{"id":20998,"date":"2017-05-04T09:32:03","date_gmt":"2017-05-04T04:02:03","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=20998"},"modified":"2017-05-04T09:32:03","modified_gmt":"2017-05-04T04:02:03","slug":"thursday-4th-may-european-open-briefing","status":"publish","type":"post","link":"https:\/\/icm-cn-asia.com\/blog\/thursday-4th-may-european-open-briefing\/","title":{"rendered":"Thursday 4th May: European Open Briefing"},"content":{"rendered":"<h4>\n\t<strong>Global Markets:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tAsian stock markets: Shanghai Composite down 0.10 %, Hang Seng fell 0.40 %, ASX 200 lost 0.50 %, Nikkei closed for holiday\n\t<\/li>\n<li>\n\t\tCommodities: Gold at $1241 (-0.60 %), Silver at $16.65 (+0.60 %), WTI Oil at $47.70 (-0.20 %), Brent Oil at $50.70 (-0.20 %)\n\t<\/li>\n<li>\n\t\tRates: US 10-year yield at 2.32, UK 10-year yield at 1.08, 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 Trade Balance (AUD) Mar: 3107M (exp 3250M; prev 3574M)\n\t<\/li>\n<li>\n\t\tAustralia Exports (MoM) Mar: 2.0% (prev 1.0%)\n\t<\/li>\n<li>\n\t\tAustralia Imports (MoM) Mar: 5.0% (prev -5.0%)\n\t<\/li>\n<li>\n\t\tAustralia HIA New Home Sales (MoM) Mar: -1.1% (prev 0.2%)\n\t<\/li>\n<li>\n\t\tNew Zealand ANZ Job Advertisements (MoM) Apr: 2.8% (prev 1.6%; prev rev 2.0%)\n\t<\/li>\n<li>\n\t\tNew Zealand ANZ Commodity Price Index (MoM) Apr: -0.2% (prev 0.4%)\n\t<\/li>\n<li>\n\t\tSouth Korea BoP Current Account Balance (USD) Mar: 5931.8M (prev 8400.2M)\n\t<\/li>\n<li>\n\t\tPBoC Fixes USDCNY Reference Rate At 6.8957 (prev fix 6.8892 prev close 6.8985)\n\t<\/li>\n<li>\n\t\tAsian stocks retreat, dollar holds near six-week high on hawkish Fed &#8211; RTRS\n\t<\/li>\n<li>\n\t\tFed holds interest rates steady, downplays economic weakness &#8211; RTRS\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>Markets Update:<\/strong><br \/>\n<\/h4>\n<p>\n\tThe Federal Reserve kept rates unchanged, as expected. However, the statement was perceived as more hawkish than expected, as the central bank downplayed weakness in the first-quarter economic growth. This is a hint that a rate hike in June seems quite likely.\n<\/p>\n<p>\n\tThe Dollar appreciated post-FOMC, especially against the emerging market currencies. Amongst the major pairs, the commodity currencies felt most of the pressure. AUD\/USD fell from 0.7470 to a low of 0.74 in Asia. Further losses to at least 0.73 seem likely in the near-term. Similar price action was seen in NZD\/USD, which reversed at 0.6970 yesterday and fell to a low of 0.6870 after the FOMC.\n<\/p>\n<p>\n\tThe reaction in EUR and GBP was rather mild. EUR\/USD only declined to 1.0880, and then continued with its consolidation. Meanwhile, USD\/JPY caught up on momentum. The pair rallied to 112.90 in Asia. A clear break above 113 would suggest that a rally towards 115 could follow.\n<\/p>\n<h4>\n\t<strong>Upcoming Events:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t08:45 BST &#8211; Italian Services PMI\n\t<\/li>\n<li>\n\t\t08:50 BST &#8211; French Services PMI\n\t<\/li>\n<li>\n\t\t08:55 BST &#8211; German Services PMI\n\t<\/li>\n<li>\n\t\t09:00 BST &#8211; Euro Zone Services PMI\n\t<\/li>\n<li>\n\t\t09:30 BST &#8211; UK Services PMI\n\t<\/li>\n<li>\n\t\t10:00 BST &#8211; Euro Zone Retail Sales\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; US Trade Balance\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; Canadian Trade Balance\n\t<\/li>\n<li>\n\t\t15:00 BST &#8211; US Factory Orders\n\t<\/li>\n<li>\n\t\t17:30 BST &#8211; ECB President Draghi speaks\n\t<\/li>\n<li>\n\t\t21:25 BST &#8211; BoC Governor Poloz speaks\n\t<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Shanghai Composite down 0.10 %, Hang Seng fell 0.40 %, ASX 200 lost 0.50 %, Nikkei closed for holiday Commodities: Gold at $1241 (-0.60 %), Silver at $16.65 (+0.60 %), WTI Oil at $47.70 (-0.20 %), Brent Oil at $50.70 (-0.20 %) Rates: US 10-year yield at 2.32, UK 10-year &hellip; <a href=\"https:\/\/icm-cn-asia.com\/blog\/thursday-4th-may-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Thursday 4th May: 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-20998","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\/20998","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=20998"}],"version-history":[{"count":1,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/20998\/revisions"}],"predecessor-version":[{"id":20999,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/20998\/revisions\/20999"}],"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=20998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=20998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=20998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}