{"id":22125,"date":"2017-07-27T10:28:01","date_gmt":"2017-07-27T04:58:01","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=22125"},"modified":"2017-07-27T10:28:01","modified_gmt":"2017-07-27T04:58:01","slug":"thursday-27th-july-european-open-briefing","status":"publish","type":"post","link":"https:\/\/ic-cn-asia.com\/blog\/thursday-27th-july-european-open-briefing\/","title":{"rendered":"Thursday 27th 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 0.30 %, Hang Seng rose 0.35 %, ASX 200 rallied 0.30 %\n\t<\/li>\n<li>\n\t\tCommodities: Gold at $1264 (+1.20 %), Silver at $16.71 (+1.50 %), WTI Oil at $48.65 (-0.20 %), Brent Oil at $50.90 (-0.20 %)\n\t<\/li>\n<li>\n\t\tRates: US 10-year yield at 2.28, UK 10-year yield at 1.24, 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\tSouth Korea GDP q\/q 0.6 % vs 0.6 % expected\n\t<\/li>\n<li>\n\t\tAustralia Export Price Index q\/q -5.7 % vs -6.3 % expected\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>FOMC Meeting:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tFed to start balance sheet unwind &#39;relatively soon&#39;\n\t<\/li>\n<li>\n\t\tRepeats that inflation seen rising to 2%\n\t<\/li>\n<li>\n\t\tSays will reinvest holdings &#39;for the time being&#39;\n\t<\/li>\n<li>\n\t\tRepeats that overall inflation measures ex food and energy have declined\n\t<\/li>\n<li>\n\t\tNo dissents\n\t<\/li>\n<li>\n\t\tSays job gains &#39;have been solid&#39;\n\t<\/li>\n<li>\n\t\tHousehold spending and business investment have continued to expand\n\t<\/li>\n<li>\n\t\tRepeats that near-term risks to the economy appear &#39;roughly balanced&#39; but it is monitoring inflation developments closely\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>Markets Update:<\/strong><br \/>\n<\/h4>\n<p>\n\tThe US Dollar came under renewed pressure following the FOMC statement. The central bank was more dovish than expected, and lowered its inflation expectations. Market participants are now questioning whether there will be another rate hike this year at all.\n<\/p>\n<p>\n\tEUR\/USD broke back above 1.17 and extended gains to 1.1775. There is now little resistance until 1.20, although the pair is already heavily overbought in the short-term. Support is now seen at 1.17 and 1.1620.\n<\/p>\n<p>\n\tGBP\/USD cleared resistance at 1.31 and reached a high of 1.3160. However, the Pound is likely to struggle to extend gains given the uncertainty around Brexit and the recent low inflation numbers.\n<\/p>\n<p>\n\tUSD\/JPY is holding quite well given the broad Dollar weakness, but a test of 110 seems inevitable. Should that level break, a decline towards 108 seems likely.\n<\/p>\n<p>\n\tAUD\/USD caught a bid overnight and broke above 0.80 resistance without much struggle. There is now no major resistance until 0.82 and the pair is likely to test that level soon. Positive risk sentiment and rising commodity prices should keep the Aussie Dollar supported in the near-term.\n<\/p>\n<h4>\n\t<strong>Upcoming Events:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t13:30 BST &#8211; US Core Durable Goods Orders\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; US Initial Jobless Claims\n\t<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Nikkei up 0.10 %, Shanghai Composite fell 0.30 %, Hang Seng rose 0.35 %, ASX 200 rallied 0.30 % Commodities: Gold at $1264 (+1.20 %), Silver at $16.71 (+1.50 %), WTI Oil at $48.65 (-0.20 %), Brent Oil at $50.90 (-0.20 %) Rates: US 10-year yield at 2.28, UK 10-year &hellip; <a href=\"https:\/\/ic-cn-asia.com\/blog\/thursday-27th-july-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Thursday 27th 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-22125","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\/22125","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=22125"}],"version-history":[{"count":2,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/22125\/revisions"}],"predecessor-version":[{"id":22127,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/22125\/revisions\/22127"}],"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=22125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=22125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=22125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}