{"id":21904,"date":"2017-07-10T10:02:39","date_gmt":"2017-07-10T04:32:39","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=21904"},"modified":"2017-07-10T10:02:39","modified_gmt":"2017-07-10T04:32:39","slug":"monday-10th-july-european-open-briefing","status":"publish","type":"post","link":"https:\/\/ic-cn-asia.com\/blog\/monday-10th-july-european-open-briefing\/","title":{"rendered":"Monday 10th July: European Open Briefing"},"content":{"rendered":"<h4>\n\t<strong>Global Markets:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tAsian equity markets: Nikkei up 0.75 %, Shanghai Composite rose 0.10 %, Hang Seng rallied 0.85 %, ASX 200 gained 0.60 %\n\t<\/li>\n<li>\n\t\tCommodities: Gold at $1210 (+0.10 %), Silver at $15.50 (+0.30 %), WTI Oil at $44.60 (0.80 %), Brent Oil at $47.10 (+0.90 %)\n\t<\/li>\n<li>\n\t\tRates: US 10 year yield at 2.39, UK 10 year yield at 1.31, German 10 year yield at 0.57\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>News &amp; Data:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tChina CPI (Y\/Y) Jun: 1.50% (Est 1.60%, Prev 1.50%)\n\t<\/li>\n<li>\n\t\tChina PPI (Y\/Y) Jun: 5.50% (Est 5.50%, Prev 5.50%)\n\t<\/li>\n<li>\n\t\tJapan Machine Orders (M\/M) May: -3.60% (Est 1.70%, Prev -3.10%)\n\t<\/li>\n<li>\n\t\tJapan Machine Orders (Y\/Y) May: 0.60% (Est 7.60%, Prev 2.70%)\n\t<\/li>\n<li>\n\t\tPBoC Fixes USDCNY Reference Rate At 6.7964 (Prev 6.7914)\n\t<\/li>\n<li>\n\t\tBoJ Gov Kuroda: Will Maintain QQE With Yield Curve Control For As Long As Needed To Achieve 2% Inflation In Stable Manner\n\t<\/li>\n<li>\n\t\tBoJ Gov Kuroda: Japan&#39;s Economy Expected To Continue Expanding Moderately\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>CFTC Positioning Data:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tEUR long 77K vs 59K long last week. Longs increased by 18K\n\t<\/li>\n<li>\n\t\tGBP short 28K vs 39K short last week. Shorts trimmed by 11K.\n\t<\/li>\n<li>\n\t\tJPY short 75K vs 61K short last week. Shorts increased by 14K\n\t<\/li>\n<li>\n\t\tCHF short 0K vs 5K short last week. Shorts trimmed by 5K\n\t<\/li>\n<li>\n\t\tCAD short 39K vs 49K short. Shorts trimmed by 10K.\n\t<\/li>\n<li>\n\t\tAUD long 32k vs long 20k last week.&nbsp; Longs increased by 12K.\n\t<\/li>\n<li>\n\t\tNZD long 29K vs 25K long last week. Longs increased by 4K\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>Markets Update:<\/strong><br \/>\n<\/h4>\n<p>\n\tAsian stock markets rose overnight, as risk appetite increased. In FX, the US Dollar failed to sustain the momentum from&nbsp;<span data-term=\"goog_1311793597\" tabindex=\"0\">Friday<\/span>&nbsp;and fell against most major currencies except the Japanese Yen.&nbsp;\n<\/p>\n<p>\n\tUSD\/JPY looks quite bullish. It is back above 114 and a test of 115.50 resistance seems likely. The reason why the Yen has been underperforming is that the BoJ is maintaining its loose monetary policy while&nbsp; many other central banks are signaling changes. Therefore, JPY weakness is likely to persist.&nbsp;\n<\/p>\n<p>\n\tThe Euro managed to get back above 1.14 in Asia. Demand remains strong for the currency. Should it break above 1.1450, there is little resistance until 1.16.&nbsp;\n<\/p>\n<p>\n\tThe Canadian Dollar rallied&nbsp;<span data-term=\"goog_1311793598\" tabindex=\"0\">on Friday<\/span>&nbsp;after better than expected employment data. The market is speculating that the Bank of Canada might hike interest rates this week. This week should decide the near-term direction for USDCAD. A rate hike and hawkish BoC could send the currency pair towards 1.26, while a disappointment would trigger a short squeeze and pave the way for a 1.32 retest.&nbsp;\n<\/p>\n<h4>\n\t<strong>Upcoming Events:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t<span data-term=\"goog_1311793599\" tabindex=\"0\">07:00 BST<\/span>&nbsp;&#8211; German Trade Balance\n\t<\/li>\n<li>\n\t\t<span data-term=\"goog_1311793600\" tabindex=\"0\">09:30 BST<\/span>&nbsp;&#8211; Euro Zone Sentix Investor Confidence\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>The Week Ahead<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t<span data-term=\"goog_1311793601\" tabindex=\"0\">Tuesday<\/span>: US JOLTs Job Openings\n\t<\/li>\n<li>\n\t\t<span data-term=\"goog_1311793602\" tabindex=\"0\">Wednesday<\/span>: UK employment data, Bank of Canada rate decision, Fed Chair Yellen testifies\n\t<\/li>\n<li>\n\t\t<span data-term=\"goog_1311793603\" tabindex=\"0\">Thursday<\/span>: US PPI\n\t<\/li>\n<li>\n\t\t<span data-term=\"goog_1311793604\" tabindex=\"0\">Friday<\/span>: US CPI &amp; Retail Sales\n\t<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian equity markets: Nikkei up 0.75 %, Shanghai Composite rose 0.10 %, Hang Seng rallied 0.85 %, ASX 200 gained 0.60 % Commodities: Gold at $1210 (+0.10 %), Silver at $15.50 (+0.30 %), WTI Oil at $44.60 (0.80 %), Brent Oil at $47.10 (+0.90 %) Rates: US 10 year yield at 2.39, UK &hellip; <a href=\"https:\/\/ic-cn-asia.com\/blog\/monday-10th-july-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Monday 10th July: 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-21904","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\/21904","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=21904"}],"version-history":[{"count":1,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/21904\/revisions"}],"predecessor-version":[{"id":21905,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/21904\/revisions\/21905"}],"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=21904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=21904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=21904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}