{"id":22206,"date":"2017-08-02T10:36:19","date_gmt":"2017-08-02T05:06:19","guid":{"rendered":"http:\/\/www.icmarkets.com\/blog\/?p=22206"},"modified":"2017-08-02T10:37:09","modified_gmt":"2017-08-02T05:07:09","slug":"wednesday-2nd-august-european-open-briefing","status":"publish","type":"post","link":"https:\/\/icm-cn-asia.com\/blog\/wednesday-2nd-august-european-open-briefing\/","title":{"rendered":"Wednesday 2nd August: 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 0.60 %, Shanghai Composite gained 0.05 %, Hang Seng rose 0.40 %, ASX 200 fell 0.40 %\n\t<\/li>\n<li>\n\t\tCommodities: Gold at $1264 (-0.65 %), Silver at $16.60 (-0.90 %), WTI Oil at $48.70 (-0.95 %), Brent Oil at $51.30 (-0.90 %)\n\t<\/li>\n<li>\n\t\tRates: US 10 year yield at 2.27, UK 10 year yield at 1.22, German 10 year yield at 0.48\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>News &amp; Data:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\tNew Zealand Employment Change q\/q -0.2 % vs 0.7 % expected\n\t<\/li>\n<li>\n\t\tNew Zealand Unemployment Rate 4.8 % vs 4.8 % expected\n\t<\/li>\n<li>\n\t\tAustralia Building Approvals 10.9 % m\/m vs 1.5 % expected\n\t<\/li>\n<li>\n\t\tAsia tech stocks bathe in Apple glow, dollar overshadowed &#8211; RTRS\n\t<\/li>\n<li>\n\t\tU.S. spending, factory data point to moderate economic growth &ndash; RTRS\n\t<\/li>\n<\/ul>\n<h4>\n\t<strong>Markets Update:<\/strong><br \/>\n<\/h4>\n<p>\n\tThe US Dollar regained some strength overnight, while Asian stock markets picked up the positive sentiment from Wall Street and extended gains.\n<\/p>\n<p>\n\tThe New Zealand Dollar was the worst performing currency overnight. Employment data disappointed, with employment chage arriving at -0.2 %. The market expected an increase of 0.7 %. NZD\/USD fell from 0.7470 to 0.7410. Key support is seen around 0.7380, but a break below that level would signal a retracement to at least 0.73.\n<\/p>\n<p>\n\tThe Aussie Dollar is also a tad weaker, but benefited from AUD\/NZD buying. AUD\/USD fell to 0.7940, and a clear break below 0.7935 would confirm the recent top at 0.8060. Nevertheless, the outlook for the Aussie Dollar remains positive amid solid risk appetite and rising commodity prices. AUD\/USD should run into decent demand around 0.7880 and 0.7830.\n<\/p>\n<p>\n\tMeanwhile, the British Pound looks quite overbought in the short-term and a retracement is likely in the near-term. Further, Brexit concerns and a reluctant Bank of England should keep the currency under pressure. Watch for initial support at 1.3150, and stronger one ahead of 1.31.\n<\/p>\n<p>\n\tThe Euro looks unstoppable, although the charts also suggest EUR\/USD is heavily overbought in the short-term. Nevertheless, momentum remains strong and there is little resistance until 1.20 now. Support is seen at 1.1780 and 1.1720.\n<\/p>\n<h4>\n\t<strong>Upcoming Events:<\/strong><br \/>\n<\/h4>\n<ul>\n<li>\n\t\t09:30 BST &#8211; UK Construction PMI\n\t<\/li>\n<li>\n\t\t13:15 BST &#8211; US ADP Nonfarm Employment Change\n\t<\/li>\n<li>\n\t\t15:30 BST &#8211; US Crude Oil Inventories\n\t<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian stock markets: Nikkei up 0.60 %, Shanghai Composite gained 0.05 %, Hang Seng rose 0.40 %, ASX 200 fell 0.40 % Commodities: Gold at $1264 (-0.65 %), Silver at $16.60 (-0.90 %), WTI Oil at $48.70 (-0.95 %), Brent Oil at $51.30 (-0.90 %) Rates: US 10 year yield at 2.27, UK &hellip; <a href=\"https:\/\/icm-cn-asia.com\/blog\/wednesday-2nd-august-european-open-briefing\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Wednesday 2nd August: 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-22206","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\/22206","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=22206"}],"version-history":[{"count":3,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/22206\/revisions"}],"predecessor-version":[{"id":22209,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/22206\/revisions\/22209"}],"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=22206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=22206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icm-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=22206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}