Global Markets:
- Asian stock markets: Nikkei down 0.85 %, Shanghai Composite fell 0.30 %, Hang Seng rose 0.10 %, ASX 200 lost 0.30 %
- Commodities: Gold at $1257 (+0.10 %), Silver at $18.43 (+0.10 %), WTI Oil at $54.25 (+0.45 %), Brent Oil at $56.60 (+0.50 %)
- Rates: US 10-year yield at 2.34, UK 10-year yield at 1.08, German 10-year yield at 0.18
News & Data:
- Australian Inventories Q4 0.3% (QoQ) (Prev 0.5%)
- Australian Company Operating Profit Q4 20.1% (QoQ) (prev 1.0%)
- PBoC Fixes USDCNY Reference Rate At 6.8814 (prev fix 6.8655 prev close 6.8700)
CFTC Positioning Data:
- EUR short 58K vs 47K short last week. Shorts increased by 11K
- GBP short 66K vs 67K short last week. Shorts trimmed by 1K
- JPY short 50K vs 51K short last week. Shorts trimmed by 1K
- CHF short 9K vs 11K short last week. Shorts trimmed by 2K
- CAD long 25K vs 19K long. Longs increased by 6K
- AUD long 33K vs 24K long. Longs increased by 9K
- NZD long 3K vs long 3K last week. No change.
Markets Update:
The Pound came under pressure overnight amid renewed speculations about another Scottish independence referendum. GBP/USD started the new trading week around 1.2460 and fell to a low of 1.2390 ahead of the Tokyo open. The pair later recovered to 1.2430.
Other than that, the US Dollar had a rather mixed performance. The Australian Dollar was the strongest overnight, despite the risk-off sentiment in equity markets. AUD/USD rose from 0.7665 at the open to a high of 0.7705. Meanwhile, EUR/USD began the trading week at 1.0555 and rallied to 1.0575 later in the session.
USD/JPY came under pressure along with the Nikkei and fell to 111.90. However, the pair managed to recover to 112.30. Resistance is now seen at 112.55 and 112.90.
Upcoming Events:
- 10:00 GMT – Euro Zone Consumer Confidence
- 10:00 GMT – Euro Zone Business Climate
- 13:30 GMT – US Durable Goods Orders
- 15:00 GMT – US Pending Home Sales
- 16:00 GMT – FOMC Member Kaplan speaks
- 21:45 GMT – New Zealand Trade Balance
- 23:50 GMT – Japan Industrial Production
- 23:50 GMT – Japan Retail Sales
The Week Ahead:
Tuesday, February 28th
- 00:00 GMT – Australian HIA New Home Sales
- 00:00 GMT – Australian ANZ Business Confidence
- 00:30 GMT – Australian Current Account
- 07:45 GMT – French CPI
- 07:45 GMT – French GDP
- 10:00 GMT – Italian CPI
- 13:30 GMT – US GDP
- 14:45 GMT – US Chicago PMI
- 15:00 GMT – US CB Consumer Confidence
- 15:00 GMT – US Richmond Manufacturing Index
- 20:00 GMT – FOMC Member Harker speaks
- 20:30 GMT – FOMC Member Williams speaks
- 21:00 GMT – US President Trump speaks
- 22:30 GMT – Australian AIG Manufacturing Index
Wednesday, March 1st
- 00:30 GMT – Australian GDP
- 01:00 GMT – Chinese Manufacturing PMI
- 01:00 GMT – Chinese Non-Manufacturing PMI
- 01:45 GMT – Chinese Caixin Manufacturing PMI
- 08:45 GMT – Italian Manufacturing PMI
- 08:50 GMT – French Manufacturing PMI
- 08:55 GMT – German Manufacturing PMI
- 08:55 GMT – German Unemployment Change
- 08:55 GMT – German Unemployment Rate
- 09:00 GMT – Euro Zone Manufacturing PMI
- 09:30 GMT – UK Manufacturing PMI
- 13:00 GMT – German CPI
- 13:30 GMT – US Core PCE Price Index
- 13:30 GMT – US Personal Income
- 13:30 GMT – US Personal Spending
- 13:30 GMT – Canadian Current Account
- 14:45 GMT – US Manufacturing PMI
- 15:00 GMT – US ISM Manufacturing PMI
- 15:00 GMT – Bank of Canada Interest Rate Decision
- 15:30 GMT – US Crude Oil Inventories
- 18:00 GMT – FOMC Member Kaplan speaks
Thursday, March 2nd
- 00:30 GMT – Australian Building Approvals
- 00:30 GMT – Australian Trade Balance
- 06:45 GMT – Swiss GDP
- 08:15 GMT – Swiss Retail Sales
- 09:30 GMT – UK Construction PMI
- 10:00 GMT – Euro Zone CPI
- 10:00 GMT – Euro Zone Unemployment Rate
- 13:30 GMT – US Initial Jobless Claims
- 13:30 GMT – Canadian GDP
- 23:30 GMT – Japanese CPI
- 23:30 GMT – Japanese Household Spending
Friday, March 3rd
- 01:45 GMT – Chinese Caixin Services PMI
- 07:00 GMT – German Retail Sales
- 08:45 GMT – Italian Services PMI
- 08:50 GMT – French Services PMI
- 08:55 GMT – German Services PMI
- 09:00 GMT – Euro Zone Services PMI
- 09:00 GMT – Italian GDP
- 09:30 GMT – UK Services PMI
- 10:00 GMT – Euro Zone Retail Sales
- 14:45 GMT – US Services PMI
- 15:00 GMT – US ISM Non-Manufacturing PMI
- 18:00 GMT – Fed Chair Yellen speaks
