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Trade the News - European Market Update: Dollar Broadly Weaker After GCC Comments in Al-Riyadh Newspaper European Market
Update: Dollar Broadly Weaker After GCC Comments in Al-Riyadh
ECONOMIC DATA ***
Â· GE Oct Producer Prices: M/M 0.4% v 0.3%e || 1.7%
Â· German producer prices rose by slightly more than expected
during the month of October boosted by increasing food prices, and record
high energy prices. As seen in many parts of the Euro-Zone over the past
few months food and energy prices continue to present inflationary
Â· SZ Oct Trade Balance [chf]: 1.56B v 1.49Be || Prior
revised from 1.80B to 1.71B
Â· NO Q3 GDP Q/Q: 1.4% v 1.1%e || Prior
revised from 0.9 to 1.0%
Â· IT Sep Industrial Orders: M/M 0.3% v -0.
6%e || Prior revised from -0.3% to -0.8% |||| Y/Y 2.8% v 5.7%e
Sep Industrial Sales: M/M -3.6% v -1.7%e || Prior revised from 4.2% to 4.0%
|||| Y/Y 2.3% v 5.2%e
Â· As usual, the notoriously volatile
industrial orders and sales figures were mixed. The foreign orders
component of industrial orders rose to 14.4% y/y from 1.4% in August, but
was not enough to outweigh declines in the other components. Overall, the
readings were in line with their recent trend over the past five years.
Â· UK Oct Public Finances: -Â£4.8B v -Â£8.0Be
Â· UK Oct Public
Sector Net Borrowing: -Â£1.0B v -Â£3.0Be || Prior revised from Â£6.9B to Â£7.
Â· UK Oct Preliminary M4 Money Supply: M/M 0.1% v 0.9%e || Prior
revised from 1.0% to 0.9% |||| Y/Y 11.8% v 12.8%e
Â· UK Oct
Preliminary M4 Sterling Lending: Â£19.8B v Â£20.5Be || Prior revised from Â£24.
5B v Â£23.7B
Â· UK Oct BSA Mortgage Approvals: Â£3.98B v Â£4.26B prior
|| Prior revised from Â£4.26B to Â£4.23B
Â· *** COMMENTS/SPEAKERS
Â· GCC Official: Saudi Arabia may have started studying a
revaluation of the Riyal [Al-Ridayh]
Â· GCC Official: The Gulf states
want to move towards a basket of currencies [Al-Ridayh]
Official: Qatar and UAE among the states keen to revalue their currencies
Â· GCC Official: There is a strong possibility that Saudi
Arabia will stay with its current exchange rate policy [Al-
Â· GCC Official: Other Gulf states will not stand idle if the
USD continues to weaken, even if Saudi Arabia maintains current policy [Al-
Â· ECB Quaden: The weakening of the USD should not become
excessive, but is normal under US economic slowdown scenario
Quaden: Reiterates view that strong euro offsets higher oil prices, makes
imports cheaper; Notes that it hurts some sectors
Â· IMF Says It
Supports HK Commitment To USD/HKD Peg
Â· Russia: Will certainly
suspend adherence to the arms treaty [wires]
Â· GE Labor Agency: The
decline in unemployment will slow down
Â· *** FIXED
Â· On the currency front the Dollar
is broadly weaker following the publication of comments from a GCC official
in the Al-Riyadh newspaper overnight. The Dollar quickly declined to new
post World War II lows against the Swiss Franc, while the Euro posted fresh
all-time highs against the Dollar. A Saudi official later denied that the
country was studying the Dollar depeg. The Dollar weakened further after
the ECB's Quaden said that the weakening Dollar should not become excessive,
noting that the Dollar's decline is normal under the US economic slowdown
Â· Front month crude oil futures are trading higher in the
session after a 5.1 magnitude earthquake hit an area in Iran's oil rich
southwestern province of Khuzestan on Tuesday. In OPEC speak, an Indonesian
official said overnight that he would support any OPEC hike, adding that it
wants its crude oil price within a $60-$65/barrel range.
income futures are trading mixed in a relatively volatile session spending
time in both positive and negative territory as sub-prime jitters continue
to cast a shadow of doubt over the market. Looking ahead, much of the focus
for the remainder of the day lies on the release of the FOMC minutes during
the US session. In new supply the DMO sold Â£750M in new 0.75% November 2047
I/L gilts with an average yield of 0.831% and a bid-to-cover of 2.42x.
Â· The general market tone has been one of continued market jitters
as the fear of further sub-prime losses is on everyone's mind. The Dollar
is weaker on the back of speculation around a possible depegging in the
Middle East, as well as rumors of a possible surprise Fed meeting today,
which has added some upside momentum to the equity markets despite the
decline in the financials.
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Tue 19 June 2018
AA: Major, A: High, B: Medium
A 12:30 US- House Permits/Starts
Wed 20 June 2018
A 14:00 US- Existing Homes Sales
A 14:30 US- EIA Crude
Thu 21 June 2018
AA 11:00 GB- Bank of England Decision
A 12:30 US- Weekly Jobless
Fri 22 June 2018
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