{"id":17770,"date":"2016-08-09T10:24:00","date_gmt":"2016-08-09T04:54:00","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=17770"},"modified":"2016-08-09T11:23:34","modified_gmt":"2016-08-09T05:53:34","slug":"tuesday-9th-august-european-open-briefing","status":"publish","type":"post","link":"https:\/\/ic-ch-asia.com\/blog\/tuesday-9th-august-european-open-briefing\/","title":{"rendered":"Tuesday 9th August: 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 gained 0.40 %, Shanghai Composite rose 0.30 %, Hang Seng lost 0.20 %, ASX 200 up 0.20 %\n\t<\/li>\n<li>\n\t\tCommodities: Gold at $1340 (-0.10 %), Silver at $19.76 (-0.25 %), WTI Oil at $42.65 (-0.85 %), Brent Oil at $44.98 (-0.90 %)\n\t<\/li>\n<li>\n\t\tRates: US 10 year yield at 1.58, UK 10 year yield at 0.61, German 10 year yield at -0.06\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>News &amp; Data:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tChina CPI (YoY) Jul: 1.8% (exp 1.8% prev 1.9%)\n\t<\/li>\n<li>\n\t\tChina PPI (YoY) Jul: -1.7% (exp -2.0% prev -2.6%)\n\t<\/li>\n<li>\n\t\tAustralia ANZ Roy Morgan Weekly Consumer Confidence Index (W\/E 07 Aug): 114.7 (prev 118.0)\n\t<\/li>\n<li>\n\t\tAustralia NAB Business Survey (Jul): -Conditions: 8 (prev rev 11); Confidence: 4 (prev rev 5)\n\t<\/li>\n<li>\n\t\tJapan Money Stock M2 (YoY) Jul: 3.3% (exp 3.3% prev rev 3.5%)\n\t<\/li>\n<li>\n\t\tJapan Money Stock M3 (YoY) Jul: 2.9% (exp 2.9% prev 2.9%)\n\t<\/li>\n<li>\n\t\tNew Zealand Card Spending Retail (MoM) Jul: 0.3% (exp 0.1% prev 1.2%)\n\t<\/li>\n<li>\n\t\tNew Zealand Card Spending Total (MoM) Jul: 0.4% (prev 1.0%)\n\t<\/li>\n<li>\n\t\tUK BRC Sales Like-For-Like (YoY) Jul: 1.1% (exp -0.7% prev -0.5%)\n\t<\/li>\n<li>\n\t\tRBNZ Shadow Board Recommends RBNZ Cut OCR by 25bps This Week\n\t<\/li>\n<li>\n\t\tBoE&#39;s McCafferty: BoE Should Have a Gradual Approach as it is hard to Determine Correct Amount of Stimulus &#8212; Times\n\t<\/li>\n<li>\n\t\tMcCafferty: Prefer to Learn as We Go\n\t<\/li>\n<li>\n\t\tMcCafferty: If Economy Proves to Have Turned Down in Line with Initial Survey Signals, Believe More Easing Likely to Be Required\n\t<\/li>\n<li>\n\t\tMcCafferty: Bank Rate Can Be Cut Further, Closer to Zero, And Quantitative Easing Can Be Stepped Up\n\t<\/li>\n<li>\n\t\tNAB Looking for two 25bps Cuts from The RBA in 2017, Then Possibility of Unconventional Monetary Policy After\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>Markets Update:<\/strong><br \/>\n<\/h4>\n<p>\n\tThe British Pound extended losses overnight after dovish comments from BoE member McCafferty. He said that he believes further easing is required and that the BoE can cut rates further towards 0 % and increase its QE programme. GBP\/USD fell from 1.3040 in the early Asian session to a low of 1.2978. Further losses seem likely in the near-term, while support is now seen at 1.2950 and 1.2880.\n<\/p>\n<p>\n\tEUR\/USD followed the Pound lower after the Tokyo open and fell from 1.1090 to 1.1070. The pair bounced from there however, and made it back to where it was trading before. USD\/JPY fell overnight despite the broad USD strength. The pair reached a low of 102.30 after starting the day around 102.50.\n<\/p>\n<p>\n\tThe Australian Dollar declined overnight after data showed that consumer and business confidence decreased in July. AUD\/USD fell from 0.7665 to a low of 0.7620. Similar price action was seen in NZD\/USD, which saw a drop to 0.7130 after trading as high as 0.7160 at the Tokyo open.\n<\/p>\n<h4>\n\t<strong>Upcoming Events:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t06:45 BST &#8211; Swiss Unemployment Rate\n\t<\/li>\n<li>\n\t\t07:00 BST &#8211; German Trade Balance\n\t<\/li>\n<li>\n\t\t09:30 BST &#8211; UK Industrial Production\n\t<\/li>\n<li>\n\t\t09:30 BST &#8211; UK Manufacturing Production\n\t<\/li>\n<li>\n\t\t09:30 BST &#8211; UK Trade Balance\n\t<\/li>\n<li>\n\t\t13:15 BST &#8211; Canadian Housing Starts\n\t<\/li>\n<li>\n\t\t15:00 BST &#8211; UK NIESR GDP Estimate\n\t<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Nikkei gained 0.40 %, Shanghai Composite rose 0.30 %, Hang Seng lost 0.20 %, ASX 200 up 0.20 % Commodities: Gold at $1340 (-0.10 %), Silver at $19.76 (-0.25 %), WTI Oil at $42.65 (-0.85 %), Brent Oil at $44.98 (-0.90 %) Rates: US 10 year yield at 1.58, UK &hellip; <a href=\"https:\/\/ic-ch-asia.com\/blog\/tuesday-9th-august-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Tuesday 9th August: 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-17770","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\/17770","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=17770"}],"version-history":[{"count":1,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/posts\/17770\/revisions"}],"predecessor-version":[{"id":17771,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/posts\/17770\/revisions\/17771"}],"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=17770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=17770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ic-ch-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=17770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}