It has been a pretty flat session in both the FX markets and in stocks, with little real action seen anywhere, and the main moves were seen in the metals, where Gold fell through 1500 to a low of 1485 and settled near the lows as safe haven demand diminished.
This theme was followed, to an, extent in US$Jpy which is mildly higher (107.50), at a 6 week high. In the other major pairs Sterling remains firm after some solid jobs data, which saw the UK unemployment rate drop to 3.8% in the three months to July, down from 3.9% and beat expectations of 3.9%, and makes it the lowest level since 1974.
Elsewhere, note that global yields are higher as risk sentiment improves. The US10 Y, which last week traded down to a low of 1.428%, has bounced, to currently sit at 1.743%, while yields elsewhere are currently trending a little higher as well.
Wednesday will be thin once again with very little on the calendar until the US PPI (exp 0.1%, 1.7%yy) and the Wholesale Inventories (exp 0.2%mm) for August, late in the day. Ahead of that there is very little to provide any directional movement, with just the NZ Visitor Arrivals, Australian WBC Consumer Confidence and China New Loans/Foreign Direct Investment (July) due in Asia, ahead of an empty session to come from Europe. The main event of the day may be the release of the EIA Crude Oil Stocks Weekly Change figures, which may add to the recent choppy volatility in the oil price.
Economic data highlights will include:
Wed: NZ Visitor Arrivals, Australian WBC Consumer Confidence, China New Loans/Foreign Direct Investment (July), US PPI, Wholesale Inventories EIA weekly crude oil stock change
Market moves, in brief:
FX: DXY 98.39 (+0.08%)
Bonds: US10Y; 1.745% (+5.77%), German 10Y; -0.548% (+6.28%), UK 10Y; +0.561% (+8.28%), Australian 10Y; 1.085% (+4.38%), NZ 10Y; 1.195% (+5.29 %), China 10Y; 3.023% (+0.15%)
Stock Indices: DJI; +0.28%, S+P; +0.02%, NASDAQ; -0.04%, EUStoxx50; +0.11%, FTSE100; +0.44%, Shanghai Composite; -0.12%,
Metals: Gold $1486 oz (-0.86%), Silver $18.02 oz (+0.15%), Copper $2.622 lb (-0.19%), Iron Ore $91.37 per tonne (NYMEX) (+0.15%),
Oil: WTI $57.85 pb (-0.22%)
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