Global Markets:
- Asian stock markets: Shanghai Composite lost 0.10 %, Hang Seng gained 0.15 %, ASX 200 rose 0.50 %, Nikkei closed for holiday
- Commodities: Gold at $1329 (+0.15 %), Silver at $20.06 (-0.50 %), WTI Oil at $46.78 (+0.25 %), Brent Oil at $47.85 (+0.55 %)
- Rates: US 10 year yield at 1.56, UK 10 year yield at 0.84, German 10 year yield at 0.00
News & Data:
- New Zealand CPI (MoM) Q2: 0.4% (est. 0.5%, prev. 0.2%)
- New Zealand CPI (YoY) Q2: 0.4% (est. 0.5%, prev. 0.4%)
- New Zealand Performance of Services Index Jun: 56.7 (prev. 56.9)
- China New Home Prices (YoY) June: 7.3% (prev. 6.9%)
- UK Rightmove House Prices (MoM) Jul: -0.9% (prev. 0.8%)
- UK Rightmove House Prices (YoY) Jul: 4.5% (prev. 5.5%)
- ECB Seen Supporting German Bonds After Biggest Selloff This Year – BBG
- UK offered Brexit free trade deal with Australia – BBC
- Turkish central bank says "will provide banks with needed liquidity without limits" – BBG
- BOE's Vlieghe Says Post-Brexit Economy Needs Range of Stimulus – BBG
CFTC Positioning Data:
-
EUR 88K short versus 75K short last week. Shorts increased by 13K
- GBP 60K short versus 49K short last week. Shorts increased by 11K.
- JPY 48K long versus 64K long last week. Longs cut by 16K.
- CHF 6.7K long versus 8.7K long last week. Longs cut by 2K.
- CAD 17K long versus 12 K long last week. Long's increased by 5K.
- AUD 16k long versus 5k long last week. Longs increased by 11K.
- NZD 1.0k long versus 1.4 K short last week.
Markets Update:
EUR/USD opened at 1.1050 in Sydney, roughly 20 pips higher from Friday's close. The pair consolidated in a 1.1050-70 range for most of the Asian session, with flows being light. GBP/USD started the new trading week at 1.3180, unchanged from Friday's close, and rallied to 1.3268 later in the day as risk appetite increased.
News about a coup attempt in Turkey weighed on the USD/JPY in late Friday trading, but the pair retraced overnight as the situation in Turkey has stabilized. The pair opened at 105.30, 50 pips up from Friday's close, and extended gains to 106.00 ahead of the Tokyo open.
Upcoming Events:
- 09:00 BST – SNB Total Sight Deposits
- 09:15 BST – BoE's Weale speaks
- 15:00 BST – US NAHB Housing Market Index
The Week Ahead:
Tuesday, July 19th
- 02:30 BST – RBA Meeting Minutes
- 09:30 BST – UK CPI
- 10:00 BST – German ZEW Economic Sentiment
- 10:00 BST – Euro Zone ZEW Economic Sentiment
- 13:30 BST – US Building Permits
- 13:30 BST – US Housing Starts
Wednesday, July 20th
- 01:30 BST – Australia MI Leading Index
- 07:00 BST – German PPI
- 09:00 BST – Euro Zone Current Account
- 09:30 BST – UK Claimant Count Change
- 09:30 BST – UK Unemployment Rate
- 09:30 BST – UK Average Earnings
- 10:00 BST – Swiss ZEW Expectations
- 15:30 BST – US Crude Oil Inventories
Thursday, July 21st
- 02:30 BST – Australia NAB Business Confidence
- 07:00 BST – Swiss Trade Balance
- 09:30 BST – UK Retail Sales
- 12:45 BST – ECB Rate Decision
- 13:30 BST – ECB Press Conference
- 13:30 BST – US Initial Jobless Claims
- 13:30 BST – US Philadelphia Fed Manufacturing Index
- 14:00 BST – US House Price Index
- 15:00 BST – US CB Leading Index
- 15:00 BST – US Existing Home Sales
Friday, July 22nd
- 03:00 BST – Japan Manufacturing PMI
- 08:00 BST – French Manufacturing PMI
- 08:00 BST – French Services PMI
- 08:30 BST – German Manufacturing PMI
- 08:30 BST – German Services PMI
- 09:00 BST – Euro Zone Manufacturing PMI
- 09:00 BST – Euro Zone Services PMI
- 09:30 BST – UK Manufacturing PMI
- 13:30 BST – Canadian CPI
- 13:30 BST – Canadian Retail Sales
- 20:30 BST – CFTC Positioning Data
