Global Markets:
- Asian Stock Markets : Nikkei down 1.04%, Shanghai Composite up 0.12%, Hang Seng up 0.29%, ASX up 0.17%
- Commodities : Gold at $1309.50 (-0.21%), Silver at $16.25 (-0.17%), WTI Oil at $66.00 (-0.32%), Brent Oil at $62.22 (-0.30%)
- Rates : US 10-year yield at 2.854, UK 10-year yield at 1.435, Germany 10-year yield at 0.571
News & Data:
- (USD) Prelim UoM Consumer Sentiment 102 vs 99.2 expected
- (USD) Industrial Production m/m 1.10% vs 0.30% expected
- (USD) Capacity Utilization Rate 78.10% vs 77.70% expected
- (USD) Housing Starts 1.24M vs 1.29M expected
- (USD) Building Permits 1.30M vs 1.32M expected
- (CAD) Manufacturing Sales m/m -1.00% vs -0.80% expected
- (CAD) Foreign Securities Purchases 5.68B vs 9.11B expected
- (EUR) Final CPI y/y 1.10% vs 1.20% expected
- BOJ Opinions: Yen, Stocks Could Delay 2% CPI
- China's home prices rise 0.2 pct in Feb from Jan
- PBoC’s Yi Gang: China To Continue Prudent Monetary Policy
CFTC Positioning Data (Week Ending March 13th, 2018)
- EUR long 146K vs 133K long last week. Longs increased by 13K.
- GBP long 8K vs 5K long last week. Longs increased by 3K.
- JPY short 80K vs 87K short last week. Shorts trimmed by 7K.
- CHF short 7K vs 8K short last week. Shorts trimmed by 1K
- CAD long 19K vs 20K long last week. Longs trimmed by 1K.
- AUD short 1K vs 3k long last week. Longs cut and position now short 1K.
- NZD short 3KK vs 0.5K shorts increased 3K
Markets Update:
Asian markets started off this week with a mixed Monday. All eyes are trained on the Fed meeting on Wednesday, when rates are expected to be hiked by 25bps, which is now fully priced in; investors are concerned about the Fed’s commentary and tone. Markets are evidently in a risk off mode, with bonds, and the yen making gains.
Nikkei took a beating, trading almost a percent lower, following gains in the Yen. It wasn’t supported by the fact that polls showed a sharp drop in PM Shinzo Abe’s popularity. Chinese equities have been trading higher today, although technology and real estate have dragged.
A slowdown in home price growth has been interpreted as a sign of a weakening real estate market. ASX continues to be held back by banks, who have not seen a good day since the government launched its inquiry for potential fraud.
The dollar was seen trading higher against major pairs, barring the JPY, given its standing as a safe haven currency. Gold continues to be negatively affected by the prospect of a rate hike, given that it is non – yielding.
Upcoming Events:
Monday, March 19, 2018
- All Day GMT – (All) G20 Meetings
Tuesday, March 20, 2018
- 12:30 AM GMT – (AUD) Monetary Policy Meeting Minutes
- 12:30 AM GMT – (AUD) HPI q/q
- 04:15 AM GMT – (AUD) RBA Assist Gov Bullock Speaks
- 09:30 AM GMT – (GBP) CPI y/y
- 09:30 AM GMT – (GBP) PPI Input m/m
- 10:00 AM GMT – (EUR) German ZEW Economic Sentiment
- All Day GMT – (All) G20 Meetings
- Tentative – (NZD) GDT Price Index
Wednesday, March 21, 2018
- 09:30 AM GMT – (GBP) Average Earnings Index 3m/y
- 09:30 AM GMT – (GBP) Claimant Count Change
- 09:30 AM GMT – (GBP) Public Sector Net Borrowing
- 09:30 AM GMT – (GBP) Unemployment Rate
- 12:30 PM GMT – (USD) Current Account
- 02:00 PM GMT – (USD) Existing Home Sales
- 02:30 PM GMT – (USD) Crude Oil Inventories
- 06:00 PM GMT – (USD) FOMC Economic Projections
- 06:00 PM GMT – (USD) FOMC Statement
- 06:00 PM GMT – (USD) Federal Funds Rate
- 06:30 PM GMT – (USD) FOMC Press Conference
- 08:00 PM GMT – (NZD) RBNZ Rate Statement
- 08:00 PM GMT – (NZD) Official Cash Rate
Thursday, March 22, 2018
- 12:30 AM GMT – (AUD) Employment Change
- 12:30 AM GMT – (AUD) Unemployment Rate
- 08:00 AM GMT – (EUR) French Flash Manufacturing PMI
- 08:00 AM GMT – (EUR) French Flash Services PMI
- 08:30 AM GMT – (EUR) German Flash Manufacturing PMI
- 08:30 AM GMT – (EUR) German Flash Services PMI
- 09:00 AM GMT – (EUR) Flash Manufacturing PMI
- 09:00 AM GMT – (EUR) Flash Services PMI
- 09:00 AM GMT – (EUR) German Ifo Business Climate
- 09:30 AM GMT – (GBP) Retail Sales m/m
- 12:00 PM GMT – (GBP) MPC Official Bank Rate Votes
- 12:00 PM GMT – (GBP) Monetary Policy Summary
- 12:00 PM GMT – (GBP) Official Bank Rate
- 12:00 PM GMT – (GBP) Asset Purchase Facility
- 12:00 PM GMT – (GBP) MPC Asset Purchase Facility Votes
- 12:30 PM GMT – (USD) Unemployment Claims
- 05:00 PM GMT – (GBP) MPC Member Ramsden Speaks
- 06:45 PM GMT – (CAD) Gov Council Member Wilkins Speaks
Friday, March 23, 2018
- 12:10 PM GMT – (USD) FOMC Member Bostic Speaks
- 12:30 PM GMT – (CAD) CPI m/m
- 12:30 PM GMT – (CAD) Core Retail Sales m/m
- 12:30 PM GMT – (CAD) Common CPI y/y
- 12:30 PM GMT – (CAD) Median CPI y/y
- 12:30 PM GMT – (CAD) Retail Sales m/m
- 12:30 PM GMT – (CAD) Trimmed CPI y/y
- 12:30 PM GMT – (GBP) MPC Member Vlieghe Speaks
- 12:30 PM GMT – (USD) Core Durable Goods Orders m/m
- 12:30 PM GMT – (USD) Durable Goods Orders m/m
