{"id":16417,"date":"2016-03-11T11:51:04","date_gmt":"2016-03-11T06:21:04","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=16417"},"modified":"2016-03-11T11:51:04","modified_gmt":"2016-03-11T06:21:04","slug":"friday-11th-march-european-open-briefing","status":"publish","type":"post","link":"https:\/\/ic-ch-asia.com\/blog\/friday-11th-march-european-open-briefing\/","title":{"rendered":"Friday 11th March: European Open Briefing"},"content":{"rendered":"<p>\n\t<strong>Global Markets:<\/strong>\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<ul>\n<li>\n\t\tAsian stock markets: Nikkei up 0.85 %, Shanghai Composite fell 0.25 %, Hang Seng rallied 0.80 %, ASX 200 rose 0.40 %\n\t<\/li>\n<li>\n\t\tCommodities: Gold at $1272 (-0.05 %), Silver at $15.60 (+1.60 %), WTI Oil at $38.70 (+2.50 %), Brent Oil at $40.80 (+1.80 %)\n\t<\/li>\n<li>\n\t\tRates: US 10 year yield at 1.95, UK 10 year yield at 1.54, German 10 year yield at 0.31\n\t<\/li>\n<\/ul>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t<strong>News &amp; Data:<\/strong>\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<ul>\n<li>\n\t\tNew Zealand Business NZ Manufacturing PMI (Feb): 56.0 (prev rev 58.0)\n\t<\/li>\n<li>\n\t\tNew Zealand Food Prices (MoM) Feb: -0.6% (prev 2.0%)\n\t<\/li>\n<li>\n\t\tNew Zealand REINZ House Sales (YoY) Feb: 5.7% (prev 4.3%) -Median Prices Up 4.7% YoY\n\t<\/li>\n<li>\n\t\tJapan BSI Large All Industry (QoQ) Q1: -3.2 (prev 4.6)\n\t<\/li>\n<li>\n\t\tJapan BSI Large Manufacturing (QoQ) Q1: -7.9 (prev 3.8)\n\t<\/li>\n<li>\n\t\tSome Japanese Officials Call For JPY10tln Stimulus Package &#8212; RTRS\n\t<\/li>\n<li>\n\t\tPBoC Fixes Yuan At 6.4905 (prev 6.5127)\n\t<\/li>\n<\/ul>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t<strong>Markets Update:<\/strong>\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\tThe ECB cut rates and expanded its QE programme yesterday and the Euro fell initially, but Draghi&rsquo;s comment that he doesn&rsquo;t think that further rate cuts will be necessary led to a big short squeeze in the EUR\/USD, which rallied from 1.0820 to a high of 1.1219. Overnight, the Euro retraced some of the recent gains and EUR\/USD fell to a low of 1.1160. Support is now seen at 1.1140 and 1.1050.\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\tGBP\/USD followed the Euro higher yesterday, but ran out of momentum just ahead of the 1.4320 resistance level. Overnight, it fell to 1.4264 as the US Dollar caught a bid. Support can be expected at 1.4240 and 1.4190.\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\tUSD\/JPY declined sharply yesterday as equities turned negative post-ECB, but it recovered slightly overnight as Asian equities rose. The pair rallied from 112.80 to a high of 113.50 and another test of 114.20 seems likely in the short-term.\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\tThe New Zealand Dollar has retraced some of the losses that occurred on Wednesday after the RBNZ rate cut, but it is likely to remain under pressure in the short-term. Resistance is seen at 0.6720 and then 0.6760.<a name=\"_GoBack\"><\/a>\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t<strong>Upcoming Events:<\/strong>\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<ul>\n<li>\n\t\t07:00 GMT &#8211; German CPI\n\t<\/li>\n<li>\n\t\t08:00 GMT &#8211; Spanish CPI\n\t<\/li>\n<li>\n\t\t09:00 GMT &#8211; Italian Industrial Production\n\t<\/li>\n<li>\n\t\t09:30 GMT &#8211; UK Trade Balance\n\t<\/li>\n<li>\n\t\t13:30 GMT &#8211; Canadian Employment Change\n\t<\/li>\n<li>\n\t\t13:30 GMT &#8211; Canadian Unemployment Rate\n\t<\/li>\n<\/ul>\n<p style=\"margin-left:18.0pt;\">\n\t&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: &nbsp; Asian stock markets: Nikkei up 0.85 %, Shanghai Composite fell 0.25 %, Hang Seng rallied 0.80 %, ASX 200 rose 0.40 % Commodities: Gold at $1272 (-0.05 %), Silver at $15.60 (+1.60 %), WTI Oil at $38.70 (+2.50 %), Brent Oil at $40.80 (+1.80 %) Rates: US 10 year yield at 1.95, &hellip; <a href=\"https:\/\/ic-ch-asia.com\/blog\/friday-11th-march-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Friday 11th March: 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-16417","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\/16417","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=16417"}],"version-history":[{"count":1,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/posts\/16417\/revisions"}],"predecessor-version":[{"id":16418,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/posts\/16417\/revisions\/16418"}],"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=16417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=16417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=16417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}