FX News Today
- The 20-year Treasury yields are down -1.3 bp at 2.814%, as the sell off in stock markets, continued during the Asian session. Topix and Nikkei are down -1.99% and -1.82% respectively.
- Dovish RBA minutes: No strong case for a change in monetary policy.
- China’s President Xi Jinping offered no fresh stimulus plans or a further opening of the economy in his keynote speech marking 40-years of Chinese reforms.
- Concern rises over the outlook for Chinese and World Growth amid ongoing trade tensions weighing on sentiment.
- US stock futures are slightly higher though as the Fed decision comes into view, with Powell expected to confirm that the central bank will switch from autopilot to data dependency on rate hikes after the widely expected move this week.
- USA500 closed at the lowest level in 14 months.
- Oil prices declined and the WTI future fell back to $48.93 per barrel, as risk of demand destruction hits prices.
Charts of the Day
Main Macro Events Today
- German Ifo Business Climate – Expectations – To fall back to 101.7 from 102.0 in November, with the expectations reading, in particular, under pressure. The manufacturing sector is looking shaky again amid fresh challenges for the automobile sector, which continues to struggle with emissions standards and the lingering diesel scandal, which has considerably undermined confidence, especially in Germany where consumers are facing driving bans without compensation from producers.
- US housing starts – Expectations – They are estimated slipping 0.2% to a 1.225 mln pace in November, after a 1.5% gain to 1.228 mln in October.
- Canadian Manufacturing shipments – Expectations – They are expected to rise 0.5% in October after the 0.2% gain in September.
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Andria Pichidi
Market Analyst
HotForex
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