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Asia Roundup: Aussie hits 1-week lows, dollar steadies against yen despite N. Korea missile launch concerns, Asian shares edge up - Wednesday, November 29th, 2017

Market Roundup

  • Bitcoin tops $10,000, taking 2017 gains to 940 pct
     
  • Japan Oct Retail Sales y/y, -0.2%, 2.2% last, -0.2% f' cast, 2.3% rvsd
     
  • New Zealand central bank to undertake 'modest easing' of home loan restrictions
     
  • North Korea tests suspected ICBM, splashes down near Japan
     
  • U.S. Senate Republicans shove tax bill ahead as Democrats fume
     
  • U.S. court backs Trump in battle over interim consumer watchdog head
     
  • Democrats skip Trump meeting, raising risk of government shutdown
     
  • Britain close to deal on Brexit bill with EU -sources
     
  • Irish deputy PM resigns, averting election threat
     
  • UK shop prices slip 0.1 pct in November for third month running - BRC
     
  • Merkel scolds ally to shield coalition talks from weedkiller row
     
  • China's economy still facing relatively large downward pressure - banking regulator
     
  • OPEC heading for oil cut extension with a caveat

Economic Data Ahead

  • (0245 ET/0745 GMT) France Oct Consumer Spending m/m, f' cast -0.1%, 0.9% last
     
  • (0245 ET/0745 GMT) France Q3 GDP Detailed q/q, f' cast 0.50%, 0.50% last
     
  • (0430 ET/0930 GMT) Great Britain Oct BoE Consumer Credit f' cast 1.500 bln, 1.606 bln last
     
  • (0430 ET/0930 GMT) Great Britain Oct Mortgage Lending f' cast 3.600 bln, 3.848 bln last
     
  • (0430 ET/0930 GMT) Great Britain Oct Mortgage Approvals f' cast 65.000k, 66.232k last
     
  • (0500 ET/1000 GMT) EZ Nov Consumer Confid. Final f' cast 0.1, -1.1 last
     
  • (0500 ET/1000 GMT) EZ Nov Business Climate f' cast 1.53, 1.44 last
     
  • (0500 ET/1000 GMT) EZ Nov Economic Sentiment 114.6 f' cast, 114.0 last
     
  • (0500 ET/1000 GMT) EZ Nov Industrial Sentiment f' cast 8.7, 7.9 last
     
  • (0500 ET/1000 GMT) EZ Nov Services Sentiment f' cast 16.8, 16.2 last

Key Events Ahead

  • (0200 ET/0700 GMT) BoJ's Nakaso speaks in a press meet – Tokyo
     
  • (0830 ET/1330 GMT) Fed's Dudley participates in a discussion – New Brunswick
     
  • (0900 ET/1400 GMT) BoE's Carney speaks at a discussion – London
     
  • (0945 ET/1445 GMT) BoE's Ramsden speaks at a discussion – London
     
  • (1000 ET/1500 GMT) Fed's Yellen speaks at Congressional committee – Washington
     
  • (1200 ET/1700 GMT) Bundesbank's Weidmann speaks at an event – Essen
     
  • (1350 ET/1850 GMT) Fed's Williams speaks at Arizona State University – Phoenix
     
  • (1400 ET/1900 GMT) Fed issues Beige book on economic condition – Washington
     
  • (1500 ET/2000 GMT) Dutch cen bank's Knot speaks at a conference – London

FX Beat

DXY: The dollar index consolidated within a narrow range, amid elevated risks in the latest moves from North Korea. The greenback against a basket of currencies traded flat at 93.21, having touched a low of 92.50 on Monday, its lowest since Sept. 25. FxWirePro's Hourly Dollar Strength Index stood at 81.89 (Slightly Bullish) by 0500 GMT.

EUR/USD: The euro steadied after easing for two straight sessions as investors awaited the German preliminary data, which is expected to show the consumer price index increased 0.3 percent month-on-month in November, while on annualized it likely to rise 1.7 percent from the previous figure of 1.5 percent. The European currency traded 0.1 percent up at 1.1851, having touched a high of 1.1961 on Monday, its highest since Sept. 22. FxWirePro's Hourly Euro Strength Index stood at 14.33 (Neutral) by 0400 GMT. Investors’ attention will remain on series of data from the Eurozone economies and Eurozone economic sentiment indicator, ahead of U.S. gross domestic product, personal consumption expenditures prices, pending home sales figures and Fed officials' speeches. Immediate resistance is located at 1.1919 (Previous Session High), a break above targets 1.2000. On the downside, support is seen at 1.1815 (21-DMA), a break below could drag it lower 1.1800.

USD/JPY: The dollar rose, extending previous session gains, underpinned by strong U.S. economic data while the reaction to North Korea's latest missile test was muted. The major was trading 0.1 percent up at 111.53, having hit a low of 110.84 on Monday, its lowest since Sept. 15. FxWirePro's Hourly Yen Strength Index stood at 17.06 (Neutral) by 0400 GMT. Investors’ will continue to track broad-based market sentiment, ahead of the U.S. gross domestic product, personal consumption expenditures prices, pending home sales figures and Fed officials' speeches for further momentum. Immediate resistance is located at 111.68 (78.6% retracement of 114.73 and 110.84), a break above targets 111.95 (10-DMA). On the downside, support is seen at 110.84 (Nov. 27 Low), a break below could take it near 110.50.

GBP/USD: Sterling gained, extending previous day's rally after The Daily Telegraph newspaper reported that Britain and the European Union had agreed on the Brexit divorce bill, citing unidentified sources. The major traded 0.2 percent up at 1.3364, having hit a high of 1.3386 on Tuesday, it’s highest since Oct. 2. FxWirePro's Hourly Sterling Strength Index stood at 95.67 (Slightly Bullish) by 0400 GMT. Investors’ focus will remain on developments surrounding Brexit deal, UK consumer credit and BoE Governor Carney and Ramsden's speech, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.3400, a break above could take it near 1.3456. On the downside, support is seen at 1.3324, a break below targets 1.3269 (10-DMA). Against the euro, the pound was trading 0.1 percent up at 88.66 pence, having hit a low of 89.81 pence the prior session, it’s lowest since Nov. 16.

AUD/USD: The Australian dollar slumped to 1-week lows as oil continued to trade weaker ahead of OPEC meeting. The Aussie trades 0.1 percent down at 0.7586, having hit a low of 0.7582 earlier; it’s lowest since Nov. 22. FxWirePro's Hourly Aussie Strength Index stood at -38.42 (Neutral) by 0500 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.7573 (Nov. 15 Low), a break below targets 0.7532 (Nov. 21 Low). On the upside, resistance is located at 0.7628 (21-DMA), a break above could take it near 0.7665.

NZD/USD: The New Zealand dollar eased, pulling away from a 2-1/2 week high touched in the previous session after the Reserve Bank of New Zealand sounded surprisingly relaxed about the housing market as it loosened lending restrictions. The major trades down at 0.6895, having touched a high of 0.6945 the day before, its highest level since Nov. 10. FxWirePro's Hourly Kiwi Strength Index was at 112.49 (Highly Bullish) by 0500 GMT. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6926, a break above could take it near 0.6980. On the downside, support is seen at 0.6882 (61.8% retracement of 0.6780 and 0.6945), a break below could drag it lower 0.6863 (10-DMA).

Equities Recap

Asian shares held recent gains amid concerns over recent softness in Chinese shares, while North Korea's latest missile launch had a little immediate impact on currency markets.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up.

Tokyo's Nikkei rose 0.4 percent to 22,575.80 points, Australia's S&P/ASX 200 index rose 0.5 percent to 6,011.10 points and South Korea's KOSPI declined 0.01 percent to 2,514.01 points.

Shanghai composite index fell 0.6 percent to 3,315.59 points, while CSI300 index was trading 0.9 percent down at 4,019.20 points.

Hong Kong’s Hang Seng was trading 0.2 percent lower at 29,613.37 points. Taiwan shares added 0.1 percent to 10,713.55 points.

Commodities Recap

Crude oil prices declined on a report of an unexpected rise in U.S. fuel inventories and doubts that OPEC and Russia will agree on an extended crude production cut that the market has priced in. International benchmark Brent crude was trading 0.3 percent down at $63.16 per barrel by 0444 GMT, having hit a high of $63.96 on Monday, its highest since Nov. 10. U.S. West Texas Intermediate was trading 0.2 percent lower at $57.64 a barrel, after rising as high as $59.02 on Friday, its highest since June 2015.

Gold prices gained as the reaction to North Korea's latest missile test was muted, while the greenback steadied amid signs of progress on U.S. tax cuts. Spot gold was trading 0.2 percent up at $1,295.78 an ounce at 0449 GMT, having hit a high of $1,299.10 an ounce on Monday, its highest since Oct. 16. U.S. gold futures were down 0.1 percent at $1,293.60.

Treasuries Recap

The 10-year U.S Treasury yield stood at 2.327 percent lower by 0.009 bps, while 5-year yield was 0.007 bps down at 2.059 percent.

The Australian government bond futures were mixed, with the three-year bond contract up 1 tick at 98.100. The 10-year contract was flat at 97.490.

The New Zealand government bonds gained, sending yields about 3 basis points lower across the long-end and 2 basis points lower at the short-end of the curve.

The Canadian government bond prices were higher across a flatter yield curve, with the two-year up 4 Canadian cents to yield 1.419 percent and the 10-year rising 41 Canadian cents to yield 1.84 percent. The 10-year yield touched its lowest since Aug. 29 at 1.805 percent, while the gap between the 10-year yield and its U.S. equivalent widened by 4.9 basis points to a spread of -48.8 basis points.

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December 11 09:00 UTC Released

ITRetail Sales NSA YY

Actual

-2.1 %

Forecast

Previous

3.4 %

December 11 09:00 UTC Released

ITRetail Sales SA MM

Actual

-1 %

Forecast

Previous

0.9 %

December 11 11:30 UTC 117117m

TREndYear CPI Fcst/Cb Svy*

Actual

Forecast

Previous

10.68 %

December 11 15:00 UTC 327327m

USEmployment Trends*

Actual

Forecast

Previous

135.6 tln

December 11 15:00 UTC 327327m

USJOLTS Job Openings*

Actual

Forecast

Previous

6.093 Mln

December 11 21:00 UTC 687687m

KRExport Price Growth YY*

Actual

Forecast

Previous

8 %

December 11 21:00 UTC 687687m

KRImport Price Growth YY*

Actual

Forecast

Previous

6.8 %

December 11 23:50 UTC 857857m

JPCorp Goods Price MM*

Actual

Forecast

Previous

0.3 %

December 11 23:50 UTC 857857m

JPCorp Goods Price YY*

Actual

Forecast

Previous

3.4 %

December 12 00:30 UTC 897897m

AUNAB Business Conditions

Actual

Forecast

Previous

21 Bln TRY

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