{"id":21939,"date":"2017-07-12T10:11:51","date_gmt":"2017-07-12T04:41:51","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=21939"},"modified":"2017-07-12T10:11:51","modified_gmt":"2017-07-12T04:41:51","slug":"wednesday-12th-july-european-open-briefing-2","status":"publish","type":"post","link":"https:\/\/ic-cn-asia.com\/blog\/wednesday-12th-july-european-open-briefing-2\/","title":{"rendered":"Wednesday 12th July: European Open Briefing"},"content":{"rendered":"<h4>\n\t<strong>Global Markets:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tAsian stock markets: Nikkei down 0.65 %, Shanghai Composite gained 0.80 %, Hang Seng rose 0.75 %, ASX 200 lost 0.75 %\n\t<\/li>\n<li>\n\t\tCommodities: Gold at $1220 (+0.35%), Silver at $15.90 (+0.90%), WTI Oil at $45.78 (+1.65%), Brent Oil at $48.25 (+1.40%)\n\t<\/li>\n<li>\n\t\tRates: US 10 year yield at 2.36, UK 10 Year yield at 1.28, German 10 year yield at 0.55\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>News &amp; Data:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tAustralia Westpac Consumer Confidence SA (M\/M) Jul: 0.40% (Prev -1.80%)\n\t<\/li>\n<li>\n\t\tAustralia Westpac Consumer Confidence Index Jul: 96.6 (Prev 96.20)\n\t<\/li>\n<li>\n\t\tJapan PPI (Y\/Y) Jun: 2.10% (Est 2.0%, Prev 2.10%)\n\t<\/li>\n<li>\n\t\tJapan PPI (M\/M) Jun: 0.00% (Est 0.00%, Prev 0.00%)\n\t<\/li>\n<li>\n\t\tSouth Korea Unemployment Rate SA Jun: 3.80% (Est 3.70%, Prev 3.60%)\n\t<\/li>\n<li>\n\t\tAustralia Credit Card Purchases May: A$28.30 Bln (Prev A$22.90 Bln)\n\t<\/li>\n<li>\n\t\tAustralia Credit Card Balances May: A$52.30 Bln&nbsp; (Prev A$52.00 Bln)\n\t<\/li>\n<li>\n\t\tPBoC Fixes USDCNY Reference Rate At 6.7868 (Prev 6.7983)\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>Markets Update:<\/strong><br \/>\n<\/h4>\n<p>\n\tThe US Dollar retraced some of its recent gains after dovish comments from a Fed member, who said that the central bank needs to assess its rate hike path given the recent soft inflation data.&nbsp;\n<\/p>\n<p>\n\tUSDJPY fell from 114.60 to 113.30. Major support lies at 113, and it is important for USDJPY bulls that it holds. A break below would signal that the pair will test 112 soon.&nbsp;\n<\/p>\n<p>\n\tThe Pound recovered to 1.2860 overnight. The focus today will be on UK employment data. Better than expected numbers should push GBPUSD back above 1.29. However, given the political uncertainty, it is unlikely that the Pound will have a significant rally anytime soon.&nbsp;\n<\/p>\n<p>\n\tCAD pairs will have high volatiliy today. The Bank of Canada will decide on interest rates at 1500 BST, and the market is expecting a rate hike. While that alone should support the Canadian Dollar only slightly, much will depend on the statement and the outlook of the central bank. A hawkish outlook would boost the CAD, and send the USDCAD in direction of 1.26. On the other side, if the BoC does not hike, we should see a large short squeeze in the USDCAD. A rally towards 1.31 would then seem likely.&nbsp;\n<\/p>\n<h4>\n\t<strong>Upcoming Events:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t09:30 BST&nbsp;&#8211; UK Unemployment Rate\n\t<\/li>\n<li>\n\t\t09:30 BST&nbsp;&#8211; UK Average Earnings\n\t<\/li>\n<li>\n\t\t09:30 BST&nbsp;&#8211; UK Claimant Count Change\n\t<\/li>\n<li>\n\t\t10:00 BST&nbsp;&#8211; Euro Zone Industrial Production\n\t<\/li>\n<li>\n\t\t15:00 BST&nbsp;&#8211; Fed Chair Yellen testifies\n\t<\/li>\n<li>\n\t\t15:00 BST&nbsp;&#8211; Bank of Canada Rate Decision\n\t<\/li>\n<li>\n\t\t15:30 BST&nbsp;&#8211; US Crude Oil Inventories\n\t<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Nikkei down 0.65 %, Shanghai Composite gained 0.80 %, Hang Seng rose 0.75 %, ASX 200 lost 0.75 % Commodities: Gold at $1220 (+0.35%), Silver at $15.90 (+0.90%), WTI Oil at $45.78 (+1.65%), Brent Oil at $48.25 (+1.40%) Rates: US 10 year yield at 2.36, UK 10 Year yield at &hellip; <a href=\"https:\/\/ic-cn-asia.com\/blog\/wednesday-12th-july-european-open-briefing-2\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Wednesday 12th 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-21939","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\/21939","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=21939"}],"version-history":[{"count":1,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/21939\/revisions"}],"predecessor-version":[{"id":21940,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/21939\/revisions\/21940"}],"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=21939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=21939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=21939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}