{"id":21209,"date":"2017-05-18T10:51:24","date_gmt":"2017-05-18T05:21:24","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=21209"},"modified":"2017-05-18T10:51:24","modified_gmt":"2017-05-18T05:21:24","slug":"thursday-18th-may-european-open-briefing","status":"publish","type":"post","link":"https:\/\/icm-cn-asia.com\/blog\/thursday-18th-may-european-open-briefing\/","title":{"rendered":"Thursday 18th May: European Open Briefing"},"content":{"rendered":"<h4>\n\t<strong>Global Markets<\/strong><br \/>\n<\/h4>\n<ul>\n<li style=\"color: rgb(34, 34, 34); font-family: arial, sans-serif; font-size: 12.8px;\">\n\t\tAsian stock markets: Nikkei down 1.50 %, Hang Seng lost 0.30 %, ASX 200 down 1.40 %\n\t<\/li>\n<li style=\"color: rgb(34, 34, 34); font-family: arial, sans-serif; font-size: 12.8px;\">\n\t\tCommodities: WTI Oil at $48.90 (-0.30 %), Brent Oil at $52.00 (-0.30%), Gold at $1260 (+0.15 %), Silver at $16.86 (-0.25 %)\n\t<\/li>\n<\/ul>\n<h4 style=\"color: rgb(34, 34, 34); font-family: arial, sans-serif; font-size: 12.8px;\">\n\t<strong>News &amp; Data:<\/strong><br \/>\n<\/h4>\n<div style=\"color: rgb(34, 34, 34); font-family: arial, sans-serif; font-size: 12.8px;\">\n<ul>\n<li>\n\t\t\tAustralia Employment Change Apr: 37.4k, Est. (5k), Prior (60.9k)\n\t\t<\/li>\n<li>\n\t\t\tAustralia Unemployment Rate Apr 5.7%, Est. (5.90%), Prior (5.90%)\n\t\t<\/li>\n<li>\n\t\t\tNew Zealand Consumer Confidence Index (May) 123.9, Prior (121.7)\n\t\t<\/li>\n<li>\n\t\t\tNew Zealand Consumer Confidence (MoM) May 1.8%, Prior (-2.8%)\n\t\t<\/li>\n<li>\n\t\t\tJapan GDP SA (QoQ) Q1 P: 0.5%Est. (0.40%), Prior (0.30%)\n\t\t<\/li>\n<li>\n\t\t\tJapan GDP Annualized SA (QoQ) Q1 P: 2.2% Est. (1.80%), Prior (1.20%)\n\t\t<\/li>\n<\/ul>\n<\/div>\n<div style=\"color: rgb(34, 34, 34); font-family: arial, sans-serif; font-size: 12.8px;\">\n<h4>\n\t\tMarkets Update:<br \/>\n\t<\/h4>\n<div>\n\t\t<span style=\"font-size: 12.8px;\">Another risk-off session as the markets remain worried about the crisis within the White House. US President Trump is facing on-going criticism about his practices, and the recent allegations are the most serious ones so far. It is clear that the planned tax reform will once again have to wait. Trump has plenty of other issues that he has to deal with at the moment.&nbsp;<\/span><\/p>\n<div style=\"font-size: 12.8px;\">\n\t\t\t&nbsp;\n\t\t<\/div>\n<div style=\"font-size: 12.8px;\">\n\t\t\tThis led to profit taking in the global equity markets. The SP 500 declined more than one percent, and all the major EU indices fell too. The short-term outlook for the global stock markets has turned negative.&nbsp;\n\t\t<\/div>\n<div style=\"font-size: 12.8px;\">\n\t\t\t&nbsp;\n\t\t<\/div>\n<div style=\"font-size: 12.8px;\">\n\t\t\tThe risk-off sentiment was also present in the FX market. After breaking below a key support level at 113, downside momentum in USDJPY accelerated sharply and the pair declined towards 111. The next important support level now lies at 110. As there are not many near-term catalysts that could support the Dollar, the pair will likely remain under pressure.&nbsp;\n\t\t<\/div>\n<div style=\"font-size: 12.8px;\">\n\t\t\t&nbsp;\n\t\t<\/div>\n<div style=\"font-size: 12.8px;\">\n\t\t\tMeanwhile, the Euro continues to show strength. Good economic data out of the Euro Zone have been supporting the currency. The outlook looks also bullish from a technical perspective. The next significant resistance level now lies at 113.\n\t\t<\/div>\n<div style=\"font-size: 12.8px;\">\n\t\t\t&nbsp;\n\t\t<\/div>\n<div style=\"font-size: 12.8px;\">\n\t\t\tWhile the US Dollar is rather weak, the Australian Dollar failed to benefit much from it. The risk-off theme is weighing on the AUD as well. It would need a clear break above .7450 resistance to change that. AUDUSD could then head towards 0.76.\n\t\t<\/div>\n<h4 style=\"font-size: 12.8px;\">\n\t\t\t<strong style=\"font-size: 12.8px;\">Upcoming Events:<\/strong><br \/>\n\t\t<\/h4>\n<ul>\n<li style=\"font-size: 12.8px;\">\n\t\t\t\t<span class=\"aBn\" data-term=\"goog_841664955\" style=\"border-bottom: 1px dashed rgb(204, 204, 204); position: relative; top: -2px; z-index: 0;\" tabindex=\"0\"><span class=\"aQJ\" style=\"position: relative; top: 2px; z-index: -1;\">09:30 BST<\/span><\/span>&nbsp;&#8211; UK Retail Sales\n\t\t\t<\/li>\n<li style=\"font-size: 12.8px;\">\n\t\t\t\t<span class=\"aBn\" data-term=\"goog_841664956\" style=\"border-bottom: 1px dashed rgb(204, 204, 204); position: relative; top: -2px; z-index: 0;\" tabindex=\"0\"><span class=\"aQJ\" style=\"position: relative; top: 2px; z-index: -1;\">13:30 BST<\/span><\/span>&nbsp;&#8211; US Initial Jobless Claims\n\t\t\t<\/li>\n<li style=\"font-size: 12.8px;\">\n\t\t\t\t<span class=\"aBn\" data-term=\"goog_841664957\" style=\"border-bottom: 1px dashed rgb(204, 204, 204); position: relative; top: -2px; z-index: 0;\" tabindex=\"0\"><span class=\"aQJ\" style=\"position: relative; top: 2px; z-index: -1;\">13:30 BST<\/span><\/span>&nbsp;&#8211; US Philadelphia Manufacturing Index\n\t\t\t<\/li>\n<\/ul><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets Asian stock markets: Nikkei down 1.50 %, Hang Seng lost 0.30 %, ASX 200 down 1.40 % Commodities: WTI Oil at $48.90 (-0.30 %), Brent Oil at $52.00 (-0.30%), Gold at $1260 (+0.15 %), Silver at $16.86 (-0.25 %) News &amp; Data: Australia Employment Change Apr: 37.4k, Est. (5k), Prior (60.9k) Australia Unemployment &hellip; <a href=\"https:\/\/icm-cn-asia.com\/blog\/thursday-18th-may-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Thursday 18th 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-21209","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\/21209","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=21209"}],"version-history":[{"count":1,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/21209\/revisions"}],"predecessor-version":[{"id":21210,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/21209\/revisions\/21210"}],"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=21209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=21209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=21209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}