{"id":21251,"date":"2017-05-22T09:59:52","date_gmt":"2017-05-22T04:29:52","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=21251"},"modified":"2017-05-22T09:59:52","modified_gmt":"2017-05-22T04:29:52","slug":"monday-22nd-may-european-open-briefing","status":"publish","type":"post","link":"https:\/\/icm-cn-asia.com\/blog\/monday-22nd-may-european-open-briefing\/","title":{"rendered":"Monday 22nd 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: Nikkei up 0.45 %, Shanghai Composite fell 0.25 %, Hang Seng rallied 0.90 %, ASX 200 rose 0.80 %\n\t<\/li>\n<li>\n\t\tCommodities: Gold at $1252 (-0.10 %), Silver at $16.88 (+0.50 %), WTI Oil at $51.20 (+1.00 %), Brent Oil at $54.10 (+0.90 %)\n\t<\/li>\n<li>\n\t\tRates: US 10-year yield at 2.25, UK 10-year yield at 1.10, German 10-year yield at 0.36\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>News &amp; Data:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tUK Rightmove House Prices (MoM) May: 1.2% (prev 1.1%)\n\t<\/li>\n<li>\n\t\tUK Rightmove House Prices (YoY) May: 3.0% (exp 2.0%; prev 2.2%)\n\t<\/li>\n<li>\n\t\tJapan Trade Balance (JPY) Apr: 481.7B (exp 520.7B; rev prev 614.0B)\n\t<\/li>\n<li>\n\t\tJapan Trade Balance Adjusted (JPY) Apr: 97.6B (exp 259.6B; prev 172.2B)\n\t<\/li>\n<li>\n\t\tJapan Exports (YoY) Apr: 7.5% (exp 8.0%; prev 12.0%)\n\t<\/li>\n<li>\n\t\tJapan Imports (YoY) Apr: 15.1% (exp 14.8%; prev 15.8%)\n\t<\/li>\n<li>\n\t\tPBoC Fixes USDCNY Reference Rate At 6.8673 (prev fix 6.8937 prev close 6.8870)\n\t<\/li>\n<li>\n\t\tAsian stocks post biggest rise in a month; dollar weak &#8211; RTRS\n\t<\/li>\n<li>\n\t\tOil rises on expectation of extended, possibly deepened output cut &#8211; RTRS\n\t<\/li>\n<li>\n\t\tDollar hovers near six-month lows amid U.S. political uncertainty &#8211; RTRS\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>CFTC Positioning Data:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tEUR long 37K vs 22K short last week\n\t<\/li>\n<li>\n\t\tGBP short 33K vs 47K short last week\n\t<\/li>\n<li>\n\t\tJPY short 60K vs 36K short last week\n\t<\/li>\n<li>\n\t\tCHF short 21K vs 15K short last week\n\t<\/li>\n<li>\n\t\tCAD short 98K vs 86K short last week\n\t<\/li>\n<li>\n\t\tAUD long 6K vs 26K long last week\n\t<\/li>\n<li>\n\t\tNZD short 12K vs 11K short last week\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>Markets Update:<\/strong><br \/>\n<\/h4>\n<p>\n\tRisk appetite improved in Asia, with most stock markets up on the day. Oil prices extended gains as well, which brought the US Dollar additionally under pressure. Meanwhile, Gold fell slightly as the demand for safe havens declined.\n<\/p>\n<p>\n\tEUR\/USD started the trading day around 1.1205, unchanged from Friday. During the Asian trading session, it fell to a low of 1.1180 before bouncing back to 1.1195. The Euro looks somewhat overbought in the near-term, and a correction seems likely. Support is seen at 1.1170 and 1.1120.\n<\/p>\n<p>\n\tGBP\/USD opened slightly lower in Asia and fell to 1.2970. However, the pair recovered quickly and is back above 1.30. The technical outlook remains positive, and following the break above 1.30 resistance, a rally towards 1.31 seems likely.\n<\/p>\n<p>\n\tUSD\/JPY should benefit from the improved risk appetite. If the pair can take out resistance at 111.70, a rally towards 112.50 seems likely.\n<\/p>\n<p>\n\tAUD\/USD is still struggling with resistance at 0.7450 and 0.7470. Heavy resistance is then seen again at 0.7550. The short-term outlook is mixed.\n<\/p>\n<h4>\n\t<strong>Upcoming Events:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t15:00 BST &#8211; FOMC Member Harker speaks\n\t<\/li>\n<li>\n\t\t15:30 BST &#8211; FOMC Member Kashkari speaks\n\t<\/li>\n<li>\n\t\t18:30 BST &#8211; RBA Assistant Governor Debelle speaks\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>The Week Ahead:<\/strong><br \/>\n<\/h4>\n<p>\n\t<u>Tuesday, May 23rd<\/u>\n<\/p>\n<ul>\n<li>\n\t\t07:00 BST &#8211; Swiss Trade Balance\n\t<\/li>\n<li>\n\t\t07:00 BST &#8211; German GDP\n\t<\/li>\n<li>\n\t\t08:00 BST &#8211; French Manufacturing PMI\n\t<\/li>\n<li>\n\t\t08:00 BST &#8211; French Services PMI\n\t<\/li>\n<li>\n\t\t08:30 BST &#8211; German Manufacturing PMI\n\t<\/li>\n<li>\n\t\t08:30 BST &#8211; German Services PMI\n\t<\/li>\n<li>\n\t\t09:00 BST &#8211; Euro Zone Manufacturing PMI\n\t<\/li>\n<li>\n\t\t09:00 BST &#8211; Euro Zone Services PMI\n\t<\/li>\n<li>\n\t\t09:00 BST &#8211; German IFO Business Expectations\n\t<\/li>\n<li>\n\t\t09:00 BST &#8211; German IFO Current Assessment\n\t<\/li>\n<li>\n\t\t09:00 BST &#8211; German IFO Business Climate\n\t<\/li>\n<li>\n\t\t10:00 BST &#8211; UK Inflation Report Hearings\n\t<\/li>\n<li>\n\t\t14:45 BTS &#8211; US Services PMI\n\t<\/li>\n<li>\n\t\t14:45 BST &#8211; US Manufacturing PMI\n\t<\/li>\n<li>\n\t\t15:00 BST &#8211; US New Home Sales\n\t<\/li>\n<li>\n\t\t15:00 BST &#8211; US Richmond Manufacturing Index\n\t<\/li>\n<li>\n\t\t20:15 BST &#8211; FOMC Member Kashkari speaks\n\t<\/li>\n<li>\n\t\t22:00 BST &#8211; FOMC Member Harker speaks\n\t<\/li>\n<\/ul>\n<p>\n\t<u>Wednesday, May 24th<\/u>\n<\/p>\n<ul>\n<li>\n\t\t01:30 BST &#8211; Australian Leading Index\n\t<\/li>\n<li>\n\t\t09:30 BST &#8211; ECB Member Praet speaks\n\t<\/li>\n<li>\n\t\t13:45 BST &#8211; ECB President Draghi speaks\n\t<\/li>\n<li>\n\t\t15:00 BST &#8211; US Existing Home Sales\n\t<\/li>\n<li>\n\t\t15:00 BST &#8211; Bank of Canada Rate Decision\n\t<\/li>\n<li>\n\t\t15:30 BST &#8211; US Crude Oil Inventories\n\t<\/li>\n<li>\n\t\t19:00 BST &#8211; FOMC Meeting Minutes\n\t<\/li>\n<\/ul>\n<p>\n\t<u>Thursday, May 25th<\/u>\n<\/p>\n<ul>\n<li>\n\t\t09:00 BST &#8211; RBA Assistant Governor Debelle speaks\n\t<\/li>\n<li>\n\t\t09:30 BST &#8211; UK GDP\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; US Initial Jobless Claims\n\t<\/li>\n<li>\n\t\t15:00 BST &#8211; FOMC Member Brainard speaks\n\t<\/li>\n<li>\n\t\t18:00 BST &#8211; ECB Member Constancio speaks\n\t<\/li>\n<\/ul>\n<p>\n\t<u>Friday, May 26th<\/u>\n<\/p>\n<ul>\n<li>\n\t\t08:00 BST &#8211; ECB Member Coeure speaks\n\t<\/li>\n<li>\n\t\t13:30 BST &#8211; US GDP\n\t<\/li>\n<li>\n\t\t15:00 BST &#8211; US Michigan Consumer Sentiment\n\t<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Nikkei up 0.45 %, Shanghai Composite fell 0.25 %, Hang Seng rallied 0.90 %, ASX 200 rose 0.80 % Commodities: Gold at $1252 (-0.10 %), Silver at $16.88 (+0.50 %), WTI Oil at $51.20 (+1.00 %), Brent Oil at $54.10 (+0.90 %) Rates: US 10-year yield at 2.25, UK 10-year &hellip; <a href=\"https:\/\/icm-cn-asia.com\/blog\/monday-22nd-may-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Monday 22nd 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-21251","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\/21251","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=21251"}],"version-history":[{"count":2,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/21251\/revisions"}],"predecessor-version":[{"id":21253,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/21251\/revisions\/21253"}],"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=21251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=21251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=21251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}