{"id":11580,"date":"2015-02-16T06:05:34","date_gmt":"2015-02-16T06:05:34","guid":{"rendered":"http:\/\/www.icmarkets.com\/?p=11580"},"modified":"2015-03-19T04:22:40","modified_gmt":"2015-03-19T04:22:40","slug":"monday-16th-february-european-open-briefing","status":"publish","type":"post","link":"https:\/\/ic-cn-asia.com\/blog\/monday-16th-february-european-open-briefing\/","title":{"rendered":"Monday 16th February: European Open Briefing"},"content":{"rendered":"<p>\n\t<strong>Global Markets:<\/strong>\n<\/p>\n<ul>\n<li>\n\t\tAsian stock markets: Nikkei up 0.60 %, Shanghai Composite gained 0.20 %, Hang Seng rose 0.30 %, ASX is 0.15 % higher\n\t<\/li>\n<li>\n\t\tCommodities: Gold at $1231.50 (+0.35 %), Silver at $17.31 (+0.10 %), WTI Oil at $53.45 (-0.40 %), Brent Oil at $61.35 (-0.30 %)\n\t<\/li>\n<li>\n\t\tRates: US 10 year yield at 2.047, UK 10 year yield at 1.685, German 10 year yield at 0.355\n\t<\/li>\n<\/ul>\n<p>\n\t<strong>News &amp; Data:<\/strong>\n<\/p>\n<ul>\n<li>\n\t\tNew Zealand Retail Sales 1.7 % q\/q, Expected: 1.3 %, Previous: 1.5 %\n\t<\/li>\n<li>\n\t\tNew Zealand Core Retail Sales 1.5 % q\/q, Expected: 1.1 %, Previous: 1.4 %\n\t<\/li>\n<li>\n\t\tJapan GDP 0.6 % q\/q, Expected: 0.9 %, Previous: -0.5 %\n\t<\/li>\n<li>\n\t\tJapan GDP 2.2 % y\/y, Expected: 3.7 %, Previous: -1.9 %\n\t<\/li>\n<li>\n\t\tJapan GDP Price Index 2.3 % y\/y, Expected: 1.9 %, Previous: 2.0 %\n\t<\/li>\n<li>\n\t\tJapan GDP Private Consumption 0.3 % q\/q, Expected: 0.7 %, Previous: 0.4 %\n\t<\/li>\n<li>\n\t\tJapan Industrial Production 0.8 % m\/m, Expected: 1.0 %, Previous: 1.0 %\n\t<\/li>\n<li>\n\t\tAustralia New Motor Vehicle Sales -1.5 % m\/m, Previous: 3.0 %\n\t<\/li>\n<li>\n\t\tChina FDI 29.4 %, Previous: 1.70 %\n\t<\/li>\n<\/ul>\n<p>\n\t<strong>CFTC Positioning Update:<\/strong>\n<\/p>\n<ul>\n<li>\n\t\tEUR net short 195k vs net short 196k previous\n\t<\/li>\n<li>\n\t\tGBP net short 39k vs net short 42k previous\n\t<\/li>\n<li>\n\t\tJPY net short 55k vs net short 60k previous\n\t<\/li>\n<li>\n\t\tAUD net short 53k vs net short 56k previous\n\t<\/li>\n<li>\n\t\tCAD net short 33k vs net short 27k previous\n\t<\/li>\n<li>\n\t\tCHF net short 5k vs net short 5k previous\n\t<\/li>\n<\/ul>\n<p>\n\t<strong>Markets Update:<\/strong>\n<\/p>\n<p>\n\t<strong>EUR\/USD<\/strong> opened around 1.1395 on Sunday and spent most of the Asian session in a 1.14-1.1420 range. The EuroGroup finance ministers are meeting again today to discuss Greece and price action in the EUR pairs is likely to remain quiet until then. GBP\/USD started the week about 40 pips higher from the Friday close after some hawkish comments from a MPC member over the weekend. Key support now at 1.5350, with the next major resistance level seen at 1.55.\n<\/p>\n<p>\n\t<strong>USD\/JPY<\/strong> is under pressure again. The 118.30 support level held once again, but price action looks weak and it seems like we will see a break lower quite soon. GDP data out of Japan was bad, with the quarter-on-quarter figure at 0.6 % vs 0.9 % expected. A break sub-118.30 would pave the way for a test of the 117.20\/30 support area.\n<\/p>\n<p>\n\tThe commodity currencies were well bid overnight. The New Zealand Dollar rallied after strong retail sales data, which helped the Aussie Dollar to rise vs the USD as well. <strong>NZD\/USD<\/strong> made it above 0.75 and the next major resistance level lies now at 0.7620. <strong>AUD\/USD<\/strong> almost hit 0.78 overnight as the short covering continues. <strong>USD\/CAD<\/strong> is trading lower amid broad USD weakness and rising Oil prices.\n<\/p>\n<p>\n\tLooking ahead, there are no important data releases today, so the focus will be on the EuroGroup meeting. In the US, there is a public holiday (Presidents&lsquo; Day).\n<\/p>\n<p>\n\t<strong>Upcoming Events:<\/strong>\n<\/p>\n<ul>\n<li>\n\t\t09:00 GMT &#8211; Spanish Trade Balance (-&euro;2bln)\n\t<\/li>\n<li>\n\t\t10:00 GMT &#8211; Euro Zone Trade Balance (&euro;20.5bln)\n\t<\/li>\n<\/ul>\n<p>\n\t<strong>The Week Ahead (key data\/events):<\/strong>\n<\/p>\n<p>\n\t<u>Tuesday, February 17th<\/u>\n<\/p>\n<ul>\n<li>\n\t\t09:30 GMT &#8211; UK CPI (-0.8 % m\/m, 0.3 % y\/y)\n\t<\/li>\n<li>\n\t\t09:30 GMT &#8211; UK Core CPI (1.3 % y\/y)\n\t<\/li>\n<li>\n\t\t10:00 GMT &#8211; German ZEW Economic Sentiment (56.0)\n\t<\/li>\n<li>\n\t\t10:00 GMT &#8211; German ZEW Current Conditions (30.0)\n\t<\/li>\n<li>\n\t\t13:30 GMT &#8211; US NY Empire State Manufacturing Index (9.00)\n\t<\/li>\n<li>\n\t\t17:00 GMT &#8211; SNB Chairman Jordan speaks\n\t<\/li>\n<\/ul>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t<u>Wednesday, February 18th<\/u>\n<\/p>\n<ul>\n<li>\n\t\t09:30 GMT &#8211; UK Claimant Count Change (-25k)\n\t<\/li>\n<li>\n\t\t09:30 GMT &#8211; UK Average Earnings (1.7 %)\n\t<\/li>\n<li>\n\t\t09:30 GMT &#8211; UK Unemployment Rate (5.8 %)\n\t<\/li>\n<li>\n\t\t09:30 GMT &#8211; Bank of England Meeting Minutes\n\t<\/li>\n<li>\n\t\t13:30 GMT &#8211; US PPI (-0.4 % m\/m, 0.3 % y\/y)\n\t<\/li>\n<li>\n\t\t14:15 GMT &#8211; US Industrial Production (0.3 % m\/m)\n\t<\/li>\n<li>\n\t\t14:15 GMT &#8211; US Manufacturing Production (0.3 % m\/m)\n\t<\/li>\n<li>\n\t\t19:00 GMT &#8211; FOMC Meeting Minutes\n\t<\/li>\n<\/ul>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t<u>Thursday, February 19th<\/u>\n<\/p>\n<ul>\n<li>\n\t\t09:00 GMT &#8211; Euro Zone Current Account (&euro;23.3bln)\n\t<\/li>\n<li>\n\t\t13:30 GMT &#8211; US Initial Jobless Claims (305k)\n\t<\/li>\n<li>\n\t\t15:00 GMT &#8211; US Philadelphia Fed Manufacturing Index (10.0)\n\t<\/li>\n<li>\n\t\t15:00 GMT &#8211; US CB Leading Index (0.3 % m\/m)\n\t<\/li>\n<\/ul>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\t<u>Friday, February 20th<\/u>\n<\/p>\n<ul>\n<li>\n\t\t07:00 GMT &#8211; German PPI (-0.4 % m\/m, -2.0 % y\/y)\n\t<\/li>\n<li>\n\t\t08:00 GMT &#8211; French Manufacturing PMI (49.5)\n\t<\/li>\n<li>\n\t\t08:00 GMT &#8211; French Services PMI (49.8)\n\t<\/li>\n<li>\n\t\t08:30 GMT &#8211; German Manufacturing PMI (51.5)\n\t<\/li>\n<li>\n\t\t08:30 GMT &#8211; German Services PMI (54.3)\n\t<\/li>\n<li>\n\t\t09:00 GMT &#8211; Euro Zone Manufacturing PMI (51.5)\n\t<\/li>\n<li>\n\t\t09:00 GMT &#8211; Euro Zone Services PMI (53.0)\n\t<\/li>\n<li>\n\t\t09:30 GMT &#8211; UK Retail Sales (-0.2 % m\/m, 6.0 % y\/y)\n\t<\/li>\n<li>\n\t\t13:30 GMT &#8211; Canadian Retail Sales (-0.3 % m\/m)\n\t<\/li>\n<li>\n\t\t14:45 GMT &#8211; US Manufacturing PMI (53.8)\n\t<\/li>\n<\/ul>\n<p>\n\t&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Nikkei up 0.60 %, Shanghai Composite gained 0.20 %, Hang Seng rose 0.30 %, ASX is 0.15 % higher Commodities: Gold at $1231.50 (+0.35 %), Silver at $17.31 (+0.10 %), WTI Oil at $53.45 (-0.40 %), Brent Oil at $61.35 (-0.30 %) Rates: US 10 year yield at 2.047, UK &hellip; <a href=\"https:\/\/ic-cn-asia.com\/blog\/monday-16th-february-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Monday 16th February: European Open Briefing<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":12469,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/11580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/comments?post=11580"}],"version-history":[{"count":1,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/11580\/revisions"}],"predecessor-version":[{"id":13022,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/11580\/revisions\/13022"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/media\/12469"}],"wp:attachment":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/media?parent=11580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=11580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=11580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}