Macro events & news for October 27, 2015

27 October, 2015

Macro events & news for October 27, 2015

FX News Today

Greek bailout payment delayed, Greece is once again behind in the implementation of the agreed reforms and so far only 14 of the 48 “milestones” have been implemented. A delay of the reform plan and the payout likely also means a delay in the reform of the banking and finance system, including the recapitalization of banks.

Commodities were on the defensive, but the CAD was range bound near 1.3160 since the open. The lack of price action came as oil prices were steady near $43.5 – $44.00 and as the risk backdrop remains quiet.

Gold been relatively steady, following last week’s dollar rally inspired sell-off. Gold traded near the two-week low under of $1,160/ounce on Friday, and currently trades at $1165. Copper meanwhile, topped out at $2.381/lb earlier, and have since fallen back to $2.351, with softer U.S. home sales data weighing. Copper remains up on the session.

USDJPY given back some gains, the pair has gained considerable ground since last week, as the dovish ECB and the aggressive PBoC combined to rally the dollar broadly. With the China rate cut having many market players up the BoJ’s ante to add to QE this week, USD-JPY gains may well hold.

Main Macro Events Today

• GBP U.K. Gross Domestic Product: U.K. GDP numbers for Q3, with the quarterly growth rate expected to slow to 0.6% (med same) from 0.7%.

• USD Durable Goods Orders: September durable goods data is out today and should reveal a 0.8% (median -1.0%) decline for orders on the month with shipments unchanged and inventories growing by 0.1%. This compares to respective August figures of -2.3% for orders, -0.2% for shipments and unchanged for inventories. Data in line with analyst forecast would leave the I/S ratio for the month at 1.66 from 1.65 in both August and July.

• USD Consumer Confidence: October Consumer Confidence is out today and should reveal a 104.0 (median 102.8) headline, up from 103.0 in September and 101.3 in August. Other confidence measures have improved in October with Michigan Sentiment rising to 92.1 from 87.2 and the IBD/TIPP Poll rising to 47.3 from 42.0.

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The dollar remained on the ebb

The narrow trade-weighted USD index is showing a modest 0.2% loss as the London interbank opens, at 93.23, having extended the decline from...

Trump bump seemed to get renewed

That added to an already optimistic tone after signs of solid consumption growth and fixed investment in the U.S. Q2 GDP and with the strength...

Fed VC Fischer steered clear of policy

Asian stock markets moved modestly higher on the last day of the third quarter. Hopes that the U.S. tax reform will boost growth underpinned...


FTSE 100 futures are slightly higher

Asian stock markets are narrowly mixed and fluctuating at high levels, as trading volumes are low and investors await the Fed decision...

Markets have come quite a way up

Both central banks are widely expected to keep policy on hold, but the BoE’s statement in particular will be watched carefully...

Dollar traded softer vs many currencies

European Outlook: Asian stock markets mostly moved higher in quiet trade, after Wall Street managed to close with slight gains...


Oil prices are holding above USD 49

Yesterday there was a relatively dovish view from the nonvoting president, Fed Bullard, who continues to twist between a hawkish...

Dollar majors playing narrow ranges

EUR-USD held in the upper 1.18s, below the 31-month high logged midweek at 1.1910, and Cable settled in the mid 1.31s, consolidating the sharp losses...

UK100 is at 0.62% gain for the day

UK preliminary Q2 GDP came on the nose at 0.3% q/q and 1.7% y/y, up from Q1’s 0.2% in the case of the q/q figure and down from Q1’s 2.0% y/y...

  


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