Thursday 5th February: European Open Briefing

Global Markets:

  • Asian stock markets: Nikkei down 0.75 %, Shanghai Composite gained 1.20 %, Hang Seng rose 0.50 %, ASX up 0.60 %
  • Commodities: Gold at $1272 (+0.60 %), Silver at $17.44 (+0.30 %), WTI Oil at $48.42 (-0.05 %), Brent Oil at $54.45 (-0.20 %)
  • Rates: US 10 year yield at 1.742, UK 10 year yield at 1.521, German 10 year yield 0.367

News & Data:

  • Australia Retail Sales 0.2 % m/m, Expected: 0.4 %, Previous: 0.1 %
  • Australia Retail Sales 1.5 % y/y, Expected: 1.0 %, Previous: 0.9 %
  • Australia HIA New Home Sales -1.9 %, Previous: 2.2 %
  • Asia Stocks Fall on Euro Concern; China Futures Jump amid Easing (BBG)

Markets Update:

EUR/USD fell to a low of 1.13 overnight as the ECB announced last night that the waiver that allowed Greece to swap its junk-rated debt for money would expire on February 11, well ahead of the previous deadline of February 28th. This happened despite a meeting between ECB President Draghi and the Greek Finance Minister. Dealers reported that leveraged funds resumed EUR-selling, but EUR/JPY demand from Japanese names helped the pair recover to 1.1360. USD/JPY continues to consolidate, with many waiting for the NFP release. 116.85 and 118.00 are now the key levels to watch for.

Upcoming Events:

  • 07:00 GMT – German Factory Orders (1.5 % m/m)
  • 12:00 GMT – Bank of England Interest Rate Decision (0.50 %)
  • 13:30 GMT – US Initial Jobless Claims (290k)
  • 13:30 GMT – US Trade Balance (-$38bln)
  • 13:30 GMT – Canadian Trade Balance (-C$1bln)

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