{"id":20286,"date":"2017-03-07T10:23:56","date_gmt":"2017-03-07T04:53:56","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=20286"},"modified":"2017-03-07T10:23:56","modified_gmt":"2017-03-07T04:53:56","slug":"tuesday-7th-march-european-open-briefing","status":"publish","type":"post","link":"https:\/\/icm-cn-asia.com\/blog\/tuesday-7th-march-european-open-briefing\/","title":{"rendered":"Tuesday 7th March: 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 down 0.20 %, Shanghai Composite lost 0.10 %, Hang Seng and ASX 200 both rose 0.30 %\n\t<\/li>\n<li>\n\t\tCommodities: Gold at $1226 (+0.05 %), Silver at $17.78 (+0.05 %), WTI Oil at $53.20 (-0.05 %), Brent Oil at $55.95 (-0.10 %)\n\t<\/li>\n<li>\n\t\tRates: US 10-year yield at 2.49, UK 10-year yield at 1.22, German 10-year yield at 0.34\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>News &amp; Data:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tAustralia AIG Construction Index (Feb): 53.1 (prev +0.7 to 47.7)\n\t<\/li>\n<li>\n\t\tJapan Foreign Reserves (USD) (Feb): 1232.3bn (prev 1231.6bn)\n\t<\/li>\n<li>\n\t\tUK BRC Retail Sales Monitor like-for-like (YoY) (3m to Feb): -0.40% (est -0.20%, prev -0.60%)\n\t<\/li>\n<li>\n\t\tPBOC sets USD\/CNY mid-point today at 6.8957 (vs. yesterday at 6.8790)\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>RBA Rate Decision:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tRBA holds Cash Rate at 1.50%, as expected\n\t<\/li>\n<li>\n\t\tRising Australian dollar could complicate economic transition\n\t<\/li>\n<li>\n\t\tGlobal economic conditions have improved over recent months\n\t<\/li>\n<li>\n\t\tUnchanged policy consistent with growth, inflation targets\n\t<\/li>\n<li>\n\t\tLabour indicators have been mixed\n\t<\/li>\n<li>\n\t\tHigher commodity prices have supported a rise in Australia&#39;s national income\n\t<\/li>\n<li>\n\t\tHeadline inflation expected to pick up over the course of 2017\n\t<\/li>\n<li>\n\t\tHouse prices rising briskly in some markets\n\t<\/li>\n<li>\n\t\tUS rates expected to rise further, no longer expectations of further easing in other major economies\n\t<\/li>\n<li>\n\t\tAustralian economy continuing to transition after mining boom\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>Markets Update:<\/strong><br \/>\n<\/h4>\n<p>\n\tThe main event overnight was the RBA rate decision. The central bank left rates unchanged as expected. In its statement, it acknowledged that global economic conditions have improved. Further, the RBA saw inflation rising during the course of the year, though labour conditions have been mixed.\n<\/p>\n<p>\n\tOverall, it was a neutral statement and signalled that the RBA will remain on hold in the near-term. This was in line with expectations.\n<\/p>\n<p>\n\tThe Australian Dollar rose nevertheless, on the fact that there were no dovish comments. AUD\/USD rallied from 0.7590 to a high of 0.7630 so far.\n<\/p>\n<p>\n\tPrice action in the other major pairs was relatively quiet. NZD\/USD followed the AUD higher, rising from 0.6980 to 0.7020. The Euro, Yen and Pound are almost unchanged on the day against the Dollar.\n<\/p>\n<h4>\n\t<strong>Upcoming Events:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n<h4>\n\t\t\t07:00 GMT &#8211; German Factory Orders08:30 GMT &#8211; UK Halifax House Price Index<br \/>\n\t\t<\/h4>\n<\/li>\n<li>\n\t\t10:00 GMT &#8211; Euro Zone GDP\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; Canadian Ivey PMI\n\t<\/li>\n<li>\n\t\t23:50 GMT &#8211; Japanese GDP\n\t<\/li>\n<li>\n\t\t23:50 GMT &#8211; Japanese Current Account\n\t<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Nikkei down 0.20 %, Shanghai Composite lost 0.10 %, Hang Seng and ASX 200 both rose 0.30 % Commodities: Gold at $1226 (+0.05 %), Silver at $17.78 (+0.05 %), WTI Oil at $53.20 (-0.05 %), Brent Oil at $55.95 (-0.10 %) Rates: US 10-year yield at 2.49, UK 10-year yield &hellip; <a href=\"https:\/\/icm-cn-asia.com\/blog\/tuesday-7th-march-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Tuesday 7th March: 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-20286","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\/20286","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=20286"}],"version-history":[{"count":1,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/20286\/revisions"}],"predecessor-version":[{"id":20287,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/20286\/revisions\/20287"}],"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=20286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=20286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=20286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}