{"id":19878,"date":"2017-02-07T10:23:31","date_gmt":"2017-02-07T04:53:31","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=19878"},"modified":"2017-02-07T10:23:31","modified_gmt":"2017-02-07T04:53:31","slug":"tuesday-7th-february-european-open-briefing","status":"publish","type":"post","link":"https:\/\/icm-cn-asia.com\/blog\/tuesday-7th-february-european-open-briefing\/","title":{"rendered":"Tuesday 7th February: 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 and Shanghai Composite both lost 0.30 %, Hang Seng fell 0.05 %, ASX 200 down 0.10 %\n\t<\/li>\n<li>\n\t\tCommodities: Gold at $1234 (+0.25 %), Silver at $17.70 (+0.05 %), WTI Oil at $53.20 (+0.30 %)\n\t<\/li>\n<li>\n\t\tRates: US 10-year yield at 2.39, UK 10-year yield at 1.31, German 10-year yield at 0.37\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>News &amp; Data:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tAustralia ANZ Roy Morgan Weekly Consumer Confidence Index (W\/E 05 Feb): 117.5 (prev 118.1)\n\t<\/li>\n<li>\n\t\tAustralia AiG PCI (Jan): 47.7 (prev 47.0)\n\t<\/li>\n<li>\n\t\tUK BRC Sales Like-For-Like (YoY) Jan: -0.6% (est 0.8% prev 1.0%)\n\t<\/li>\n<li>\n\t\tPBoC Fixes USDCNY Reference Rate At 6.8604 (prev fix 6.8606 prev close 6.8639)\n\t<\/li>\n<li>\n\t\tFed&#39;s Harker: A March Interest-Rate Hike Is on The Table, Depends on The Economy\n\t<\/li>\n<li>\n\t\tHarker: Still Supportive of Three Rate Hikes This Year\n\t<\/li>\n<li>\n\t\tHarker: Don&#39;t Want to Get Behind the Curve on Rate Hikes, Don&#39;t Think We Are Behind Now\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>RBA Rate Decision:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tReserve Bank of Australia has left the cash rate unchanged, at 1.5%\n\t<\/li>\n<li>\n\t\tRising AUD could complicate economic transition\n\t<\/li>\n<li>\n\t\tGlobal economy conditions have improved over recent months\n\t<\/li>\n<li>\n\t\tLabour indicators have been mixed\n\t<\/li>\n<li>\n\t\tInflation expected to remain low for some time\n\t<\/li>\n<li>\n\t\tRBA says Chinese economy stronger over H2 2016\n\t<\/li>\n<li>\n\t\tHouse prices rising briskly in some markets\n\t<\/li>\n<li>\n\t\tMedium-term risks to China growth remain\n\t<\/li>\n<li>\n\t\tInflation forecasts are largely unchanged\n\t<\/li>\n<li>\n\t\tRBA says higher commodity prices have supported a rise in Australia&#39;s terms of trade\n\t<\/li>\n<li>\n\t\tRBA says CPI expecting to pick up over 2017 to be above 2 %\n\t<\/li>\n<li>\n\t\tReturn to reasonable GDP growth in Australia expected in Q4\n\t<\/li>\n<li>\n\t\tCentral scenario remains for economic growth around 3 %\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>Markets Update:<\/strong><br \/>\n<\/h4>\n<p>\n\tThe Reserve Bank of Australia has decided to keep rates unchanged, as expected by the market. However, the central bank sounded slightly more bullish than anticipated. It said that it expects higher growth to resume in Q4 and that economic growth will be around 3 % over the next few years. Inflation still remains low, but the RBA thinks that it will rise above 2 % this year.\n<\/p>\n<p>\n\tThe Australian Dollar rose following the announcement. AUD\/USD rallied from 0.7640 to 0.7680 and AUD\/NZD from 1.0380 to 1.0420. The outlook for AUD\/USD remains bullish and resistance at 0.77 should not be difficult to overcome. However, stronger resistance is then seen in the 0.7780-0.78 area.\n<\/p>\n<p>\n\tThe Euro declined in Asia amid fear of political risks. EUR\/USD opened around 1.0750 in Asia and fell to 1.0705 later in the session. Should 1.07 support break, the next notable level is seen at 1.0620.\n<\/p>\n<h4>\n\t<strong>Upcoming Events:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t07:00 GMT &#8211; German Industrial Production\n\t<\/li>\n<li>\n\t\t07:45 GMT &#8211; French Current Account\n\t<\/li>\n<li>\n\t\t08:30 GMT &#8211; UK Halifax House Price Index\n\t<\/li>\n<li>\n\t\t13:30 GMT &#8211; US Trade Balance\n\t<\/li>\n<li>\n\t\t13:30 GMT &#8211; Canadian Trade Balance\n\t<\/li>\n<li>\n\t\t15:00 GMT &#8211; US JOLTs Job Openings\n\t<\/li>\n<li>\n\t\t15:00 GMT &#8211; Canadian Ivey PMI\n\t<\/li>\n<\/ul>\n<ul>\n<li>\n\t\t16:35 GMT &#8211; German Bundesbank President Weidmann speaks\n\t<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Nikkei and Shanghai Composite both lost 0.30 %, Hang Seng fell 0.05 %, ASX 200 down 0.10 % Commodities: Gold at $1234 (+0.25 %), Silver at $17.70 (+0.05 %), WTI Oil at $53.20 (+0.30 %) Rates: US 10-year yield at 2.39, UK 10-year yield at 1.31, German 10-year yield at &hellip; <a href=\"https:\/\/icm-cn-asia.com\/blog\/tuesday-7th-february-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Tuesday 7th February: 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-19878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/19878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/comments?post=19878"}],"version-history":[{"count":1,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/19878\/revisions"}],"predecessor-version":[{"id":19879,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/19878\/revisions\/19879"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/media\/12469"}],"wp:attachment":[{"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/media?parent=19878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=19878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=19878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}