{"id":22071,"date":"2017-07-24T10:14:53","date_gmt":"2017-07-24T04:44:53","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=22071"},"modified":"2017-07-24T10:14:53","modified_gmt":"2017-07-24T04:44:53","slug":"monday-24th-july-european-open-briefing","status":"publish","type":"post","link":"https:\/\/ic-cn-asia.com\/blog\/monday-24th-july-european-open-briefing\/","title":{"rendered":"Monday 24th 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 0.90%, Shanghai Composite gained 0.55%, Hang Rose rose 0.50%, ASX 200 fell 0.70%\n\t<\/li>\n<li>\n\t\tCommodities: WTI Oil at $45.85 (+0.20%), Brent Oil at $48.20 (+0.25%), Gold at $1254 (-0.05%), Silver at $16.45 (-0.10%)\n\t<\/li>\n<li>\n\t\tRates: US 10 year yield at 2.24, UK 10 year yield at 1.18, German 10 year yield at 0.51\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>News &amp; Data:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tJapan Nikkei Manufacturing PMI July Flash 52.2 (prev 52.4)\n\t<\/li>\n<li>\n\t\tPBoC Sets Yuan Mid-Point At 6.7410 \/ USD (Prev 6.7415)\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 91K vs 84K long last week. Longs increased by 7K\n\t<\/li>\n<li>\n\t\tGBP short 16K vs 24K short last week. Shorts trimmed by 8K.\n\t<\/li>\n<li>\n\t\tJPY short 127K vs 112K short last week. Shorts increased by 15K\n\t<\/li>\n<li>\n\t\tCHF short 4K vs 0K short last week. Shorts increased by 4K\n\t<\/li>\n<li>\n\t\tCAD long 8K vs 9K short. CAD position shifts by 17K new longs. Position is now long.\n\t<\/li>\n<li>\n\t\tAUD long 51k vs 37k last week.&nbsp; Longs increased by 14K.\n\t<\/li>\n<li>\n\t\tNZD long 36K vs 32K 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\tThe new trading week began with a consolidation in the major currency pairs. EURUSD traded around 1.1670 in the Asian session. While the outlook remains positive, the Euro is overbought in the short-term and a retracement seems likely before the rally continues.&nbsp;\n<\/p>\n<p>\n\tThe Aussie Dollar consolidated around 0.7920. Resistance at 0.80 is tough, but a rise in commodity prices and risk-on sentiment in the market should keep the currency supported.&nbsp;\n<\/p>\n<p>\n\tMeanwhile, the outlook for the US Dollar is negative. The Fed is unlikely to reveal much new information&nbsp;<span data-term=\"goog_566594151\" tabindex=\"0\">on Wednesday<\/span>, and USD longs might see themselves forced to liquidate their positions further.&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_566594152\" tabindex=\"0\">08:00 BST<\/span>&nbsp;&#8211; French Manufacturing PMI\n\t<\/li>\n<li>\n\t\t<span data-term=\"goog_566594153\" tabindex=\"0\">08:00 BST<\/span>&nbsp;&#8211; French Services PMI\n\t<\/li>\n<li>\n\t\t<span data-term=\"goog_566594154\" tabindex=\"0\">08:30 BST<\/span>&nbsp;&#8211; German Manufacturing PMI\n\t<\/li>\n<li>\n\t\t<span data-term=\"goog_566594155\" tabindex=\"0\">08:30 BST<\/span>&nbsp;&#8211; German Services PMI\n\t<\/li>\n<li>\n\t\t<span data-term=\"goog_566594156\" tabindex=\"0\">09:00 BST<\/span>&nbsp;&#8211; Euro Zone Manufacturing PMI\n\t<\/li>\n<li>\n\t\t<span data-term=\"goog_566594157\" tabindex=\"0\">09:00 BST<\/span>&nbsp;&#8211; Euro Zone Services PMI\n\t<\/li>\n<li>\n\t\t<span data-term=\"goog_566594158\" tabindex=\"0\">14:45 BST<\/span>&nbsp;&#8211; US Services PMI\n\t<\/li>\n<li>\n\t\t<span data-term=\"goog_566594159\" tabindex=\"0\">15:00 BST<\/span>&nbsp;&#8211; US Existing Home Sales\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_566594160\" tabindex=\"0\">Tuesday<\/span>: German IFO Business Climate, New Zealand Trade Balance\n\t<\/li>\n<li>\n\t\t<span data-term=\"goog_566594161\" tabindex=\"0\">Wednesday<\/span>: Fed Rate Decision, Australian CPI, RBA Governor Lowe speaks, UK GDP, US New Home Sales\n\t<\/li>\n<li>\n\t\t<span data-term=\"goog_566594162\" tabindex=\"0\">Thursday<\/span>: US Durable Goods Orders, US Initial Jobless Claims\n\t<\/li>\n<li>\n\t\t<span data-term=\"goog_566594163\" tabindex=\"0\">Friday<\/span>: Japan CPI, Japan Retail Sales, French CPI, German CPI, US GDP\n\t<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Nikkei down 0.90%, Shanghai Composite gained 0.55%, Hang Rose rose 0.50%, ASX 200 fell 0.70% Commodities: WTI Oil at $45.85 (+0.20%), Brent Oil at $48.20 (+0.25%), Gold at $1254 (-0.05%), Silver at $16.45 (-0.10%) Rates: US 10 year yield at 2.24, UK 10 year yield at 1.18, German 10 year &hellip; <a href=\"https:\/\/ic-cn-asia.com\/blog\/monday-24th-july-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Monday 24th 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-22071","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\/22071","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=22071"}],"version-history":[{"count":2,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/22071\/revisions"}],"predecessor-version":[{"id":22073,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/22071\/revisions\/22073"}],"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=22071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=22071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=22071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}