Global Markets:
- Asian stock markets: Nikkei up 2.20 %, Shanghai Composite gained 0.25 %, Hang Seng rose 1.20 %, ASX 200 rallied 0.80 %
- Commodities: Gold at $1342 (-0.15 %), Silver at $19.70 (-0.60 %), WTI Oil at $41.90 (+0.25 %), Brent Oil at $44.35 (+0.15 %)
- Rates: US 10 year yield at 1.59, UK 10 year yield at 0.67, German 10 year yield at -0.06
News & Data:
- China Trade Balance (Jul): USD 52.3 Bln (exp USD 47.6 Bln prev USD 48.1 Bln)
- China Exports USD (YoY) Jul: -4.4% (exp -3.0%, prev -4.8%)
- China Imports USD (YoY) Jul: -12.5% (exp -7.0% prev -8.4%)
- Japan BoP Trade Balance (Jun): JPY 763.5 Bln (exp JPY 773.5 Bln prev JPY 39.9 Bln)
- Japan BoP Current Account Balance (Jun): JPY 974.4 Bln (exp JPY 1103.5 Bln prev JPY 1809.1 Bln)
- Japan BoP Current Account Balance Adjusted (Jun): JPY 1648.4 Bln (exp JPY 1600.1 Bln prev JPY 1414.5 Bln)
- Australia ANZ Job Advertisements (MoM) Jul: -0.8% (prev 0.50%)
- PBoC Fixes Yuan Reference Rate at 6.6615 (prev 6.6406)
- Japanese EconMin Ishihara: Hopes Lower Interest Rates Raise Capex & Consumer Spending — RTRS
- Ishihara: Must Continue to Carefully Watch Effects of NIRP On Real Economy
CFTC Positioning Data:
- EUR 104K short versus 112K short last week
- GBP 83K short versus 81K short last week
- JPY 41.7K long versus 34K long last week
- CHF 1.7K short versus 1K long last week
- CAD 18K long versus 23K long last week
- AUD 31K long versus 31K long last week
- NZD 0.2 long versus 0.2K long last week
Markets Update:
In the Asian session, the US Dollar gave up some of its recent gains despite the strong NFP data on Friday. EUR/USD opened around 1.1085 in Sydney and reached a high of 1.1105 later in the session. Similar price action was seen in GBP/USD, which rose from 1.3070 to 1.3095.
USD/JPY was mixed. It initially rallied from 101.80 to 102.25 in the early session, but then ran out of momentum and fell back to 101.90.
The commodity currencies are slightly weaker this morning, with AUD/USD consolidating around 0.7610, while NZD/USD fell from 0.7130 to 0.7085 and is currently trading around the 0.7110 level.
Upcoming Events:
- 08:15 BST – Swiss CPI
- 09:30 BST – Euro Zone Sentix Investor Confidence
- 13:30 BST – Canadian Building Permits
The Week Ahead:
Tuesday, August 9th
- 02:30 BST – Australia NAB Business Confidence
- 02:30 BST – China CPI
- 06:45 BST – Swiss Unemployment Rate
- 07:00 BST – German Trade Balance
- 09:30 BST – UK Industrial Production
- 09:30 BST – UK Manufacturing Production
- 09:30 BST – UK Trade Balance
- 13:15 BST – Canadian Housing Starts
- 15:00 BST – UK NIESR GDP Estimate
Wednesday, August 10th
- 00:50 BST – Japan PPI
- 01:30 BST – Australia Westpac Consumer Sentiment
- 02:30 BST – Australia Home Loans
- 04:05 BST – RBA Governor Stevens speaks
- 09:00 BST – Norwegian CPI
- 15:00 BST – US JOLTs Job Openings
- 15:30 BST – US Crude Oil Inventories
- 22:00 BST – RBNZ Rate Decision
- 23:00 BST – RBNZ Governor Wheeler speaks
Thursday, August 11th
- 01:00 BST – Singapore GDP
- 02:00 BST – Australia MI Inflation Expectations
- 07:45 BST – French CPI
- 09:00 BST – Italian CPI
- 13:30 BST – US Initial Jobless Claims
- 23:45 BST – New Zealand Retail Sales
Friday, August 12th
- 03:00 BST – China Industrial Production
- 03:00 BST – China Retail Sales
- 07:00 BST – German GDP
- 07:00 BST – German CPI
- 08:00 BST – Spanish CPI
- 09:00 BST – Italian GDP
- 10:00 BST – Euro Zone GDP
- 10:00 BST – Euro Zone Industrial Production
- 13:30 BST – US Retail Sales
- 13:30 BST – US PPI
- 15:00 BST – US Michigan Consumer Sentiment
- 20:30 BST – CFTC Positioning Report
