CNY has been enclosed by a IMF into a SDR basket with 10.9% weight
No change is entrance from
today’s Reserve Bank of Australia decision
In Asia, all eyes will be on a RBA and Chinese bureau data
By Saxo APAC Sales Trading
Economic information of a day (Singapore Time – GMT + 8)
0700: KRW – South Korea CPI MoM (Exp. -0.1%, Prev. 0.0%), YoY (Exp. 0.9%, Prev. 0.9%)
0700: KRW – South Korea CPI Core YoY (Prev. 2.3%)
0750: JPY – Capital Spending YoY 3Q (Exp. 2.2%, Prev. 5.6%)
0800: KRW – South Korea Export YoY (Exp. -9.0%, Prev. -15.9%), Imports (Exp. -14.7%, Prev. -16.6%)
0800: KRW – South Korea Trade Balance (Exp. $6957Mio, Prev. $6655Mio)
0830: AUD – BoP stream Account Balance Q3 (Exp. -16.5Bn, Prev. -19.0 Bn)
0830: AUD – Building Approvals MoM (Exp. -2.5%, Prev. 2.2%), YoY (Exp. 5.7%, Prev. 21.4%)
0900: CNY –China Manufacturing PMI (Exp. 49.8, Prev. 49.8), Non-Manufacturing PMI (Prev. 53.1)
0935: JPY – Nikkei Japan PMI Manufacturing (Prev. 52.8)
0940: KRW – Nikkei South Korea PMI Manufacturing (Prev. 49.1)
0945: CNY – Caixin China PMI Composite (Prev. 49.9), PMI Services (Prev. 52.0)
0950: TWD – Nikkei Taiwan PMI Manufacturing (Prev. 47.8)
1015: MYR – Nikkei Malaysia PMI Manufacturing (Prev. 48.1)
1100: IDR – Nikkei Indonesia PMI Manufacturing (Prev. 47.8)
1130: AUD – RBA Cash Rate Target (Exp. 2.00%, Prev. 2.00%)
1200: IDR – Indonesia CPI YoY (Exp. 4.84%, Prev. 6.25%), CPI core YoY (Exp. 4.92%, Prev. 5.02%)
1300: IDR – Nikkei India PMI Manufacturing (Prev. 50.7)
1330: INR – RBI Cash Reserve Ratio (Exp. 4.00%, Prev. 4.00%)
1330: INR – RBI Repurchase Rate (Exp. 6.75%, Prev. 6.75%)
1330: INR – RBI Reverse Repo Rate (Exp. 5.75%, Prev. 5.75%)
1655: EUR – Germany Unemployment Change (Exp. -5k, Prev. -5k), Claims Rate (Exp. 6.4%, Prev. 6.4%)
1655: EUR – Markit Germany Manufacturing PMI (Exp. 52.6, Prev. 52.6)
1700: EUR – Markit Eurozone Manufacturing PMI (Exp. 52.8, Prev. 52.8)
1730: GBP – Markit UK Manufacturing PMI (Exp. 53.6, Prev. 55.5)
2130: CAD – GDP MoM (Exp. 0.0%, Prev. 0.1%), YoY (Exp. 0.4%, Prev. 0.9%)
2130: CAD – Quarterly GDP Annualized 3Q (Exp. 2.3%, Prev. -0.5%)
2245: USD – Markit US Manufacturing PMI (Exp. 52.6, Prev. 52.6)
2300: USD – ISM Manufacturing Jul (Exp. 50.5, Prev. 50.1)
2300: USD – ISM Price Paid Jul (Exp. 40.0, Prev. 39.0)
2300: USD – Construction Spending MoM (Exp. 0.6%, Prev. 0.6%)
Speeches
04:00pm: GBP – Bank of England Mark Carney Holds Press Conference
Overnight news
US: The Chicago Purchasing Managers’ Index was most revoke than entrance during 48.7 (Exp. 54.0) from 56.2 a prior month. The dump came from a pointy decrease in new orders and a rebate in prolongation as a panelists still believed, for a vast part, that their inventories levels were too high.
US tentative home sales altered adult 0.2% (exp. 1.0%). The miss of inventories of accessible properties are tying choices for intensity buyers and pushing prices higher. The direct will be driven some-more and some-more to new construction.
China: CNY has been enclosed by a IMF into a SDR basket with 10.9% weight. This will be effective from Oct 1, 2016. The weight is revoke than a entrance 14%-16% mentioned by a IMF though has a bigger weighting than JPY (8.33%, down from 9.4%) and GBP (8.09%, down from 11.3%). The categorical import in a middle tenure will be an boost of collateral inflows into China entrance from a executive bank for a banking and investors into a internal bond market. The inclusion will also boost certainty in a CNY internationalisation project.
Foreign Exchange
According to a IMM information for a week finished Nov 24, non-commercial accounts bought $2.9bn bringing positioning to prolonged $49.3bn. USD net long is entrance a high of a year seen in January.
EUR shorts increasing by $1.5bn on a week finished Tuesday, bringing net positioning to $23.4bn, that is roughly 79% of a limit brief turn gifted this year in March.
CHF shorts increasing by $0.8bn on a week finished Tuesday, bringing positioning to $2.7bn, that is a most net brief CHF has been given mid-January, right before a EURCHF building was scrapped.
We saw and listened churned flows in EURUSD overnight. Macro are already brief EUR and are regulating this
opportunity to revoke some positions in money and by options. The categorical buyers during these levels will be corporate who are happy to sidestep their bearing for a longer duration of time.
In a sell space, we still see a lot of seductiveness to sell EURUSD.
Model supports have been shopping USDJPY overnight and, identical to EURUSD, macro and genuine are already long a span and will substantially take some distinction forward of 125.
Today we have a RBA preference where no change is entrance and AUD managed to tighten usually above a 100d MA during 0.7198. We should see a span good upheld for a time being.
We have a Dairy auction entrance out this week in New Zealand though a macro village is shopping a span during this turn despite a bad trade index information this morning that came during -3.7% (Exp, -2.6%).
Foreign sell movements
Hedge supports are still shopping brief antiquated EURUSD downside though Real Money is holding some distinction as stated above in money and by risk reversals to cover all a executive bank meetings in December. Real Money are also shopping downside in USDJPY as a insurance for a prolonged USDJPY money positions.
Rates
Rates markets were small altered overnight, with a slight disposition to aloft yields. Euro area and UK
sovereign binds sole off modestly, with German and French 10-year yields rising 1.3 basement points and 1.3bps.
Moves for US Treasuries were mixed, with a bend stability to squash forward of a week of pivotal tellurian macro events. The US 10-year produce was down 0.7bps to 2.22%.
Commodities
Equities
– Edited by Susan McDonald
This news was gathered by the Saxo APAC Sales trade team in Singapore – a home of amicable trading. Follow a group on @SaxoStrats or post your criticism next to rivet with Saxo Bank’s amicable trade platform. Follow us on @SaxoStrats on Twitter
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