{"id":21989,"date":"2017-07-17T10:26:47","date_gmt":"2017-07-17T04:56:47","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=21989"},"modified":"2017-07-17T10:26:47","modified_gmt":"2017-07-17T04:56:47","slug":"monday-17th-july-european-open-briefing","status":"publish","type":"post","link":"https:\/\/ic-cn-asia.com\/blog\/monday-17th-july-european-open-briefing\/","title":{"rendered":"Monday 17th 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 up 0.10 %, Shanghai Composite fell 0.10 %, Hang Seng rose 0.60 %, ASX 200 gained 0.10 %\n\t<\/li>\n<li>\n\t\tCommodities: Gold at $1230 (+0.25 %), Silver at $16.03 (+0.60 %), WTI Oil at $46.70 (+0.35 %), Brent Oil at $49.10 (+0.40 %)\n\t<\/li>\n<li>\n\t\tRates: US 10 year yield at 2.33, UK 10 year yield at 1.31, German 10 year yield at 0.59\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>News &amp; Data:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tChina GDP q\/q 1.7 % vs 1.7 % expected\n\t<\/li>\n<li>\n\t\tChina GDP y\/y 6.9 % vs 6.8 % expected\n\t<\/li>\n<li>\n\t\tChina Industrial Production 7.6 % vs 6.5 % expected\n\t<\/li>\n<li>\n\t\tChina Retail Sales 11.0 % vs 10.6 % expected\n\t<\/li>\n<li>\n\t\tChina Fixed Asset Investment y\/y 8.6 % vs 8.5 % expected\n\t<\/li>\n<li>\n\t\tUK Rightmove House Price Index 0.1 % vs -0.4 % previous\n\t<\/li>\n<li>\n\t\tChina second quarter GDP growth tops forecasts on strong investment, consumption &#8211; RTRS\n\t<\/li>\n<li>\n\t\tDollar nurses losses, China data beats forecasts &#8211; RTRS\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 84K vs 77K long last week. Longs increased by 7K\n\t<\/li>\n<li>\n\t\tGBP short 24K vs 28K short last week. Shorts trimmed by 4K.\n\t<\/li>\n<li>\n\t\tJPY short 112K vs 75K short last week. Shorts increased by 37K\n\t<\/li>\n<li>\n\t\tCHF short 0K vs 0K short last week. No change\n\t<\/li>\n<li>\n\t\tCAD short 9K vs 39K short. Shorts trimmed by 30K.\n\t<\/li>\n<li>\n\t\tAUD long 37k vs 32k last week.&nbsp; Longs increased by 5K.\n\t<\/li>\n<li>\n\t\tNZD long 32K vs 29K long last week. Longs increased by 3K\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>Markets Update:<\/strong><br \/>\n<\/h4>\n<p>\n\tAsian stock markets rose overnight, following better than expected Chinese data. Both the GDP and retail sales numbers beat expectations, suggesting that domestic demand is picking up as well.\n<\/p>\n<p>\n\tThe US Dollar remained offered after the disappointing US inflation and retail sales figures. The market does not see a rate hike before December as likely, and the USD is losing its strength as other central banks are becoming more hawkish.\n<\/p>\n<p>\n\tEUR\/USD started the week around 1.1460. Resistance is now seen at 1.15, but a break above that level would signal that the pair could rally towards 1.16 soon.\n<\/p>\n<p>\n\tGBP\/USD consolidated in a 1.3090-1.3110 range. The next strong resistance level now lies at 1.33, although the pair might struggle to rally much further given the recent soft economic data and concerns about Brexit.\n<\/p>\n<p>\n\tMeanwhile, the Australian Dollar is looking strong following the breakout above 0.78. There is little resistance now until 0.80, and the risk-on sentiment &amp; recovery of commodity prices could get the AUD\/USD there.\n<\/p>\n<p>\n\t<strong>Upcoming Events:<\/strong>\n<\/p>\n<ul>\n<li>\n\t\t10:00 BST &#8211; Euro Zone CPI\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; US NY Empire State Manufacturing Index\n\t<\/li>\n<li>\n\t\t23:45 BST &#8211; New Zealand CPI\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>The Week Ahead:<\/strong><br \/>\n<\/h4>\n<p>\n\t<u>Tuesday, July 18th<\/u>\n<\/p>\n<ul>\n<li>\n\t\t09:30 BST &#8211; UK CPI\n\t<\/li>\n<li>\n\t\t10:00 BST &#8211; German ZEW Economic Sentiment\n\t<\/li>\n<li>\n\t\t10:00 BST &#8211; Euro Zone ZEW Economic Sentiment\n\t<\/li>\n<li>\n\t\t14:30 BST &#8211; Bank of England Governor Carney speaks\n\t<\/li>\n<\/ul>\n<p>\n\t<u>Wednesday, July 19th<\/u>\n<\/p>\n<ul>\n<li>\n\t\t13:30 BST &#8211; US Building Permits\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; US Housing Starts\n\t<\/li>\n<li>\n\t\t15:30 BST &#8211; US Crude Oil Inventories\n\t<\/li>\n<\/ul>\n<p>\n\t<u>Thursday, July 20th<\/u>\n<\/p>\n<ul>\n<li>\n\t\t00:50 BST &#8211; Japanese Trade Balance\n\t<\/li>\n<li>\n\t\t02:30 BST &#8211; Australian Employment Change\n\t<\/li>\n<li>\n\t\t02:30 BST &#8211; Australian NAB Business Confidence\n\t<\/li>\n<li>\n\t\t02:30 BST &#8211; Australian Unemployment Rate\n\t<\/li>\n<li>\n\t\t07:00 BST &#8211; German PPI\n\t<\/li>\n<li>\n\t\t07:00 BST &#8211; Swiss Trade Balance\n\t<\/li>\n<li>\n\t\t07:30 BST &#8211; BoJ Press Conference\n\t<\/li>\n<li>\n\t\t09:30 BST &#8211; UK Retail Sales\n\t<\/li>\n<li>\n\t\t12:45 BST &#8211; ECB Rate Decision\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; ECB Press Conference\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; US Philadelphia Fed Manufacturing Index\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; US Initial Jobless Claims\n\t<\/li>\n<\/ul>\n<p>\n\t<u>Friday, July 21st<\/u>\n<\/p>\n<ul>\n<li>\n\t\t13:30 BST &#8211; Canadian Retail Sales\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; Canadian CPI\n\t<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Nikkei up 0.10 %, Shanghai Composite fell 0.10 %, Hang Seng rose 0.60 %, ASX 200 gained 0.10 % Commodities: Gold at $1230 (+0.25 %), Silver at $16.03 (+0.60 %), WTI Oil at $46.70 (+0.35 %), Brent Oil at $49.10 (+0.40 %) Rates: US 10 year yield at 2.33, UK &hellip; <a href=\"https:\/\/ic-cn-asia.com\/blog\/monday-17th-july-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Monday 17th 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-21989","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\/21989","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=21989"}],"version-history":[{"count":2,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/21989\/revisions"}],"predecessor-version":[{"id":21994,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/21989\/revisions\/21994"}],"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=21989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=21989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=21989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}