{"id":15546,"date":"2015-12-08T10:23:18","date_gmt":"2015-12-08T04:53:18","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=15546"},"modified":"2015-12-08T10:23:18","modified_gmt":"2015-12-08T04:53:18","slug":"tuesday-8th-december-european-open-briefing","status":"publish","type":"post","link":"https:\/\/ic-ch-asia.com\/blog\/tuesday-8th-december-european-open-briefing\/","title":{"rendered":"Tuesday 8th December: European Open Briefing"},"content":{"rendered":"<h4>\n\t<strong>Global Markets:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tAsian stock markets: Nikkei down 1.00 %, Shanghai Composite lost 1.30 %, Hang Seng fell 1.85 %, ASX declined 0.30 %\n\t<\/li>\n<li>\n\t\tCommodities: Gold at $1072 (-0.30 %), Silver at $14.26 (-0.60 %), WTI Oil at $37.70 (+0.20 %), Brent Oil at $40.96 (+0.55 %)\n\t<\/li>\n<li>\n\t\tRates: US 10 year yield at 2.21, UK 10 year yield at 1.81, German 10 year yield at 0.59\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>News &amp; Data:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tChina Trade Balance (Nov): CNY 343.1bln (exp CNY 407.50bln prev CNY 393.20bln)\n\t<\/li>\n<li>\n\t\tChina Exports CNY (YoY) Nov: -3.70% (exp &#8211; 2.90% prev -3.60%)\n\t<\/li>\n<li>\n\t\tChina Imports CNY (YoY) Nov: -5.60% (exp -11.30% prev -16.00%)\n\t<\/li>\n<li>\n\t\tJapan GDP SA (QoQ) Q3, F: 0.3% (exp 0.0% flash -0.2%)\n\t<\/li>\n<li>\n\t\tJapan GDP Annualised SA (QoQ) Q3, F: 0.8% (exp 0.2% flash -0.8%)\n\t<\/li>\n<li>\n\t\tJapan GDP Nominal SA (QoQ) Q3, F: 0.4% (exp 0.2% flash 0.0%)\n\t<\/li>\n<li>\n\t\tJapan GDP Private Consumption (QoQ) Q3, F: 0.4% (exp 0.5% flash 0.5%)\n\t<\/li>\n<li>\n\t\tJapan GDP Business Spending (QoQ) Q3, F: 0.6% (exp 1.0% flash -1.3%)\n\t<\/li>\n<li>\n\t\tJapan Current Account Balance (Oct): JPY 1458.4bln (exp JPY 1594.2bln prev JPY 1468.4bln)\n\t<\/li>\n<li>\n\t\tJapan Trade Balance (Oct): JPY 200.2bln (exp JPY 202.3bln prev JPY 82.3bln)\n\t<\/li>\n<li>\n\t\tAustralia NAB Business Conditions (Nov): 10 (prev rev 10)\n\t<\/li>\n<li>\n\t\tAustralia NAB Business Confidence (Nov): 5 (prev rev 3)\n\t<\/li>\n<li>\n\t\tPBoC Fixes Yuan Reference Rate At 6.4078 (prev 6.3985)\n\t<\/li>\n<li>\n\t\tNew Zealand FinMin English Expects NZ GDP Growth Of 2.0-2.5% Over Next Few Years &#8212; BBG\n\t<\/li>\n<li>\n\t\tAustralia ANZ Roy Morgan Weekly Consumer Confidence Index (W\/E 6 Dec): 116.3 (prev 112.8)\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>Markets Update:<\/strong><br \/>\n<\/h4>\n<p>\n\tOvernight, the US Dollar regained some strength, except against the Euro and the Japanese Yen. Commodity currencies are under pressure, especially the Canadian Dollar, which has a high correlation with Oil prices. USD\/CAD rallied to a fresh multi-year high at $1.3525 yesterday, as WTI fell below the previous yearly low at $37.70. The next notable resistance level lies at 1.3819, the June 2004 high, and then 1.40, the May 2004 high.\n<\/p>\n<p>\n\tThe Aussie Dollar extended losses in Asia, as it fell below 0.7250 support and to a current intraday low of 0.7234. There is decent support at 0.7220\/25, but a break below would then pave the way for a 0.71 test. NZD\/USD also declined, partly due to the upcoming RBNZ meeting, where the bank is expected to cut rates by 25 bps to 2.50 %. The pair fell to a low of 0.6631 overnight and is now approaching a key support area at 0.6610\/20.\n<\/p>\n<p>\n\tPrice action in the other major pairs was rather subdued. EUR\/USD consolidated in 1.0830-60 range in Asia. While it had a decent bounce off the 1.08 support level yesterday, a clear break above 1.10 will be needed to shift the short-term sentiment to bullish. USD\/JPY still remains caught in the 122.20-123.75 range and it seems we might have to wait until the Fed meeting next week for a major breakout in any direction.<a name=\"_GoBack\"><\/a>\n<\/p>\n<h4>\n\t<strong>Upcoming Events:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t09:30 GMT &#8211; UK Industrial Production\n\t<\/li>\n<li>\n\t\t09:30 GMT &#8211; UK Manufacturing Production\n\t<\/li>\n<li>\n\t\t10:00 GMT &#8211; Euro Zone GDP\n\t<\/li>\n<li>\n\t\t13:15 GMT &#8211; Canadian Housing Starts\n\t<\/li>\n<li>\n\t\t13:30 GMT &#8211; Canadian Building Permits\n\t<\/li>\n<li>\n\t\t15:00 GMT &#8211; US JOLTs Job Openings\n\t<\/li>\n<li>\n\t\t17:50 GMT &#8211; Bank of Canada Governor Poloz speaks\n\t<\/li>\n<\/ul>\n<p>\n\t&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Nikkei down 1.00 %, Shanghai Composite lost 1.30 %, Hang Seng fell 1.85 %, ASX declined 0.30 % Commodities: Gold at $1072 (-0.30 %), Silver at $14.26 (-0.60 %), WTI Oil at $37.70 (+0.20 %), Brent Oil at $40.96 (+0.55 %) Rates: US 10 year yield at 2.21, UK 10 &hellip; <a href=\"https:\/\/ic-ch-asia.com\/blog\/tuesday-8th-december-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Tuesday 8th December: European Open Briefing<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":12469,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-15546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/posts\/15546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/comments?post=15546"}],"version-history":[{"count":1,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/posts\/15546\/revisions"}],"predecessor-version":[{"id":15547,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/posts\/15546\/revisions\/15547"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/media\/12469"}],"wp:attachment":[{"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/media?parent=15546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=15546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=15546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}