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FX Bazooka (your trading weapon)
FTSE 100 leaps as bank stocks recover from downbeat start

On Monday, British shares ascended, with bank stocks shaking off early losses, as market participants assessed the fallout from the resignation of Italy’s prime minister due to a recent referendum defeat over the weekend.

The U.K’s FTSE 100 UKX gained 0.8%, hitting 6,785.18, led by the basic materials, consumer goods and industrial sectors. It revived after a downbeat start, when it started 0.4% lower.

London-listed bank stocks managed to swing higher, because traders weighed up the prospects for banks across the EU after a referendum in Italy drove fears as for the integrity of the eurozone.

In Great Britain, stocks of the Royal Bank Of Scotland Group RBS gained 2%. The move came after the mostly state-owned bank agreed to pay about 800 million pounds in order to settle with three litigants in a legal dispute regarding shareholder rights. Barclays PLC BARC rallied 2.4%, Lloyds Banking Group LLOY grew 1.11%, LYG grasped 1.03%, while Standard Chartered STAN lost 0.2%.

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Household, government spending back euro zone in the third-quarter

Household as well as public sector spending backed euro zone growth during the third quarter as the impact of foreign trade became negative, the EU’s statistics Eurostat informed on Tuesday.

Eurostat confirmed GDP growth in the 19 countries sharing the euro leapt 0.3% quarter-on-quarter. However, it revised up its reading for year-on-year growth to 1.7% from 1.6% it previously reported.

Compared with a year earlier, second quarter growth was similarly raised by one tenth of a percentage point to about 1.7%.

The greatest contribution to growth came from household spending, that added 0.2% points to the final outcome, with changes of inventories as well as public sector spending also each contributing another 0.1 points.

The impact of exports was almost zero. Meanwhile, increased imports tore 0.1 points from the growth figure. Investment didn’t make any contribution to growth, after expansion in previous quarters.

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British manufacturing output suddenly tumbles in October

In October, in Great Britain manufacturing as well as industrial production both unexpectedly dropped, driving concerns over the British economy, as official data revealed on Wednesday.

The UK Office for National Statistics reported that in October, manufacturing production sank by a seasonally adjusted 0.9%, which is worse than hopes for a revenue of 0.2%. October's drop appears to be the weakest since February.

On an annualized basis, in October, manufacturing output sagged at rate of 0.4%, which is worse than predictions for a 0.8% soar, having leapt at a rate of 0.1% in September. Last month’s data was revised down from an initial 0.2% profit.

In October, year-on-year, industrial output lost, below hopes for a 0.5% ascend, and following the 0.4% leapt registered last month. September’s outcome was revised upwards from an initial profit of 0.3%.

Right after the report, the currency pair GBP/USD hit 1.2607, tumbling from 1.2630.

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Morning brief for December 9, 2016

EUR/USD slumped to 1.0585 yesterday after ECB trimmed the size of its asset-purchasing program, but extended it for longer than it was expected. Draghi’s message was ambivalent – reducing bond buying while extending the current purchase program beyond March 2017 (till April 2017 with 80 bln per month followed by 60 bln for the rest for the year or even further if needed). This made investors scattering to and fro as they were trying to digest implications of such actions. Today’s focus will be on the US preliminary UoM consumer sentiment.

USD/JPY moved higher (above 114.5) in the early hours of the Asian session amid a retreat from haven currencies, then, the yen gained momentum due to Japan’s upbeat BSI manufacturing index and M2 money stock having dragged the pair towards 114.25.  

AUD/USD changed only a little in the course of the Asian session. First it dropped to 0.7441, then, managed to erase its losses having climbed to 0.7463 due to strong China’s inflation readings. China’s consumer price index advanced 2.3% from a year ago. Producer price index soared 3.3% in the 12 months through November.  

GBP/USD is consolidating in the range of 1.2568 – 1.2594 after Thursday’s precipitous downfall to 1.2547. Later today traders will receive the UK good trade balance data, construction output, and consumer inflation expectations which should offer some support to the pound if the market’s forecasts are fulfilled.

USD/CAD moved lower yesterday due to the surging oil prices. They managed to rebound to from $52.90 to $54.10 just in two days on growing optimism that non-OPEC producers might agree to cut output in the aftermath of the cartel agreement to curb oil production.

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Crude prices leap on global producer deal to cut crude production

On Monday, crude prices shot to their greatest peaks since mid-2015 after OPEC as well  as other producers reached their first deal since 2001 to reduce production in order to rein in oversupply and also prop up markets.

Brent crude futures jumped to $57.89 a barrel during overnight trading between Sunday and Monday, the highest value since July 2015. American West Texas Intermediate futures also reached a July 2015 peak of $54.51 a barrel. Brent as well as WTI dropped to $56.58 and $53.92 respectively, though were both still up 4% from their last settlements.

With the deal signed after nearly a year of arguing within the Organization of the Petroleum Exporting Countries as well as mistrust in the willingness of non-OPEC Russia to take part, focus is shifting to compliance of the agreement.

Saudi Aramco has informed American and European customers that it will cut oil deliveries from January.

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Greenback goes up, as Fed meeting looms

On Tuesday, the evergreen buck pushed higher against the common currency and the yen, as market participants turned their focus to the outcome of the Federal Reserve policy gathering starting later in the day, amid widespread hopes for a rate lift.

The U.S. dollar index, measuring the US dollar’s strength against a trade-weighted basket of six key currencies, rallied 0.14%, hitting 101.14.

The Fed is widely supposed to raise rates for the first time in a year on at the conclusion of its gathering on Wednesday, with market participants pricing in a 100% likelihood of a surge.

The Fed will also announce updated economic forecasts, while markets will be monitoring closely signals on the outlook for inflation and also the expected pace of rate lifts in 2017.

Traders were still wary amid concerns that the major US bank could strike a cautious tone on the outlook for policy tightening in 2017.

The currency pair EUR/USD declined 0.15%, hitting 1.0620. USD/JPY shot up 0.28%, getting to 115.33, holding below Monday’s peaks of 116.12, the strongest value since February 8.

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Aussie stands still, Kiwi rallies ahead of Fed

On Wednesday, the Australian dollar was intact against its American counterpart, while the New Zealand dollar rallied, as traders were waiting for the Federal Reserve’s highly-anticipated policy verdict later in the day.

The currency pair AUD/USD was nearly intact, trading at 0.7496, off the previous session’s one-month peak of 0.7523.

The Fed’s expected to lift interest rates for the first time in a year on at the conclusion of its gathering later on Wednesday.

The US major bank will also announce updated economic forecasts, while markets will be closely monitoring clues on the outlook for inflation as well as the expected pace of rate lifts in 2017.

Market participants remained wary amid worries that next year the US major financial institution could strike rather a cautious tone on the outlook for policy tightening.

Higher rates spur the greenback by making the currency more attractive to yield-seeking traders.

The currency pair NZD/USD ascended 0.21%, being worth 0.7219, not far from Tuesday’s one-month high of 0.7232.

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Australian shares rally at close of trade
On Monday, Australian shares were higher after the close, as profits in the Industrials, Utilities as well as Telecoms Services sectors brought stock up.
The S&P/ASX 200 surged 0.53%.
The best performance on the S&P/ASX 200 was demonstrated by Syrah Res F, Nextdc Ltd and Downer Edi Ltd. They tacked on respectively 6.42%, 3.71% and 3.48%.    
As for the worst performance, we should mention Seven West Media Ltd, M Pharma Fp and Bega Cheese Ltd. They tumbled 9.20%, 6.92% and 5.03% respectively.     
Declining shares outperformed soaring ones on the Australia Stock Exchange by 533 to 514, while 311 didn’t change.
Stocks in Downer Edi Ltd rallied to 5-year peaks, surging 3.48% to 6.250. Stocks in Bega Cheese Ltd edged down to 52-week minimums, tumbling 5.03%, hitting 4.150.
The S&P/ASX 200 VIX, gauging the implied volatility of S&P/ASX 200 options, headed south 0.45%, reaching 11.249, a fresh 52-week minimum.
The currency pair AUD/USD dived 0.19%, trading at 0.7293, while AUD/JPY sank 0.73% getting to 85.53.

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Greenback bounces back close to 14-year high

On Tuesday, the evergreen buck was bouncing back toward its 14-year peak against a basket of key currencies, as the Japanese yen rapidly gave up some of its revenues following deadly incidents in Germany and Turkey.

The greenback remained well-bid against many other currencies, with its index growing back to 103.36 from Monday's minimum of 102.52, coming within sight of its 14-year high of 103.56 reached on Thursday.

The greenback was supported in part by positive comments from Fed Chair Janet Yellen on the American jobs market.

Hopes that the incoming Trump Administration's scheduled tax drops as well as fiscal spending could lead to higher American growth and inflation has driven US bond yields and the greenback since the previous month.

The common currency edged down 0.2%, hitting $1.0382, thus extending its 0.5% drops on Monday and edging close to its December 15 minimum of $1.03665, its weakest value since January 2003.

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Gold struggles near 11-month minimums as firm greenback weighs

On Wednesday, gold struggled close to the previous week's 11-month minimums, as a firm American dollar and the possibility of further American interest rate lifts next year kept weighing.

In New York, February delivery gold futures rallied 0.15%, hitting $1,135.35 per troy ounce, having fallen  0.8% during the last session.

Prices of the number one precious metal dipped to $1,124.30 the previous week, an outcome not observed since February 2.

The dollar index, measuring the US dollar’s strength against a trade-weighted basket of six key currencies, was little changed, showing 103.21 during early trade. The index managed to rise to 103.62 on Tuesday, thus demonstrating the strongest outcome since December 2002.

Since the American election in early November, the dollar index has surged almost 6% thanks to bets of higher American growth and a faster tempo of interest rate surges under incoming president Donald Trump.

March delivery silver futures lost 0.1%, hitting $16.10 a troy ounce, platinum dipped 0.7%, trading at $917.40, palladium sank 1.14%, reaching $663.17 an ounce, the lowest value since November 9.

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