Heads-up News 

London Trading Session Heads Up Friday, November 9, 2018

London opening news digest

Crude Oil Prices Shrug Off OPEC Chatter, Drop on Fed Outlook

Crude oil prices shrugged off chatter about a possible OPEC output cut in 2019, dropping yet again as a hawkish shift in Fed policy bets

 

Crude Oil Prices May Extend Fall as Fed Boosts USD, Sinks S&P 500

Crude oil prices flirted with a 10-day loss, an eleventh would be the longest losing streak in over thirty years. Fed, stronger US Dollar and

 

Asian Stocks Lower As Fed Stays On Rate Hike Path, Trade Eyed

Asian stocks struggled in the aftermath of a Federal Reserve monetary policy meet which went almost entirely as markets had expected

 

UK: Industrial production and trade data in the limelight – Nomura

Analysts at Nomura suggest that the release of industrial production and trade data are going to be the key economic release for today’s UK session.

 

France Industrial Output (MoM) came in at -1.8% below forecasts (-0.3%) in September

France Industrial Output (MoM) came in at -1.8% below forecasts (-0.3%) in September

 

China: Inflationary pressures remain muted – Danske Bank

Chinese inflation data for October was published overnight and came in roughly as expected with PPI printing 3.3% y/y, down from 3.6% y/y in September

 

When are the UK data releases and how could they affect GBP/USD?

The UK Economic Data Overview

The UK docket has the monthly and quarterly GDP releases today for the third quarter, alongside the trade balance and i

 

UK: GDP likely to rise by 0.1% in September – Nomura

Analysts at Nomura suggest that based on their forecasts for flat industrial production, a small 0.1% rise in service sector output and a modest rebou

 

USD/JPY retreats further from 5-week tops, at low point of the day

•  The post-FOMC USD up-move fails to assist build on overnight strong up-move.
   •  Risk-off mood underpins JPY’s safe-haven demand and exerts do

 

Denmark Current Account rose from previous 8.7B to 12.3B in September

Denmark Current Account rose from previous 8.7B to 12.3B in September

 

Irish PM Varadkar: Sees earliest Brexit summit at the end of November

The Irish Prime Minister Leo Varadkar, via the Irish Times, sees the earliest Brexit summit to be held at the end of November. 

This comes after Time

 




UK: Brexit and GDP at the centre stage – Danske Bank

Analysts at Danske Bank suggest that in the UK, focus remains on Brexit, where we have seen mixed signals on whether the UK Cabinet is about to reach

 

GBP/USD Technical Analysis: Returning to the mean as buyers step away

GBP/USD M5

Hourly candles see the GBP/USD geared for a test of the 200-hour moving average from 1.2970, with intraday resistance from the 50-hour

 

Norway Core Inflation (YoY) came in at 1.6% below forecasts (1.8%) in October

Norway Core Inflation (YoY) came in at 1.6% below forecasts (1.8%) in October

 

N. Irish DUP Leader Foster: UK PM May’s Brexit letter raises `alarm bells’

Northern Irish Democratic Unionist Party (DUP) Leader Arlene Foster was reported by Reuters, as making some comments on the UK PM Theresa May, in resp

 

Norway Producer Price Index (YoY) increased to 22.5% in October from previous 21.1%

Norway Producer Price Index (YoY) increased to 22.5% in October from previous 21.1%

 

Norway Consumer Price Index (MoM) below expectations (0.4%) in October: Actual (-0.2%)

Norway Consumer Price Index (MoM) below expectations (0.4%) in October: Actual (-0.2%)

 

Denmark Trade Balance: 5.3B (September) vs 5B

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are

 

Norway Consumer Price Index (YoY) below forecasts (3.4%) in October: Actual (3.1%)

Norway Consumer Price Index (YoY) below forecasts (3.4%) in October: Actual (3.1%)

 

Norway Core Inflation (MoM) registered at 0%, below expectations (0.1%) in October

Norway Core Inflation (MoM) registered at 0%, below expectations (0.1%) in October

 

Any pause/ turn in Fed rate cycle to have a quick effect on US economy – Citi

Analysts at Citi group offer their take on the US economy, in the wake of the Fed’s tightening cycle and Trump’s fiscal stimulus.

Key Quotes:

“Expec

 

AUD/USD extends overnight rejection slide from 0.73 handle

•  The post-FOMC USD strength keeps exerting downward pressure.
   •  Softer Chinese PPI print/copper prices further add to the selling bias.

Afte

 

Italy’s Borghi questions if EU will have the ‘courage’ to sanction Italy – La Stampa

Italy’s Head of the Budget Committee, Claudio Borghi, is on the wires now, La Stampa, with the key headlines found below.

EU used made-up numbers in

 




China: CPI inflation stabilised at 2.5% in October – Nomura

China’s Consumer price index inflation stabilised at 2.5% y-o-y in October, unchanged from September, as the moderation of food price inflation – driv

 

Fed: On course for a December hike – Danske Bank

Analysts at Danske Bank note that the US Fed stayed on hold and made no major change to the policy signals in the statement, which means the Fed is st

 

EUR futures: neutral/bearish near term

CME Group’s preliminary figures for EUR futures markets noted open interest rose by more than 1.9K contracts on Thursday from Wednesday’s final 519,59

 

GBP: Driven by the Brexit deal outcome – Westpac

According to Tim Riddell, Research Analyst at Westpac, GBP is being driven by whether or not a Brexit deal can be struck to enter a prolonged “transit

 

EUR/USD Technical Analysis: Stuck to 1.1350 as buyers roll over

EUR/USD M5

Hourly candles have the Fiber breaking down from a near-term rising HL/HH pattern, and the EUR/USD is threatening to get caught in a b

 

UK: Focus on monthly GDP data – TDS

Analysts at TD Securities expect a second consecutive month of 0.0% m/m monthly GDP in September (consensus: 0.1%) for UK economy.

Key Quotes

“Howev

 

Forex Today: US dollar regains poise amid risk-off Asia, focus on UK GDP

The buying interest around the US dollar across its main competitors regained momentum in Asia on the final trading day of the week, as risk-aversion

 

A closely watched measure of market risk has reversed course for the first time since the financial crisis — and it’s created a massive opportunity for investors

There’s been a reversal in market-wide Sharpe ratios, and it’s signaling a major investment opportunity for the first time in a decade.

 

Cheer Up

Adage:

“Every morning I get up and look through the Forbes list of the richest people in America. If I’m not there, I go to work.” – Robert Orben

Cartoon:


Image courtesy: www.profitf.com

Have a nice trading!




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