to engage in trade talks ahead of the G20 meeting at month's end
• US Natural Gas futures remain volatile in Asian trading
• Hong Kong Q3 GDP data due later today

Headlines/Economic Data

Australia/New Zealand

• ASX 200 opened +0.3%
• (AU) Australia Regulator (APRA): To review whether capital levels of private health insurers are sufficient, review may conclude that minimum regulatory capital requirements should be increased
• (AU) Australia to sell A$1.0B in April 2029 bonds on Nov 19th
• (NZ) New Zealand Oct Non Resident Bond Holdings: 57.1% v 57.4% prior
• (NZ) New Zealand Oct Business Manufacturing PMI: 53.5 v 51.9 prior

China/Hong Kong

• Shanghai Composite +0.1%, Hang Seng -0.2%
• (CN) Commerce Sec Ross: US still plans China tariff boost to 25% in January - press
• (CN) US administration official: China's trade offer to US should be viewed with skepticism; unlikely to see major breakthrough with China on trade substance at G20 meeting
• (CN) China Shandong Province plans CNY10B fund to support listed companies - Chinese Press
• (CN) China PBoC Open Market Operation (OMO): v skipped prior (16th straight skip)
• (CN) China PBoC sets yuan reference rate: 6.9377 v 6.9392 prior
• (CN) PBoC comments after release Oct banking data: Reiterates overall lending keeps stable growth; financing condition of private and small companies improved
• (CN) China said to request that internet companies review user data for security purposes - US financial press

Japan

• Nikkei 225 opened flat
• (JP) Japan Fin Min Aso: Q3 GDP decline was impacted by natural disasters, exports probably impacted by trade issues

Korea

• Kospi opened +0.5%
• (KR) North Korea state media says leader Kim Jong Un has inspected the site of a newly developed 'high tech' weapon
• (KR) South Korea govt reportedly considering expanding no-fly zone beyond the border area - Korean press
• (KR) South Korea President Moon approval rating declines to 52% v 54% prior - Gallup Poll

Other

• (ID) Indonesia Chief Economy Minister Nasution: Government to relax foreign investment restrictions in certain sectors; expands scope of tax holiday, to make it mandatory to repatriate natural resources exports revenue to local banks
• (MY) MALAYSIA Q3 GDP Q/Q: 1.6% V 2.0%E; Y/Y: 4.4% V 4.6%E (slowest growth since 2016)
• (SG) Singapore Oct Non-Oil Domestic Exports M/M: 4.2% v 3.6%e; Y/Y: 8.3% v 1.0%e

North America

• US equity markets ended higher: DOW +0.8%, S&P500 +1.1%, Nasdaq +1.7%, Russell 2000 +1.4%
• (US) DOE CRUDE: +10.3M V +2ME
• (US) Fed's Powell: wages are now in a range reflecting inflation and productivity; I am carefully monitoring wages; haven't increased as quickly as hoped

Europe

• (UK) UK PM May: Approach is to put national interest first; Does not judge harshly on colleagues who reach a different conclusion
• (UK) Conservative Party power sharing alliance with DUP is reportedly over unless PM May is replaced - UK's Telegraph

Daily Pivots: (S1) 143.62; (P) 145.78; (R1) 147.30; More...

Intraday bias in GBP/JPY remains on the downside for 142.76 support. Break there will bring further fall to 139.29/47 key support zone next. On the upside, break of 145.99 minor resistance could bring stronger rebound. But near tem outlook will be neutral at best as long as 149.70 key resistance holds.

In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, up trend from 122.36 (2016 low) would still extend beyond 156.69 high. However, decisive break of 139.29/47 will suggest that such up trend is completed and turn outlook bearish. In that case, next target is 61.8% retracement at 135.43.

Daily Pivots: (S1) 127.99; (P) 128.52; (R1) 129.28; More....

Intraday bias in EUR/JPY is neutral for consolidation above 127.49 temporary low. Another fall is expected as long as 130.14 resistance holds. On the downside, below 127.49 will target 126.63 support first. Break there will resume whole fall from 133.12 and target 124.61/89 support zone. On the upside, however, break of 130.14 will resume the rebound from 126.63 towards 133.12 resistance.

In the bigger picture, as long as 124.08 key resistance turn supported holds, larger up trend from 109.03 (2016 low) is still in progress. Firm break of 137.49 structural resistance will target 141.04/149.76 resistance zone next. However, decisive break of 124.08 will argue that such rise from 109.03 has completed and turn outlook bearish. In that case, deeper fall would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90.

For the 24 hours to 23:00 GMT, the EUR rose 0.07% against the USD and closed at 1.1324.

In the economic news, the Euro-zone's seasonally adjusted trade surplus narrowed to €13.4 billion in September, compared to a revised surplus of €16.8 billion in the prior month. Market participants had expected the nation to post a surplus of €16.3 billion.

In the US, data showed that the US NY Empire State manufacturing index unexpectedly advanced to a level of 23.3 in November, defying market consensus for a fall to a level of 20.0. In the previous month, the index had recorded a reading of 21.1. Moreover, the nation's advance retail sales rebounded 0.8% on a monthly basis in October, rising by the most in five months and following a revised drop of 0.1% in the prior month. Markets were anticipating advance retail sales to climb 0.5%. Moreover, business inventories climbed 0.3% on a monthly basis in September, meeting market consensus. In the previous month, business inventories had recorded a gain of 0.5%.

On the other hand, the nation's Philadelphia Fed manufacturing index declined to a level of 12.9 in November, more than market expectations for a fall to a level of 20.0. The index had registered a level of 22.2 in the preceding month. Additionally, the US seasonally adjusted initial jobless claims surprisingly increased to a level of 216.0K in the week ended 10 November 2018, confounding market expectations for a drop to a level of 213.0K. In the preceding week, initial jobless claims had registered a level of 214.0K.

In the Asian session, at GMT0400, the pair is trading at 1.1335, with the EUR trading 0.10% higher against the USD from yesterday's close.

The pair is expected to find support at 1.1283, and a fall through could take it to the next support level of 1.1232. The pair is expected to find its first resistance at 1.1374, and a rise through could take it to the next resistance level of 1.1414.

Going ahead, investors would closely monitor the European Central Bank President, Mario Draghi's speech followed by the Euro-zone's consumer price index for October, due in a few hours. Later in the day, the US industrial production and manufacturing production, both for October, will keep traders on their toes.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the GBP declined 1.75% against the USD and closed at 1.2767, after Brexit Secretary, Dominic Raab and two other ministers resigned over Prime Minister, Theresa May's draft Brexit deal.

Data indicated that UK's retail sales unexpectedly eased 0.5% on a monthly basis in October, for the second consecutive month and defying market expectations for a gain of 0.2%. In the previous month, retail sales had dropped by a revised 0.4%.

In the Asian session, at GMT0400, the pair is trading at 1.2793, with the GBP trading 0.20% higher against the USD from yesterday's close.

The pair is expected to find support at 1.2668, and a fall through could take it to the next support level of 1.2543. The pair is expected to find its first resistance at 1.2974, and a rise through could take it to the next resistance level of 1.3155.

Amid no major economic news in the UK today, investor sentiment will be determined by global macroeconomic news.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average

Daily Pivots: (S1) 0.8747; (P) 0.8819; (R1) 0.8941; More...

Intraday bias in EUR/GBP remains on the upside for 0.8939 resistance first. Firm break there will indicate completion of whole fall from 0.9098. In that case, further rally would be seen back to 0.9098. On the downside, below 0.8779 minor support will turn focus back to 0.8655 instead.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). Medium term fall from 0.9305 is possibly in progress and could extend through 0.8620. On the upside, break of 0.8939 resistance is needed to indicate medium term reversal. Otherwise, outlook will remain cautiously bearish even in case of rebound.

For the 24 hours to 23:00 GMT, the USD marginally declined against the JPY and closed at 113.57.

In the Asian session, at GMT0400, the pair is trading at 113.40, with the USD trading 0.15% lower against the JPY from yesterday’s close.

The pair is expected to find support at 113.10, and a fall through could take it to the next support level of 112.79. The pair is expected to find its first resistance at 113.71, and a rise through could take it to the next resistance level of 114.01.

Going Forward, investors would await Japan’s national consumer price index, Nikkei manufacturing PMI and trade balance data, all set to release next week.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

For the 24 hours to 23:00 GMT, the USD rose 0.08% against the CHF and closed at 1.0069.

In the Asian session, at GMT0400, the pair is trading at 1.0066, with the USD trading marginally lower against the CHF from yesterday’s close.

The pair is expected to find support at 1.0042, and a fall through could take it to the next support level of 1.0017. The pair is expected to find its first resistance at 1.0085, and a rise through could take it to the next resistance level of 1.0103.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD declined 0.48% against the CAD and closed at 1.3177.

On the macroeconomic front, Canada's existing home sales fell 1.6% on a monthly basis in October, more than market consensus for a drop of 0.2%. In the preceding month, existing home sales had registered a fall of 0.4%.

In the Asian session, at GMT0400, the pair is trading at 1.3159, with the USD trading 0.14% lower against the CAD from yesterday's close.

The pair is expected to find support at 1.3127, and a fall through could take it to the next support level of 1.3095. The pair is expected to find its first resistance at 1.3215, and a rise through could take it to the next resistance level of 1.3271.

Trading trend in the Loonie today is expected to be determined by Canada's manufacturing sales for September, slated to release later in the day.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the AUD rose 0.58% against the USD and closed at 0.7277.

LME Copper prices rose 1.3% or $82.0/MT to $6188.0/MT. Aluminium prices declined 0.7% or $14.0/MT to $1917.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7268, with the AUD trading 0.12% lower against the USD from yesterday’s close.

The pair is expected to find support at 0.7246, and a fall through could take it to the next support level of 0.7224. The pair is expected to find its first resistance at 0.7294, and a rise through could take it to the next resistance level of 0.7320.

Moving forward, traders would keep an eye on Australia’s Westpac leading index, manufacturing PMI and the Reserve Bank of Australia’s meeting minutes, all scheduled to release next week.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.