{"id":17033,"date":"2016-05-19T10:07:40","date_gmt":"2016-05-19T04:37:40","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=17033"},"modified":"2016-05-19T10:07:40","modified_gmt":"2016-05-19T04:37:40","slug":"thursday-19th-may-european-open-briefing","status":"publish","type":"post","link":"https:\/\/ic-ch-asia.com\/blog\/thursday-19th-may-european-open-briefing\/","title":{"rendered":"Thursday 19th May: 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 0.05 %, Shanghai Composite gained 0.40 %, Hang Seng fell 0.30 %, ASX 200 declined 0.70 %\n\t<\/li>\n<li>\n\t\tCommodities: Gold at $1259 (-1.20 %), Silver at $16.87 (-1.50 %), WTI Oil at $47.50 (-1.40 %), Brent Oil at $48.15 (-1.60 %)\n\t<\/li>\n<li>\n\t\tRates: US 10 year yield at 1.86, UK 10 year yield at 1.44, German 10 year yield at 0.17\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>News &amp; Data:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tAustralia Employment Change (Apr): 10.8K (exp 12.0K prev 26.1K)\n\t<\/li>\n<li>\n\t\tAustralia Full Time Employment Change (Apr): -9.3K (prev rev -10.1K)\n\t<\/li>\n<li>\n\t\tAustralia Part Time Employment Change (Apr): 20.2K (prev 36.2K)\n\t<\/li>\n<li>\n\t\tAustralia Unemployment Rate (Apr): 5.7% (exp 5.8% prev 5.7%)\n\t<\/li>\n<li>\n\t\tAustralia Participation Rate (Apr): 64.8% (exp 64.9% prev 64.9%)\n\t<\/li>\n<li>\n\t\tJapan Machine Orders (MoM) Mar: 5.5% (exp -2.0% prev -9.2%)\n\t<\/li>\n<li>\n\t\tJapan Machine Orders (YoY) Mar: 3.2% (exp 0.8% prev -0.7%)\n\t<\/li>\n<li>\n\t\tJapan Housing Loans (YoY) Q1: 1.9% (prev 2.2%)\n\t<\/li>\n<li>\n\t\tNew Zealand ANZ Consumer Confidence Index (May): 116.2 (prev 120.0)\n\t<\/li>\n<li>\n\t\tNew Zealand ANZ Job Advertisements (MoM) Apr: 1.7% (prev rev 3.1%)\n\t<\/li>\n<li>\n\t\tKuwait Oil Minister: OPEC strategy working as demand is rising and non-OPEC supply is falling\n\t<\/li>\n<li>\n\t\tKuwait Oil Minister: Sees oil price at $50\/bbl at year end; currently produce 3mln\/bpd, plan to reach 4mln\/bpd by end of 2020: BBG\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>FOMC Meeting Minutes:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tMost judged it would likely be appropriate to hike in June if data remains consistent with Q2 GDP pickup, firmer labour market conditions and progress on inflation\n\t<\/li>\n<li>\n\t\tSome concerned that markets may not have accurately assessed the chance of a June hike\n\t<\/li>\n<li>\n\t\tPolicymakers expressed a range of opinions on whether there would be enough incoming data before June 15 meeting to warrant a hike\n\t<\/li>\n<li>\n\t\tSome judged outlook as now roughly balanced, many others continued to see downside risks\n\t<\/li>\n<li>\n\t\tFed saw it as appropriate to hike in April, two worried that US behind the curve on inflation\n\t<\/li>\n<li>\n\t\tMany expressed confidence that US growth would pick up in coming quarters but some saw risk that a more persistent slowdown underway\n\t<\/li>\n<li>\n\t\tGenerally saw risks from global and financial developments as having diminished but still warranted close monitoring\n\t<\/li>\n<li>\n\t\tRisks to the projection for inflation were still judged as weighted to the downside, reflecting the possibility that longer-term inflation expectations may have edged down\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>Markets Update:<\/strong><br \/>\n<\/h4>\n<p>\n\tThe US Dollar strengthened after the release of the FOMC minutes as the Fed signalled that a rate hike next month is still possible, if data remains consistent.\n<\/p>\n<p>\n\tEUR\/USD fell from 1.1290 to 1.1215 following the release of the minutes. It has bounced from there and traded in 1.1215-30 range overnight. Meanwhile, GBP\/USD was more resilient and only declined from 1.4630 to 1.4580. The Pound has been bid since a poll yesterday showed that 55 % would vote for the UK to remain a member of the EU and 37 % for leaving. In Asia, the pair extended losses slightly, but only to 1.4670. Support is now seen at 1.4525.\n<\/p>\n<p>\n\tUSD\/JPY is back above 110, although profit-taking flows have capped the topside at 110.30 and the pair fell back to 109.95 briefly. Bids are expected at 109.50 and 109.20, while offers lie at 110.50-60.\n<\/p>\n<p>\n\tAUD\/USD declined from 0.73 to 0.7230 post-FOMC and later extended losses to 0.7208. NZD\/USD fell from 0.68 to 0.6735 immediately after the minutes release and later posted a low of 0.6725 in Asia.\n<\/p>\n<h4>\n\t<strong>Upcoming Events:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t09:00 BST &#8211; Euro Zone Current Account\n\t<\/li>\n<li>\n\t\t09:30 BST &#8211; UK Retail Sales\n\t<\/li>\n<li>\n\t\t12:30 BST &#8211; ECB Meeting Minutes\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; US Initial Jobless Claims\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; US Phily Fed Manufacturing Index\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; Canadian Wholesale Sales\n\t<\/li>\n<li>\n\t\t15:00 BST &#8211; US CB Leading Index\n\t<\/li>\n<li>\n\t\t15:30 BST &#8211; FOMC Member Dudley speaks\n\t<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Nikkei down 0.05 %, Shanghai Composite gained 0.40 %, Hang Seng fell 0.30 %, ASX 200 declined 0.70 % Commodities: Gold at $1259 (-1.20 %), Silver at $16.87 (-1.50 %), WTI Oil at $47.50 (-1.40 %), Brent Oil at $48.15 (-1.60 %) Rates: US 10 year yield at 1.86, UK &hellip; <a href=\"https:\/\/ic-ch-asia.com\/blog\/thursday-19th-may-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Thursday 19th May: 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-17033","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\/17033","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=17033"}],"version-history":[{"count":1,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/posts\/17033\/revisions"}],"predecessor-version":[{"id":17034,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/posts\/17033\/revisions\/17034"}],"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=17033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=17033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=17033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}