{"id":13074,"date":"2015-04-23T05:01:31","date_gmt":"2015-04-23T05:01:31","guid":{"rendered":"http:\/\/www.icmarkets.com\/?p=12416"},"modified":"2015-05-20T08:27:30","modified_gmt":"2015-05-20T08:27:30","slug":"thursday-23rd-april-european-open-briefing","status":"publish","type":"post","link":"https:\/\/ic-cn-asia.com\/blog\/thursday-23rd-april-european-open-briefing\/","title":{"rendered":"Thursday 23rd April: European Open Briefing"},"content":{"rendered":"<p>\n\t<strong>Global Markets:<\/strong>\n<\/p>\n<ul>\n<li>\n<p>\n\t\t\tAsian stock markets: Nikkei up 1.15 %, Shanghai Composite gained 2.50 %, Hang Seng rose 0.30 %, ASX declined 0.50 %\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\tCommodities: Gold at $1189 (-1.20 %), Silver at $15.78 (-1.40 %), WTI Oil at $56.80 (+0.35 %), Brent Oil at $62.82 (+1.20 %)\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\tRates: US 10 year yield at 1.959, UK 10 year yield at 1.706, German 10 year yield at 0.163\n\t\t<\/p>\n<\/li>\n<\/ul>\n<p>\n\t<strong>News &amp; Data:<\/strong>\n<\/p>\n<ul>\n<li>\n<p>\n\t\t\tChina HSBC Manufacturing PMI 49.2, Expected: 49.6, Previous: 49.6\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\tSouth Korea GDP 0.8 % q\/q, Expected: 0.7 %, Previous: 0.3 %\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\tSouth Korea GDP 2.4 % y\/y, Expected: 2.4 %, Previous: 2.7 %\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\tAustralia NAB Quarterly Business Confidence 0.0, Previous: 2.0\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\tJapan Manufacturing PMI 49.7, Expected: 50.8, Previous: 50.3\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\tRBNZ Deputy Governor McDermott: Monetary Policy To Remain Stimulatory\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\tMcDermott: Near-Zero Inflation Mostly Due To Trade\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\tMcDermott: RBNZ Not Considering Any Increase In Interest Rates At Present\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\tMcDermott: Weaker Demand, Prices Would Prompt Rate-Cut Consideration\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\tMcDermott: Inflation Outlook Requires Period Of Supportive Policy\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\tMcDermott: Rising Currency As Export Prices Fall `Is Unwelcome&#39;\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\tBank of Japan Governor Kuroda: Letting BoJ&#39;s JGB Holdings Mature Is 1 Possible Exit Step For QQE &#8212; BBG\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\tKuroda: Raising Rate On Excess Reserves A Possible Exit Step\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\tKuroda: Doesn&rsquo;t See Excessive Optimism In Markets\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\tChina April flash HSBC PMI contracts to one-year low &#8211; RTRS\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\tAsia weathers soft China survey on stimulus hopes &#8211; RTRS\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\tChina Stocks Swing as Kiwi, Metals Slide on PMI at 12-Month Low &#8211; BBG\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\tFormer BP chief says oil prices to soar &#8211; FT\n\t\t<\/p>\n<\/li>\n<\/ul>\n<p>\n\t<strong>Markets Update:<\/strong>\n<\/p>\n<p>\n\tThe New Zealand Dollar declined overnight after dovish comments from the RBNZ&rsquo;s deputy governor McDermott. He warned that weaker demand and prices could prompt a rate cut consideration and that the NZD&rsquo;s strength is unwelcome given the drop in export prices. NZD\/USD fell from 0.7640 to a low at 0.7565, while AUD\/NZD rallied above 1.02. There is a A$3.1 billion large option expiry today at 1.02, which is likely to keep price close to the level, especially in the NY session. While the Aussie Dollar had a rather mixed performance against the USD, it remained bid overall amid positive cross flows. Key intraday levels to watch are 0.7720 and 0.7705 to the downside and 0.7810 &amp; 0.7845 to the topside.\n<\/p>\n<p>\n\t&nbsp;\n<\/p>\n<p>\n\tThe Euro weakened yesterday amid heavy cross flows. Banks reported large selling in EUR\/GBP, which declined to fresh multi-week lows. EUR\/USD is likely to find some support at 1.0685 and 1.0660, but overall sentiment remains negative. Meanwhile, the Pound strengthened after a more hawkish than expected MPC. GBP\/USD has decent intraday support at 1.4980, while the next major hurdle to the topside now lies at 1.5150.\n<\/p>\n<p>\n\tUSD\/JPY remains very choppy. The pair has broken above the 120 level overnight, but failed to sustain momentum and dropped back to 119.70. While there is a slight upside bias, it seems further consolidation is the more likely scenario, with fading the extremes the appropriate strategy.\n<\/p>\n<p>\n\t<strong>Upcoming Events:<\/strong>\n<\/p>\n<ul>\n<li>\n<p>\n\t\t\t07:00 BST &#8211; Swiss Trade Balance (CHF2.16bln)\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\t08:00 BST &#8211; French Manufacturing PMI (49.2)\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\t08:00 BST &#8211; French Services PMI (52.5)\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\t08:00 BST &#8211; Spanish Unemployment Rate (23.6 %)\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\t08:30 BST &#8211; German Manufacturing PMI (53.0)\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\t08:30 BST &#8211; German Services PMI (55.5)\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\t09:00 BST &#8211; Euro Zone Manufacturing PMI (52.6)\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\t09:00 BST &#8211; Euro Zone Services PMI (54.5)\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\t09:30 BST &#8211; UK Retail Sales (0.4 % m\/m, 5.4 % y\/y)\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\t09:30 BST &#8211; Hong Kong Unemployment Rate (3.3 %)\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\t13:30 BST &#8211; US Initial Jobless Claims (290k)\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\t14:45 BST &#8211; US Bloomberg Consumer Confidence\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\t14:45 BST &#8211; US Manufacturing PMI (55.5)\n\t\t<\/p>\n<\/li>\n<li>\n<p>\n\t\t\t15:00 BST &#8211; US New Home Sales (-5.4 % m\/m, 513k)\n\t\t<\/p>\n<\/li>\n<\/ul>\n<p>\n\t&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Nikkei up 1.15 %, Shanghai Composite gained 2.50 %, Hang Seng rose 0.30 %, ASX declined 0.50 % Commodities: Gold at $1189 (-1.20 %), Silver at $15.78 (-1.40 %), WTI Oil at $56.80 (+0.35 %), Brent Oil at $62.82 (+1.20 %) Rates: US 10 year yield at 1.959, UK 10 &hellip; <a href=\"https:\/\/ic-cn-asia.com\/blog\/thursday-23rd-april-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Thursday 23rd April: European Open Briefing<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":12469,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-13074","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\/13074","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/comments?post=13074"}],"version-history":[{"count":1,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/13074\/revisions"}],"predecessor-version":[{"id":13105,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/13074\/revisions\/13105"}],"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=13074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=13074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=13074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}