Sample Category Title

Daily Pivots: (S1) 0.8475; (P) 0.8487; (R1) 0.8500; More...

Intraday bias in EUR/GBP is back on the downside as fall from 0.8656 resumes through 0.8471 temporary low. Sustained break of 0.84448 low will resume larger down trend from 0.9499, towards 0.8276 key support. On the upside, break of 0.8516 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.

In the bigger picture, price actions from 0.9499 (2020 high) are still seen as developing into a corrective pattern. Deeper fall could be seen as long as 0.8668 resistance holds, towards long term support at 0.8276. However, firm break of 0.8668 resistance would argue that a medium term bottom was already formed. Stronger rise would be seen to 0.8861 support turned resistance to confirm completion of the corrective pattern.

Daily Pivots: (S1) 1.0703; (P) 1.0721; (R1) 1.0734; More....

EUR/CHF drops to as low as 1.0678 so far. Break of 1.0694 support confirms resumption of whole decline from 1.1149. Intraday bias stays on the downside for 61.8% projection of 1.1149 to 1.0694 from 1.0936 at 1.0655. Sustained break there will pave the way towards 100% projection at 1.0481. On the upside, break of 1.0750 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, the rejection by 55 week EMA maintains medium term bearishness. Fall from 1.1149 (2021 high) is currently seen as the second leg of the patter from 1.0505 (2020 low) first. Hence, in case of deeper fall, we'd look for strong support from 1.0505 to bring rebound. However, sustained break of 1.0505 will resume the long term down trend from 1.2004 (2018 high). Also, medium term outlook will now be neutral at best as long as 1.0936 resistance holds.

Daily Pivots: (S1) 1.2424; (P) 1.2451; (R1) 1.2472; More...

USD/CAD dropped further to as low as 1.2371 so far today. The break of 1.2421 key structural support suggests that larger rise from 1.2005 has completed at 1.2947 already. Intraday bias is now on the downside for 161.8% projection of 1.2947 to 1.2492 from 1.2894 at 1.2158 next. On the upside, above 1.2497 minor resistance will turn intraday bias neutral and bring consolidations. But risk will now remain on the downside as long as 1.2592 support turned resistance holds.

In the bigger picture, current development suggests that rebound from 1.2005 has already completed after rejection by 38.2% retracement of 1.4667 to 1.2005 at 1.3022. That in turn argues that down trend form 1.4667 (2020 high) is not completed. Medium term bearishness is also affirmed by the failure to sustain above 55 week EMA. Break of 1.2005 will resume the down trend to next long term fibonacci level at 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

Commodity currencies rise broadly today on the back on risk-on sentiments. Major European indexes are trading up while US futures also point to higher open. Yen is extending recent broad based decline since though treasury yields are in retreat. Dollar and Euro are following as next weakest. Sterling and Swiss Franc are mixed, helped by buying against Euro, Dollar and Yen.

Technically, CAD/JPY has taken out 91.16 resistance earlier this week to resume medium term up trend from 73.80. Now, it's NZD/JPY turn to take on 80.17 resistance. Break there will resume the up trend form 59.49 for 61.8 projection of 59.49 to 80.17 from 74.54 at 87.32. AUD/JPY is lagging behind, but firm break of 85.78 will also resume the up trend form 59.85 to 61.8% projection of 59.85 to 85.78 from 77.88 at 93.90 in the medium term.

In Europe, at the time of writing, FTSE is up 0.82%. DAX is up 1.23%. CAC is up 1.15%. Germany 10-year yield is down -0.046. Earlier in Asia, Nikkei rose 1.46%. China Shanghai SSE dropped -0.10%. Singapore Strait Times rose 0.27%. Japan 10-year JGB yield dropped -0.0048 to 0.085.

US initial jobless claims dropped to 293k, continuing claims blow 2.6m

US initial jobless claims dropped -36k to 293k in the week ending October 9, much better than expectation of 325k. That's the lowest level since March 14, 2020. Four-week moving average of initial claims dropped -10.5k to 334k, lowest since March 14, 2020.

Continuing claims dropped -134k to 2593k, lowest since March 14, 2020. Four-week moving average of continuing claims dropped -30.5k to 2738k, lowest since March 21, 2020.

US PPI jumped to 8.6% yoy in Sep, highest on record

US PPI for final demand rose 0.5% mom in September, matched expectations. For the 12-month, PPI accelerated to 8.6% yoy, up from 8.3% yoy, below expectation of 8.8% yoy. But that's still the largest 12-month advance on record since 2010. PPI core rose 0.2% mom, 6.8% yoy, versus expectation of 0.4% mom, 7.1% yoy.

ECB Lagarde: No evidence of significant second-round effects of inflation

ECB President Christine Lagarde repeated today, "we continue to view this upswing as being largely driven by temporary factors. The impact of these factors should fade out of annual rates of price changes in the course of next year, dampening annual inflation."

"So far, there is no evidence of significant second-round effects through wages and inflation expectations in the euro area remain anchored, but we continue to monitor risks to the inflation outlook carefully," she added.

On the other hand, Governing Council Member Olli Rehn said, "due to persistent production bottlenecks, it is possible that an increase in energy prices has a longer-lasting impact on consumer price. We analyze this development carefully at the Governing Council and at the Bank of Finland." He noted that medium-term inflation expectations have increased to around 1.9%, which is in line with the European Central Bank's strategy.

BoE Tenreyro: Self-defeating to try to respond to short-lived effects on inflation

BoE MPC member Silvana Tenreyro said, "part of increasing inflation we have seen so far is arithmetic base effects compared to a low level of prices last year." And that in part has seen "driven by global prices in energy and other commodities which push up on inflation". And, "these effects in general tend to be short-lived.

Additionally, there were "temporary supply disruptions caused by the various imbalances in the global economy as it recovers from Covid", with some countries still in lockdown. Demand was also boosted "far more by fiscal stimulus in some countries than others", like the US.

"So typically, for short-lived effects on inflation, such as the big rises in the prices of semiconductors or energy prices, it would be self-defeating to try to respond to their direct effects," she said. "By the time interest rates were having a major effect on inflation the effects of energy prices would already be dropping out of the inflation calculation. If some effects were to prove more persistent it would be important to balance the risks from a period of above target inflation with the cost of weaker demand."

BoJ Noguchi: Economic recovery will become clearer at the end of year

BoJ board member Asahi Noguchi said the central bank should continue with the currency easing "patiently" because it takes a long time to achieve the 2% inflation target. But he's optimistic that economic recovery will become clearer at the end of the year and onwards, as vaccinations help to ease the pandemic impacts.

Separately, Governor Haruhiko Kuroda said in a G20 finance meeting that some emerging economies are still facing downward pressure form the pandemic. But the overall impact on the global economy will "gradually subside".

Australia employment dropped -138k in Sep, back below pre-pandemic levels

Australia employment dropped -138k in September, worse than expectation of -120k. Full-time jobs grew 26.7k while part-time jobs lost -164.7. Unemployment rate rose 0.1% to 4.6%, better than expectation of 4.8%. Participation rate dropped sharply by -0.7% to 64.5%.

Bjorn Jarvis, head of labour statistics at the ABS, said: "Extended lockdowns in New South Wales, Victoria and the Australian Capital Territory have seen employment and hours worked both drop back below their pre-pandemic levels.

"There were large falls in employment in Victoria (123,000 people) and New South Wales (25,000 people, following the 173,000 decline in August). This was partly offset by a 31,000 increase in Queensland, as conditions there recovered from the lockdown in early August."

"The low national unemployment rate continues to reflect reduced participation during the recent lockdowns, rather than strong labour market conditions."

USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.2424; (P) 1.2451; (R1) 1.2472; More...

USD/CAD dropped further to as low as 1.2371 so far today. The break of 1.2421 key structural support suggests that larger rise from 1.2005 has completed at 1.2947 already. Intraday bias is now on the downside for 161.8% projection of 1.2947 to 1.2492 from 1.2894 at 1.2158 next. On the upside, above 1.2497 minor resistance will turn intraday bias neutral and bring consolidations. But risk will now remain on the downside as long as 1.2592 support turned resistance holds.

In the bigger picture, current development suggests that rebound from 1.2005 has already completed after rejection by 38.2% retracement of 1.4667 to 1.2005 at 1.3022. That in turn argues that down trend form 1.4667 (2020 high) is not completed. Medium term bearishness is also affirmed by the failure to sustain above 55 week EMA. Break of 1.2005 will resume the down trend to next long term fibonacci level at 61.8% retracement of 0.9406 to 1.4689 at 1.1424

Economic Indicators Update

US PPI for final demand rose 0.5% mom in September, matched expectations. For the 12-month, PPI accelerated to 8.6% yoy, up from 8.3% yoy, below expectation of 8.8% yoy. But that's still the largest 12-month advance on record since 2010. PPI core rose 0.2% mom, 6.8% yoy, versus expectation of 0.4% mom, 7.1% yoy.

Full release here.

US initial jobless claims dropped -36k to 293k in the week ending October 9, much better than expectation of 325k. That's the lowest level since March 14, 2020. Four-week moving average of initial claims dropped -10.5k to 334k, lowest since March 14, 2020.

Continuing claims dropped -134k to 2593k, lowest since March 14, 2020. Four-week moving average of continuing claims dropped -30.5k to 2738k, lowest since March 21, 2020.

Full release here.

ECB President Christine Lagarde repeated today, "we continue to view this upswing as being largely driven by temporary factors. The impact of these factors should fade out of annual rates of price changes in the course of next year, dampening annual inflation."

"So far, there is no evidence of significant second-round effects through wages and inflation expectations in the euro area remain anchored, but we continue to monitor risks to the inflation outlook carefully," she added.

On the other hand, Governing Council Member Olli Rehn said, "due to persistent production bottlenecks, it is possible that an increase in energy prices has a longer-lasting impact on consumer price. We analyze this development carefully at the Governing Council and at the Bank of Finland." He noted that medium-term inflation expectations have increased to around 1.9%, which is in line with the European Central Bank's strategy.

The EUR/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.1530
Prev Close: 1.1596
% chg. over the last day: +0.57%

Inflation in Germany remains above 4%, which is the highest level since December 1993. This is mainly due to high energy and food prices. German economic institutions lowered their growth forecast for 2021 to 2.4% from the previous forecast of 3.7%.

Trading recommendations

Support levels: 1.1548, 1.1502, 1.1453
Resistance levels: 1.1615, 1.1671, 1.1717, 1.1772, 1.1802, 1.1835

From the technical point of view, the EUR/USD trend is bearish. The MACD indicator has become positive. Under such market conditions, traders can look for Sell deals from the resistance levels near the moving average. Buy trades should be considered only from the support levels or from the buyers' initiative zone.

Alternative scenario: if the price breaks out through the 1.1615 resistance level and fixes above, the mid-term uptrend is more likely to resume.

News feed for 2021.10.14:

• US Producer Price Index (m/m) at 15:30 (GMT+3);
• US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
• US FOMC Member Bostic’s Speech at 17:00 (GMT+3);
• US FOMC Member Barkin’s Speech at 20:00 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.3586
Prev Close: 1.3660
% chg. over the last day: +0.54%

UK actual GDP for the month increased by 0.4% (forecast 0.5%, previous 0.1%). Industrial and manufacturing productions also increased slightly, compared to the previous month.

Trading recommendations

Support levels: 1.3617, 1.3584, 1.3532, 1.3457, 1.3360, 1.3282
Resistance levels: 1.3685, 1.3759, 1.3812, 1.3886

On the hourly time frame, the GBP/USD trend is bearish. However, the British currency looks more confident than the euro due to its direct correlation with oil prices and approaching the priority change level on the current timeframe. The MACD has become positive. Buy trades should be considered only within the day and only from the initiative zone of the buyers. It is better to look for sell deals from the nearest resistance levels, but after an additional confirmation in the form of a sellers' initiative, because the buyers' pressure is higher now.

Alternative scenario: if the price breaks through the 1.3685 resistance level and consolidates above, the bullish scenario is likely to resume.

The USD/JPY currency pair

Technical indicators of the currency pair:

Prev Open: 113.58
Prev Close: 113.24
% chg. over the last day: -0.30%

The Japanese currency has weakened nearly 4% against the dollar over the past three weeks.However, there are signs that this might just be the start of a much bigger decline in the future as the Bank of Japan is not going to take any action on monetary policy yet while the Fed prepares to cut its QE program.

Trading recommendations

Support levels: 113.25, 112.19, 111.53, 110.99, 110.65, 109.95, 109.63
Resistance levels: 113.66, 114.40

The main trend of the USD/JPY currency pair is bullish. The Japanese yen is rapidly declining against the US dollar. The MACD indicator has become inactive. Under such market conditions, it’s better to look for buy positions from the support levels near the moving average, since the price has deviated greatly from the average line. Sell positions should be considered only throughout the day from the resistance levels, given there is sellers' initiative.

Alternative scenario: if the price falls below 111.53, the uptrend is likely to be broken.

News feed for 2021.10.14:

• Japan Industrial Production (m/m) at 07:30 (GMT+3).

The USD/CAD currency pair

Technical indicators of the currency pair:

Prev Open: 1.2460
Prev Close: 1.2441
% chg. over the last day: -0.15%

The Canadian dollar is a commodity currency, so USD/CAD is highly dependent on the dynamics of the dollar index and oil prices. At the end of yesterday the dollar index sharply decreased on the news on inflation in the US, while oil prices remained unchanged. As a result, the price of the USD/CAD currency pair declined due to the weakness of the US currency.

Trading recommendations

Support levels: 1.2425
Resistance levels: 1.2518, 1.2565, 1.2628, 1.2729, 1.2774, 1.2891

From the technical point of view, the trend of the USD/CAD currency pair is bearish. But now the price is trading in a corridor which turns into a narrowing triangle pattern. The MACD indicator has become inactive, but there are signs of divergence on higher time frames. Under such market conditions, it is better to search for sell deals from the resistance levels near the moving average, as the price has strongly deviated from the average values. Buy trades should be considered only on lower time frames from the support levels, if there is the buyer’s initiative after the price breakout the triangle upwards.

Alternative scenario: if the price breaks out through the 1.2565 resistance level and fixes above, the uptrend will likely resume.

News feed for 2021.10.14:

• US Crude Oil Reserves (w/w) at 18:00 (GMT+3).

Spot gold rose sharply on Wednesday (up 1.82% for the day, the second biggest daily advance in 2021) lifted by weaker dollar on further rise in US inflation and unclear situation regarding the start of tapering stimulus, which markets widely expected to begin in Nov/Dec.

Fresh advance broke through 200DMA ($1796) and hit one-month high, pressuring psychological $1800 barrier, break of which would generate fresh bullish signal for further advance.

Bullish daily studies support the near-term action which is currently riding on the third wave of five-wave cycle from $1721 (Sep 29 low).

Bulls extended above 100% of Fibonacci expansion that opens way towards targets at $1814 (FE 138.2%) and $1825 (FE 161.8%) in extension.

Thick daily cloud, above which the price emerged on Wednesday, underpins the action and cloud top ($1784) marks solid support, expected to keep the downside protected.

Res: 1800, 1808, 1814, 1820.
Sup: 1791, 1786, 1784, 1779.

Notes/Observations

• Inflation outlook continue to be the focus.
• Emerging market central banks continue tightening (overnight saw Chile, Singapore).

Asia

• China Sept CPI Y/Y: 0.7% v 0.8%e; PPI Y/Y: 10.7% v 10.5%e (20-year high).
• Australia Sept Net Employment Change: -138.0K v -110.0Ke; Unemployment Rate: 4.6% v 4.8%e.
• Singapore Monetary Authority (MAS): semiannual monetary policy statement noted it would move to tightening and raise slightly the slope of S$NEER currency band. Slope increase to ensure price stability over medium term, while recognizing the risks to economic recovery (Note: The S$NEER slope was previously zero).
• Singapore Q3 Advance GDP Q/Q: 0.8% v 1.1%e; Y/Y: 6.5% v 6.6%e.
• BOJ Official Noguchi noted that reduction in monetary easing as seen at other central banks was not an option for Japan for awhile.
• Japan LDP Lawmaker Yamamoto stated that the govt must compile stimulus package of at least ¥32-33T. Weaker JPY currency (yen) was beneficial for economy and increases competitiveness.
• South Korea Fin Min Hong: Recent FX declines in KRW currency (won) were 'fast', closely monitoring movements.
• Japan confirmed has dissolved Parliament in preparation for Oct 31st election.

Europe

• EU Commission presented its counter-proposal on Northern Ireland Protocol; Proposed to cut Northern Ireland customs checks and paperwork but would not renegotiate EU court oversight. EU would not threaten UK but 'plans for all eventualities'.
• EU’s EU's Sefcovic stated that there was no deadline for agreement on Northern Ireland trade rules with UK but hoped for new arrangement in the new year. 'Would be good for a change' if UK reciprocated constructive spirit.
• Ireland's DUP party spokesperson: EU's proposals were a starting point but appeared to fall far short of the fundamental change needed.
• Turkey President Erdogan removed three central bank MPC members ; kept Gov Kavcioglu.

Americas

• FOMC Sept Minutes: The rise in covid cases had slowed the recovery. Inflation was elevated but largely reflecting transitory factors. Tapering could begin this year and end by mid-2022.
• Chile Central Bank raised the Overnight Rate Target by 125bps to 2.75% (more-than-expected).

Energy

• Weekly API Crude Oil Inventories: +5.2M v +1.0M prior (gasoline had a draw).

Speakers/Fixed income/FX/Commodities/Erratum

Equities

• Indices [Stoxx600 +0.89% at 464.48, FTSE +0.70% at 7,191.53, DAX +0.73% at 15,360.15, CAC-40 +0.74% at 6,646.20, IBEX-35 +0.89% at 8,960.50, FTSE MIB 0.91% at 26,197.00, SMI 0.00% at 11,815.03, S&P 500 Futures +0.68%].
• Market Focal Points/Key Themes: European indices open generally higher and advanced into the green as the session progressed; sectors trending to the upside include materials and technology; laggard sectors include consumer discretionary and consumer staples; oil and gas subsector supported as crude prices move above $81/bbl; unofficial start of third quarter earnings season; earnings expected during the upcoming US session includes Bank of America, Walgreens Boots, Morgan Stanley and Well Fargo.

Equities

• Consumer discretionary: Publicis [PUB.FR] +3% (earnings), Kesko [KESKOB.FI] +4.5% (prelim earnings), Hays [HAS.UK] +3% (trading update), TomTom [TOM2.NL] +1% (earnings; cuts margin guidance), Domino's Pizza Group [DOM.UK] -1% (trading update).
• Energy: Hurricane Energy [HUR.UK] +17% (earnings).
• Financials: Sabre Insurance Group [SBRE.UK] -2% (trading update).
• Industrials: Demant [DEMANT.UK] -4% (implants recall).

Speakers

• BOE's Tenreyro stated that inflation should be transitory.
• Poland MPC Member Ancyparowicz stated that the recent rate hike was not the beginning of a cycle; not a given that central bank would not hike by Feb.
• Russia Dep PM Novak stated that Europe had not asked Russia to increase gas supplies.
• Saudi Oil Min Abdulaziz stated that saw oil market balanced by end of year. Saw challenging year ahead for OPEC+ (refers to 2022); need gradual and phased approach.
• China Premier Li Keqiang stated that Q3 growth leveled off due to a varied of factors; recovery remained unbalanced but confident to achieve full year targets. Had ample policy reserves to cope with challenges.

Currencies/Fixed income

• USD rally entered a pause following the release of the FOMC Sept Minutes. Profit-taking appeared to be the catalyst as September meeting confirmed tapering of stimulus is all but certain to start this year, and showed a growing number of policymakers worried that high inflation could persist.
• GBP/USD was back at 1.37 by mid-session aided by speculation about an imminent BOE interest-rate hike. Dealers noted that headwinds remain in the pair as UK faced further political and economic risks from its post-Brexit negotiation position.
• EUR/USD back above the 1.16 on profit-taking.
• TRY currency (Lira) continued to make fresh record lows against USD; pair approaching 9.19 level in the session after Turkey President Erdogan again removed several central bank MPC members.

Economic data

• (FI) Finland Sept CPI M/M: 0.3% v 0.2% prior; Y/Y: 2.5% v 2.2% prior.
• (FI) Finland Aug Final Retail Sales Volume Y/Y: 3.4% v 1.2% prelim.
• (IN) India Sept Wholesale Prices (WP) Y/Y: 10.7% v 11.1%e.
• (CH) Swiss Sept Producer & Import Prices M/M: 0.2% v 0.7% prior; Y/Y: 4.5% v 4.4% prior.
• (ES) Spain Sept Final CPI M/M: 0.8% v 0.8% prelim; Y/Y: 4.0% v 4.0% prelim.
• (ES) Spain Sept Final CPI EU Harmonized M/M: 1.1% v 1.1% prelim; Y/Y: 4.0% v 4.0% prelim.
• (ES) Spain Sept CPI Core M/M: 0.3% v 0.1% prior; Y/Y: 1.0% v 0.7% prior.
• (SE) Sweden Sept CPI M/M: 0.5% v 0.6%e; Y/Y: 2.5% v 2.7%e; CPI Level: 345.74 v 346.22e.
• (SE) Sweden Sept CPIF M/M: 0.5% v 0.7%e; Y/Y: 2.8% v 3.0%e.
• (SE) Sweden Sept CPIF (ex-energy) M/M: 0.2% v 0.4%e; Y/Y: 1.5% v 1.7%e.
• (CZ) Czech Aug Current Account Balance (CZK): -37.8B v -12.0Be.
• (IS) Iceland Sept International Reserves (ISK): 939B v 931B prior.

Fixed income issuance

• (SE) Sweden sold total SEK1.25B vs. SEK1.25B indicated in 2028 and 2032 inflation-linked bonds.
• (IE) Ireland Debt Agency (NTMA) sold total €1.5B vs. €1.0-1.5B indicated range in 2031, 2045 and 2050 IGB Bonds.

Looking ahead

• 05:25 (EU) Daily ECB Liquidity Stats.
• 05:30 (HU) Hungary Debt Agency (AKK) to sell 12-month Bills.
• 06:00 (IE) Ireland Sept CPI M/M: No est v 0.6% prior; Y/Y: No est v 2.8% prior.
• 06:00 (IE) Ireland Sept CPI EU Harmonized M/M: No est v 0.7% prior; Y/Y: No est v 3.0% prior.
• 06:00 (IE) Ireland Aug Property Prices M/M: No est v 1.7% prior; Y/Y: No est v 8.6% prior.
• 06:00 (RO) Romania to sell 4.25% 2036 Bonds.
• 06:00 (RO) Romania to sell 12-month Bills.
• 06:10 (UK) BOE's Tenreyro speaks on currency and monetary policy.
• 07:15 (SE) Sweden Central Bank (Riksbank) Dep Gov Skingsley on digital currency.
• 08:00 (PL) Poland Aug Current Account Balance -€0.9Be v-€1.8B prior; Trade Balance: -€0.7Be v -€0.7B prior; Exports: €21.5Be v €22.4B prior; Imports: €22.2Be v €23.1B prior.
• 08:00 (BR) Brazil Aug IBGE Services Sector Volume Y/Y: 16.1%e v 17.8% prior.
• 08:00 (UK) Daily Baltic Dry Bulk Index.
• 08:30 (US) Sept PPI Final Demand M/M: 0.6%e v 0.7% prior; Y/Y: 8.7%e v 8.3% prior.
• 08:30 (US) Sept PPI (ex-food/energy) M/M: 0.5%e v 0.6% prior; Y/Y: 7.1%e v 6.7% prior.
• 08:30 (US) Sept PPI (ex-food/energy/trade) M/M: 0.4%e v 0.3% prior; Y/Y: 6.4%e v 6.3% prior.
• 08:30 (US) Initial Jobless Claims: 320Ke v 326K prior; Continuing Claims: 2.69Me v 2.714M prior.
• 08:30 (CA) Canada Aug Manufacturing Sales M/M: +0.3%e v -1.5% prior.
• 08:30 (NL) ECB's Knot (Netherlands).
• 09:00 (RU) Russia Gold and Forex Reserve w/e Oct 8th: No est v $611.9B prior.
• 10:00 (MX) Mexico Central Bank (Banxico) Sept Minutes.
• 10:00 (US) Fed’s Bostic participates on Panel.
• 10:30 (US) Weekly EIA Natural Gas Inventories.
• 10:40 (UK) BOE's Mann speaks on Covid-19.
• 11:00(US) Weekly DOE Oil Inventories.
• 11:30 (US) Treasury to sell 4-week and 8-week Bills.
• 12:00 (US) Fed’s Logan on Policy Implementation.
• 13:00 (US) Fed’s Barkin.
• 14:00 (UK) BOE’s Cunliffe.
• 15:00 (AR) Argentina Sept National CPI M/M: 3.0%e v 2.5% prior; Y/Y: 51.7%e v 51.4% prior.
• 17:30 (NZ) New Zealand Sept Business Manufacturing PMI: No est v 40.1 prior.
• 18:00 (US) Fed’s Harker on economic outlook.
• 20:00 (AU) Australia to sell A$1.0B in 4.25% 2026 Bonds.
• 22:00 (ID) Indonesia Sept Trade Balance: $3.8Be v $4.7B prior; Exports Y/Y: 51.0%e v 64.1% prior; Imports Y/Y: 49.5%e v 55.3% prior.
• 22:30 (KR) South Korea to sell KRW350B in 50-year Bonds.
• 23:00 (CN) China to sell 30-year Bond.
• 23:30 (JP) Japan to sell 3-Month Bills.