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FirewoodFX - Daily Market News
Asia Roundup:
Aussie rebounds as government accelerates tax cuts, dollar index at 1-week trough amid renewed geopolitical concerns, Asian shares trade in red –  Thursday, October 11th, 2018







Market Roundup

Trump calls stock sell-off 'a correction,' says Federal Reserve is 'crazy'

Asia shares shattered by Wall St rout, China's yuan under fire

IMF Lagarde urges China to keep moving toward flexible yuan system

China taps brakes on outbound investment, betrays capital flow fears

World Bank's Kim sees 'clear' economic slowdown if trade war escalates

China should prepare 'more powerful' steps to support economy – state media

EU's Barnier says Brexit deal may be “within reach” next week, demands Irish checks

UK surveyors see weakest house price outlook since Brexit vote-RICS

Australian interest rates need to be expansionary -RBA

Australian government accelerates tax cuts to sweeten souring polls

BOJ's Sakurai warns trade protectionism could cut Japan growth estimate

Japan Sep Corp Goods Price MM, 0.3%, 0.2% f’cast, 0.0% prev

Japan Sep Corp Goods Price YY, 3.0%, 2.9% f’cast, 3.0% prev




Economic Data Ahead

(0245 ET/0645 GMT) France Sep CPI (EU Norm) Final -0.2% m/m, 2.5% y/y f’cast; 0.5%, 2.5% prev




Key Events Ahead

(0300 ET/0700 GMT) Riksbank’s Skingsley reports on the economic situation and current monetary policy at Profit & Loss Scandinavian conference in Brunkebergstorg, Sweden.

(0645 ET/1045 GMT) BoE's Vlieghe speaks on 'Global and domestic challenges for UK monetary policy' at the National Bank of Belgium in Brussels.














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Asia Roundup:
Antipodeans eased despite upbeat Chinese trade data, greenback at 2-week low on worse-than-expected U.S. CPI, Asian shares rebound – Friday, October 12th, 2018







Market Roundup

China Sep Exports YY, 14.5%, 8.9% f’cast, 9.8% prev

China Sep Imports YY, 14.3%, 15.0% f’cast, 20.0% prev, 19.9% rsvd

China Sep Trade Balance USD, 31.69 bln, 19.40 bln f’cast, 27.91 bln prev, 27.89 bln rsvd

Trump, Xi to meet next month at G20 – Washington Post, WSJ

China not a currency manipulator according to U.S. Treasury's internal findings -media reports

IMF warns trade friction, market turmoil to hurt Asian growth

ECB cannot come to Italy's rescue without EU bailout: sources

Call 'em crazy, but Fed officials likely to keep raising rates

Support for German coalition parties hits record lows -poll

Australia's central bank sees plenty of risk at home and abroad

British PM May briefs inner Cabinet that Brexit deal is close -FT

U.S. fund investors pull most cash since Feb from 'junk' bonds -Lipper

Foreign CB US debt holdings +$8.292 bln to $3.444 tln Oct 10 week

Treasuries +$8.723 bln to $3.069 tln, agencies +94 mln to $306.913 bln




Economic Data Ahead

(0500 ET/0900 GMT) EZ Aug Industrial Production, 0.4% m/m, -0.2% y/y f’cast; -0.8%, -0.1% prev




Key Events Ahead

(0510 ET/0910 GMT) ECB executive board member Sabine Lautenschlager speaks at Valletta, Malta

(0930 ET/1330 GMT) Federal Reserve Bank of Chicago President Charles Evans speaks at Ann Arbor, Michigan

(1000 ET/1400 GMT) BoE Executive Director Andy Haldane speaks at King's College London event in London

(1145 ET/1545 GMT) Federal Reserve Bank of Atlanta President Raphael Bostic participates in a discussion in Atlanta














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Asia Roundup:
Kiwi rallies as better-than-expected CPI slashes rate cut speculation, euro eases on Italy's deficit-widening budget plans, investors eye UK employment data – Tuesday, October 16th, 2018







Market Roundup

Trump sends Pompeo to Riyadh over Khashoggi; Saudis may blame official

May says Irish backstop can't derail deadlocked Brexit talks

Japan says U.S. has not raised FX manipulation in trade talks

Two Koreas, UN Command hold first talks on disarming border

Growing impact: a third of Japan Inc hurt by U.S.-China trade war -Reuters poll

Italy approves deficit-hiking budget, awaits EU's verdict

Australia's RBA on watch for credit drought as banks tighten lending spigots

China Sep PPI YY, 3.6%, 3.5% f’cast, 4.1% prev

China Sep CPI YY, 2.5%, 2.5% f’cast, 2.3% prev

China Sep CPI MM, 0.7%, 0.7% f’cast, 0.7% prev

New Zealand Q3 CPI QQ, 0.9%, 0.7% f’cast, 0.4% prev

New Zealand Q3 CPI YY, 1.9%, 1.7% f’cast, 1.5% prevY




Economic Data Ahead

(0430 ET/0830 GMT) Great Britain Sep Claimant Count Unem Chng, 7.5k f’cast, 8.7k prev

(0430 ET/0830 GMT) Great Britain Aug ILO Unemployment Rate, 4.0% f’cast, 4.0% prev

(0430 ET/0830 GMT) Great Britain Aug Employment Change, 11k f’cast, 3k prev

(0430 ET/0830 GMT) Great Britain Aug Avg Wk Earnings 3M YY, 2.6% f’cast, 2.6% prev

(0430 ET/0830 GMT) Great Britain Aug Avg Earnings (Ex-Bonus), 2.9% f’cast, 2.9% prev

(0500 ET/0900 GMT) Germany Oct ZEW Economic Sentiment, -12.0 f’cast, -10.6 prev

(0500 ET/0900 GMT) Germany Oct ZEW Current Conditions, 74.5 f’cast, 76.0 prev




Key Events Ahead

(1615 ET/2015 GMT) Federal Reserve Bank of San Francisco President Mary Daly gives lecture at Wellesley College in Massachusetts.














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Asia Roundup:
Yen plunges as investors' risk appetite improves, euro struggles to hold ground amid Italian budget concerns, Asian shares rally – Wednesday, October 17th, 2018







Market Roundup

Trump gives Saudi Arabia benefit of doubt in journalist's disappearance

Trump administration says to open trade talks with EU, UK, Japan

Trump widens Fed critique, calls it 'my biggest threat'

U.S. regains crown as most competitive economy for first time since 2008 – WEF

China Treasury holdings in August fall to lowest since June 2017 -Treasury data

EU leaders prepare hardball Brexit summit choice for May

'Regional protectionism' in new U.S. trade deal favors Mexico -negotiator

Australian government braces for voter anger in make-or-break by-election

Australia's central bank holding out for long-awaited wage recovery




Economic Data Ahead

(0430 ET/0830 GMT) Great Britain Sep CPI, 0.2% m/m, 2.6% y/y f’cast; 0.7%, 2.7% prev

(0430 ET/0830 GMT) Great Britain Sep Core CPI, 0.2% m/m, 2.0% y/y f’cast; 0.8%, 2.1% prev

(0430 ET/0830 GMT) Great Britain Sep RPI, 0.2% m/m, 3.5% f’cast; 0.9%, 3.9% prev

(0430 ET/0830 GMT) Great Britain Sep PPI Input Prices NSA, 1.0% m/m, 9.2% y/y f’cast; 0.5% m/m, 8.7% prev

(0430 ET/0830 GMT) Great Britain Sep PPI Output Prices NSA, 0.2% m/m, 2.9% y/y f’cast; 0.2% m/m, 2.9% prev

(0430 ET/0830 GMT) Great Britain Sep PPI Core Output NSA, 0.1% m/m, 2.3% y/y f’cast; 0.1%, 2.1% prev

(0500 ET/0900 GMT) EZ Sep HICP Final, 0.5% m/m, 2.1% y/y f’cast; 0.2%, 2.1% prev

(0500 ET/0900 GMT) EZ Sep HICP-X F, E, A, T Final, 0.4% m/m, 0.9% y/y f’cast; 0.4%, 0.9% y/y prev




Key Events Ahead

(0300 ET/0700 GMT) Riksbank executive board meeting in Stockholm.

(0330 ET/0730 GMT) ECB’s Peter Praet gives keynote speech at “La Caixa” conference in Madrid.

(0430 ET/0830 GMT) Record of Financial Policy Committee meeting of Oct. 3, 2018 in London.

(0915 ET/1315 GMT) BoE’s Cunliffe appears before parliament's Treasury Committee for a re-appointment hearing in London.

(1215 ET/1610 GMT) Fed’s Brainard speaks at the Federal Reserve Bank of Boston and the Aspen Institute conference, in Boston.

(1500 ET/1900 GMT) Federal Open Market Committee releases the minutes from its September 25-26 policy meeting in Washington.













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Asia Roundup:
Aussie rebounds as unemployment rate declines, greenback rallies on hawkish Fed minutes, sterling bulls' eye EU summit – Thursday, October 18th, 2018







Market Roundup

Trump reluctant to abandon Riyadh over missing journalist, wants evidence

Despite Trump criticism, Fed sees need for more rate hikes

U.S. government refrains from calling China a currency manipulator

U.S. Treasury triples potential credit line to Mexico

May seeks to reassure EU leaders on Brexit deal

S.Korea holds rates amid growth risks, trade tensions

BOJ's Kuroda offers slightly brighter view on inflation

Japan Sep Exports YY, -1.2%, 1.9% f’cast, 6.6% prev

Japan Sep Imports YY, 7.0%, 13.7% f’cast, 15.4% prev, 15.3% rsvd

Japan Sep Trade Balance Total Yen, 139.6 bln, -50.0 bln f'cast, -444.6 bln prev, -438.4 bln rsvd

Australia Sep Employment, 5.6k, 15.0k f’cast, 44.0k prev, 44.6 rsvd

Australia Sep Unemployment Rate, 5.0%, 5.3% f’cast, 5.3% prev




Economic Data Ahead

(0430 ET/0830 GMT) Great Britain Sep Retail Sales MM, -0.4% f’cast, 0.3% prev

(0430 ET/0830 GMT) Great Britain Sep Retail Sales Ex-Fuel MM, -0.4% f’cast, 0.3% prev

(0430 ET/0830 GMT) Great Britain Retail Sales YY, 3.6% f’cast, 3.3% prev

(0430 ET/0830 GMT) Great Britain Retail Sales Ex-Fuel YY, 3.7% f’cast, 3.5% prev




Key Events Ahead

(0400 ET/0800 GMT) ECB Governing Council member Ewald Nowotny gives a speech on “the future of financing and currencies” in Vienna.

(0400 ET/0800 GMT) A special event to mark the launch of series VIII 50-krone and 500-krone banknotes will be held at RS Noatun in Horten.

(0915 ET/1315 GMT) Fed St. Louis President James Bullard gives presentation on the U.S. economy and monetary policy before the Economic Club of Memphis

(0930 ET/1330 GMT) Latvian Finance Minister Dana Reizniece-Ozola, Lituanian Finance Minister Migle Tuskiene and Estonian Deputy Secretary-General for Financial Policy Marten Ross
speak alongside European Commission's Valdis Dombrovskis on financial stability and capital markets in the Baltics in London.

(0930 ET/1330 GMT) Bank of Slovenia Deputy Governor Primoz Dolenc speaks at a financial conference in Ljubljana.

(1215 ET/1615 GMT) Fed Vice Chairman for Supervision, Randal Quarles, speaks before an Economic Club of New York luncheon.

N/A ECB Executive Board Member Benoit Coeure and ECB President Mario Draghi participates in the Euro Summit in Brussels.

N/A BoJ to hold its quarterly meeting of regional branch managers where Governor Haruhiko Kuroda will deliver a speech at the outset the meeting in Tokyo













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Asia Roundup:
Antipodeans nudge up despite mixed Chinese data, dollar gains against yen amid tightening in U.S. labor market conditions, Asian shares plunge – Friday, October 19th, 2018







Market Roundup

China's securities regulator seeks to support market confidence with new measures

Japan fin min says U.S. currency report won't restrict FX policy

Trump says Saudi journalist likely dead; Turkey searches for remains

Trump threatens to send military, shut border as migrants head for Mexico

U.S. asks for WTO panel over metals tariff retaliation

Italy defends budget as EU warns of “unprecedented” rules breach

Australian regulator says bigger stick needed to clean up financial sector

China Q3 GDP YY, 6.5%, 6.6% f’cast, 6.7% prev

China Q3 GDP QQ SA, 1.6%, 1.6% f’cast, 1.7% prev

China Sep Urban investment (ytd)yy, 5.4%, 5.3% f’cast, 5.3% prev

China Sep Industrial Output YY, 5.8%, 6.0% f’cast, 6.1% prev

China Sep Retail Sales YY, 9.2%, 9.0% f’cast, 9.0% prev

Japan Sep CPI, Core Nationwide YY, 1.0%, 1.0% f’cast, 0.9% prev

Japan Sep CPI, Overall Nationwide, 1.2%, 1.3% prev

U.S. fund investors pull most cash since June from stocks -Lipper

Foreign CB US debt holdings -$11.032 bln to $3.433 tln Oct 17 week

Treasuries -$10.702 bln to $3.058 tln, agencies +663 mln to $307.576 bln





Economic Data Ahead

(0430 ET/0830 GMT) Great Britain Sep PSNB Ex Banks GBP, 4.500 bln f’cast, 6.753 bln prev

(0430 ET/0830 GMT) Great Britain Sep PSNB, GBP, 4.600 bln f’cast, 5.889 bln prev





Key Events Ahead

(0230 ET/0630 GMT) BoJ Governor Haruhiko Kuroda will make brief remarks at a Japanese Trust Banks Associating meeting in Tokyo

(1130 ET/1530 GMT) BoE Governor Mark Carney gives a Speech at the Economic Club of New York

(1200 ET/1600 GMT) Fed Atlanta President Raphael Bostic participates in armchair discussion on the economic outlook in Macon

(1245 ET/1645 GMT) Fed Dallas President Robert Kaplan speaks before Manhattan Institute event in New York













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Asia Roundup:
Antipodeans rebound on China's stimulus hope, dollar steadies against yen amid prevalent geopolitical tensions, Asian shares volatile – Monday, October 22nd, 2018







Market Roundup

Saudi Arabia calls Khashoggi killing 'grave mistake,' says prince not aware

Trump says U.S. to exit landmark nuclear arms pact, Russia threatens retaliation

With divorce deal almost done, May repeats rejection of EU proposal on Northern Ireland

Italy expects EU budget rejection on Tuesday -source

China's Sept new home price gains led by smaller cities

China banking watchdog says financial risks 'fully controllable' -CSJ

China releases draft plan for personal income tax deductions

Australia's Jerusalem ploy fails to avoid by-election beating, risks Muslim backlash

Australian PM seeks meeting with independent lawmakers in bid to shore-up government





Economic Data Ahead

No major economic data releases





Key Events Ahead

No significant event scheduled













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Asia Roundup:
Dollar eases against yen on persisting geopolitical tensions, euro slumps amid uncertainty in Europe, Asian shares plunge –  
Tuesday, October 23rd, 2018







Market Roundup

Trump says he remains unsatisfied with Saudi accounts on Khashoggi

Trump threatens to cut Central America aid over migrant caravan

Trump eyeing a 10 percent middle-income tax cut plan

Russia pledges 'balance' if U.S. quits nuclear pact; Trump eyes more weapons

Nomura, Chinese government to set up a 150 billion yen fund – source

UK's May tries to calm Brexit rebels, says deal almost done

Mexico's next president vows security for banks in Santander meeting

Refugee offer could strengthen embattled Australian PM's grip on power



Economic Data Ahead

(0200 ET/0600 GMT) Germany Sep Producer Prices, 0.3% m/m, 2.9% y/y f’cast; 0.3%, 3.1% prev

(0600 ET/1000 GMT) Great Britain Oct CBI Trends – Orders, -1 f’cast, -1 prev

(1000 ET/1400 GMT) EZ Oct Consumer Confid. Flash, -3.2 f’cast, -2.9 prev



Key Events Ahead

(0300 ET/0700 GMT) Riksbank holds executive board meeting, monetary policy meeting No. 5 in Stockholm

(0630 ET/1030 GMT) BoE Executive Director Andy Haldane gives seminar Launch of the OECD NAEC Innovation Lab in France

(0830 ET/1230 GMT) Fed Philadelphia issues Non-manufacturing Business Outlook Survey for October in Philadelphia

(0930 ET/1330 GMT) Fed Minneapolis President Neel Kashkari speaks at a conference in Minneapolis

(1120 ET/1520 GMT) BoE Governor Mark Carney speaks at a University of Toronto conference.

(1330 ET/1730 GMT) Fed Atlanta President Raphael Bostic speaks in Baton Rouge

(1415 ET/1815 GMT) Fed Dallas President Robert Kaplan participates in a summit in Galveston, Texas

(1815 ET/2215 GMT) Fed Chicago President Charles Evans participates in moderated Q&A at Northwestern University, Evanston




FX Beat

DXY: The dollar index edged up, hovering towards a near 2-week peak touched in the previous session, following a rise in U.S. Treasury yields. The greenback against a basket of currencies trades flat at 96.04, having touched a high of 96.09 on Monday, its highest since October 9. FxWirePro's Hourly Dollar Strength Index stood at 124.24 (Highly Bullish) by 0400 GMT.

EUR/USD: The euro eased, extending previous session losses, amid growing political uncertainty in Europe over Italy's spending plans. The European currency traded 0.1 percent down at 1.1453, having touched a low of 1.1432 on Friday, its lowest since October 9. FxWirePro's Hourly Euro Strength Index stood at -82.00 (Slightly Bearish) by 0400 GMT. Investors’ attention will remain on German producer price index and Eurozone prelim consumer confidence, ahead of FOMC officials' speeches. Immediate resistance is located at 1.1503 (October 9 High), a break above targets 1.1545 (October 10 High)). On the downside, support is seen at 1.1432 (October 9 Low), a break below could drag it till 1.1400.

USD/JPY: The dollar declined after rising to a 12-day high in the previous session, as uncertainty over Brexit negotiations and Italy's free-spending budget sent investors seeking safety in safe-haven assets. The major was trading 0.2 percent down at 112.56, having hit a high of 112.88 on Monday, its highest since October 10. FxWirePro's Hourly Yen Strength Index stood at 86.31 (Slightly Bullish) by 0400 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of FOMC officials' speeches. Immediate resistance is located at 113.13 (September 26 High), a break above targets 113.46 (September 27 High). On the downside, support is seen at 112.04 (September 20 Low), a break below could take it lower 111.62 (September 15 Low).

GBP/USD: Sterling slumped to a near 3-week trough below the 1.3000 handle as stalled talks over the Irish border issue and discord within Britain's ruling Conservatives over Brexit could see Prime Minister Theresa May face a serious leadership challenge. The major traded 0.05 percent down at 1.2956, having hit a low of 1.2952 earlier; it’s lowest since October 4. FxWirePro's Hourly Sterling Strength Index stood at -95.86 (Slightly Bearish) 0400 GMT. Immediate resistance is located at 1.3023 (October 3 High), a break above could take it near 1.3090 (September 28 High). On the downside, support is seen at 1.2941 (October 2 Low), a break below targets 1.2900. Against the euro, the pound was trading flat at 88.39 pence, having hit a low of 88.56 on Monday, it’s lowest since October 4.

AUD/USD: The Australian dollar plunged to a near 2-week low as risks in the Chinese economy and its currency weighed on investor sentiment.  The Aussie trades 0.3 percent down at 0.7063, having hit a low of 0.7058 earlier; it’s lowest since October 11. FxWirePro's Hourly Aussie Strength Index stood at -115.15 (Highly Bearish) by 0400 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.7040 (October 8 Low), a break below targets 0.7000. On the upside, resistance is located at 0.7106 (October 9 High), a break above could take it near 7159 (October 17 High).




Equities Recap

Asian shares declined, as concerns over Italy's budget and Brexit talks weighed heavily on investor sentiment.

MSCI's broadest of Asia-Pacific shares outside Japan tumbled 1.4 percent.

Tokyo's Nikkei declined 2.3 percent to 22,087.16 points, Australia's S&P/ASX 200 index slumped 1.1 percent to 5,843.10 points and South Korea's KOSPI plunged 2.4 percent to 2,110.59 points.

Shanghai composite index fell 1.3 percent to 2,620.97 points, while CSI300 index traded 1.6 percent down at 3,217.57 points.




Commodities Recap

Crude Oil declined after Saudi Arabia pledged to play a responsible role in energy markets, however, the downside was limited as markets remained nervous ahead of the U.S. sanctions against Iran's crude exports that start next month.  International benchmark Brent crude was trading 0.6 percent down at $79.60 per barrel by 0415 GMT, having hit a low of $78.67 on Thursday, its lowest since September 21. U.S. West Texas Intermediate was trading 0.4 percent down at $69.24 a barrel, after falling as low as $68.50 on Thursday, its lowest since September 14.

Gold prices surged, boosted by political tensions between Saudi Arabia and Western powers, uncertainties around Brexit and Italy's budgetary woes. Spot gold was 0.1 percent up at $1,223.49 an ounce at 0418 GMT, having hit a high of $1233.14 last week, its highest since July 26. U.S. gold futures edged up 0.1 percent to $1,225.30 an ounce.











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Asia Roundup:
Japanese yen trades marginally lower despite robust manufacturing PMI data, gold flat at $1,230 mark, most Asian markets in green –  
Wednesday, October 24, 2018







Market Roundup

Trump says Saudis staged 'worst cover-up ever' on Khashoggi; U.S. revokes visas of some Saudis.

Trump steps up attacks on Fed Chairman Jerome Powell.

Fed's Bostic says comfortable with fourth rate hike following strong data.

UK PM May's Brexit transition plan could last for years.

Canada's Trudeau vows to impose carbon tax, opponents push back.

China state planner says to step up support to stabilise jobs in regions most affected by U.S.-China trade frictions.

Japan Oct Nikkei manufacturing PMI Flash, 53.1, 52.5 previous.



Economic Data Ahead

(0245 ET/0645 GMT) France Oct Business Climate manufacturing, 107 forecast, 107 previous.

(0315 ET/0715 GMT) France Oct Markit manufacturing Flash PMI, 52.4 forecast, 52.5 previous.

(0315 ET/0715 GMT) France Oct Markit services Flash PMI, 54.7 forecast, 54.8 previous.

(0315 ET/0715 GMT) France Oct Markit composite Flash PMI, 53.8 forecast, 54.0 previous.

(0330 ET/0730 GMT) Germany Oct Markit manufacturing Flash PMI, 53.4 forecast, 53.7 previous.

(0330 ET/0730 GMT) Germany Oct Markit Service Flash PMI, 55.5 forecast, 55.9 previous.

(0330 ET/0730 GMT) Germany Oct Markit composite Flash PMI, 54.8 forecast, 55.0 previous.

(0400 ET/0800 GMT) EZ Sep Money-M3 Annual Growth, 3.5% forecast, 3.5% previous.

(0400 ET/0800 GMT) EZ Oct Markit manufacturing Flash PMI, 53.0 forecast, 53.2 previous.

(0400 ET/0800 GMT) EZ Oct Markit services Flash PMI, 54.5 forecast, 54.7 previous.

(0400 ET/0800 GMT) EZ Oct Markit composite Flash PMI, 53.9 forecast, 54.1 previous.



Key Events Ahead

(0330 ET/0730 GMT) Swedish Central Bank announces interest rate decision in Stockholm.

(0915 ET/1315 GMT) Fed Minneapolis President Neel Kashkari participates in Q&A session in Minneapolis.

(1000 ET/1400 GMT) BoC key policy interest rate announcement and Monetary Policy Report in Ottawa.

(1115 ET/1515 GMT) BoC Governor Stephen Poloz and Senior Deputy Governor Carolyn Wilkins hold press conference on Monetary Policy Report in Ottawa.

(1310 ET/1710 GMT) Cleveland President Loretta Mester participates in a moderated Q&A at Cornell Club in New York.

(1400 ET/1800 GMT) Federal Reserve issues the Beige Book of economic condition Washington.

(1900 ET/2300 GMT) Federal Reserve Board Governor Lael Brainard participates in a moderated Q&A session in New York.




FX Beat

USD: The U.S. dollar index, a gauge of its value against six major peers, was wobbly in early Asia trade. It was last slightly lower at 95.94.

EUR/USD: The euro was also steady at $1.1472, although bearish sentiment against the common currency amid Italy's budget woes has limited any chance of a rally. On Tuesday, the European Commission rejected Italy's draft 2019 budget, saying it brazenly broke EU rules on public spending and asked Rome to submit a new one within three weeks or face disciplinary action. A consistent close below $1.1452 will drag the parity down towards key supports around $1.1390, $1.1185 and $1.1080 levels respectively. Alternatively, reversal from key support will drag the parity higher towards key resistances around $1.1550, $1.1620, $1.1738 and $1.1852 marks respectively.

USD/JPY: The Japanese yen trades marginally lower in early Asia despite robust manufacturing PMI data. It made intraday high at 112.61 and low at 112.32 levels. A sustained close above 112.81 is required to take the parity higher towards key resistances around 114.55 and 117.98 marks respectively. Alternatively, a daily close below 112.17 will drag the parity down towards key supports around 110.98, 110.27, 109.24, 108.72 and 107.90 marks respectively.

GBP/USD: The sterling was fetching $1.2983, down 0.05 percent. It has lost 2 percent versus the U.S. dollar in over a week amid concerns about Brexit and May's survival. Sterling briefly gained half a percent against the dollar and euro on Tuesday after a media report that the European Union could offer British Prime Minister Theresa May a UK-wide customs union to clinch a Brexit deal. A sustained close below $1.2935 requires for dragging the parity down towards key support around $1.2662 mark. On the other side, key resistances are seen at $1.3187, $1.3215, $1.3362 and $1.3490 levels respectively.

AUD/USD: The Australian dollar rises in early Asia and was currently trading above $0.7100 mark, after finding last-gasp support around $0.7055. That helped prevent a punishing break of the recent 32-month trough at $0.7041, which likely would have unleashed a wave of momentum selling. The pair made intraday high at $0.7106 and low at $0.7080 levels. Immediate support and resistance levels were seen at $0.7041 and $0.7160 mark respectively.

NZD/USD: The New Zealand dollars was fighting a rearguard action on Wednesday as a shakeout in world stock markets sent investors to the shelter of the Japanese yen and U.S. Treasuries. The New Zealand dollar was trading flat at $0.6552, sandwiched between support at $0.6535 and resistance around $0.6568. Pair made intraday high at $0.6567 and low at $0.6546 levels. A sustained close above $0.6591 is required to take the parity higher towards $0.7050 mark. Alternatively reversal key resistance will take the parity down towards key supports around $0.6424 levels.



Equities Recap

Tokyo's Nikkei was trading 0.38 pct higher at 22,095.50 points.

Shanghai composite index to open down 0.6 pct at 2,579.97 points and China's CSI300 index to open down 0.4 pct at 3,169.46 points.

Hong Kong’s Hang Seng was trading 0.94 pct higher at 25,585.55 points.



Commodities Recap

Crude Oil prices on Wednesday extended falls from the previous day, when crude slumped as much as 5 percent, after Saudi Arabia said it would make up for supply disruptions from U.S. sanctions targeting Iran's petroleum exports from next month. Front-month Brent crude oil futures were at $76.37 a barrel at 0031 GMT, 7 cents below their last close. U.S. West Texas Intermediate (WTI) crude futures were at $66.31 a barrel, 12 cents below their last settlement.

Gold prices nudged up on Wednesday after hitting their highest in over three months in the previous session, with international political and economic uncertainty underpinning safe-haven demand for the metal. Spot gold was up 0.1 percent at $1,231.27 an ounce at 0102 GMT. On Tuesday, it touched its highest since July 17 at $1,239.68. U.S. gold futures were down 0.2 percent at $1,234.20 an ounce.











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Asia Roundup:
Kiwi trades marginally lower against major peers as trade balance data misses expectations, Asian markets noticeably down, gold touches $1,239 mark –
Thursday, October 25, 2018







Market Roundup

NZ Sep Trade Balance, -1,560.0 mln, -1,470.0 mln previous.

Obama, Clinton among targets of suspected bombs ahead of U.S. election.

Trump, industry work behind the scenes to save Saudi arms package.

As Trump rails against Fed, Powell takes to Capitol Hill.

China listens to Trump cell phone calls, tries to sway policy.

China says army will act “at any cost” to prevent Taiwan split.

BOJ deputy gov warns against pricking bubbles with monetary tightening.

Japan, China seek warmer ties against backdrop of U.S. trade friction.

Japan's Kampo Insurance plans to increase foreign bond investments.

Russia will target European countries if they host U.S. nuclear missiles – Putin.

UK PM May receives show of loyalty after talk of leadership challenge.

Course unchanged for ECB as growth worries bubble under.

South Korea Q3 GDP growth misses forecasts, construction spending plunges.



Economic Data Ahead

(0745 ET/1145 GMT) EZ Oct ECB Refinancing Rate, 0.00% forecast, 0.00% previous.

(0745 ET/1145 GMT) EZ Oct ECB Deposit Rate, -0.40% forecast, -0.40% previous.

N/A Germany Oct IFO Business Climate New, 103.0 forecast, 103.7 previous.

N/A Germany Oct IFO Current Conditions New, 106.0 forecast, 106.4 previous.

N/A Germany Oct IFO Expectations New, 100.3 forecast, 101.0 previous.



Key Events Ahead

(0400 ET/0800 GMT) Norway Central Bank holds announcement of the Executive Board's interest rate decision in Oslo.

(0600 ET/1000 GMT) Riksbank Governor Stefan Ingves participates in a panel as part of a seminar at Åbo Akademi University in Turku.

(0830 ET/1230 GMT) ECB President Mario Draghi holds a press conference, after the interest rate meeting in Frankfurt.

(1215 ET/1615 GMT) Federal Reserve Vice Chairman Richard Clarida speaks before a Peterson Institute for International Economics luncheon, in Washington.

(1900 ET/2300 GMT) Fed Cleveland President Loretta Mester speaks before the Money Marketeers of New York University.

N/A ECB Governing Council meeting, followed by interest rate announcement in Frankfurt.

N/A Bank of England Deputy Governor for Prudential Regulation Sam Woods speaks at Mansion House City Banquet, London.



FX Beat

USD: An index measuring the U.S. currency versus six major peers traded around 0.16 percent lower in Asia at 96.26, after gaining an impressive 0.5 percent on Wednesday.

EUR/USD: The euro staged a small relief rally to trade at $1.1407, after giving up almost 0.7 percent on Wednesday – its steepest fall in percentage terms since Sept. 27, on concerns over the pace of economic growth in Europe. The European Central Bank (ECB) holds its monetary policy meeting later today and investors will be looking for any new guidance acknowledging the recent slowdown in growth as well as the political stand-off between Brussels and Rome over Italy's free spending budget. A consistent close below $1.1390 will drag the parity down towards key supports around  $1.1185 and $1.1080 levels respectively. Alternatively, reversal from key support will drag the parity higher towards key resistances around $1.1475, $1.1550, $1.1620, $1.1738 and $1.1852 marks respectively.

USD/JPY: The Japanese yen trades marginally higher in early Asia and was currently trading around 112.05 marks. It made intraday high at 112.24 and low at 111.82 levels. A sustained close above 112.09 is required to take the parity higher towards key resistances around 112.84, 114.55 and 117.98 marks respectively. Alternatively, a daily close below 112.09 will drag the parity down towards key supports around 110.98, 110.27, 109.24, 108.72 and 107.90 marks respectively.

GBP/USD: The pound fell to a seven-week low on Wednesday before British Prime Minister Theresa May was due to meet Conservative Party lawmakers, some of whom have discussed toppling her in anger at her Brexit negotiations. May is seeking to win over lawmakers in her party who oppose her approach to the negotiations, which are stuck at an impasse just over five months before the United Kingdom leaves the European Union. The prospect of a leadership challenge and of politics scuppering an agreement with the EU has weakened the currency in recent days. The sterling fell on Wednesday to $1.2867, its lowest since Sept 5, and traded down 0.7 percent. Against a weaker euro, the pound was flat at 88.31 pence. The pair was currently trading around $1.2885 mark. A sustained close below $1.2879 requires for dragging the parity down towards key support around $1.2662 mark. On the other side, key resistances are seen at $1.2990, $1.3187, $1.3215, $1.3362 and $1.3490 levels respectively.

AUD/USD: The Australian dollar held its nerve on Thursday even as global share markets crumbled for a second day, with losses on Wall Street and a sharp drop in Treasury yields hindering their U.S. counterpart. The Aussie dollar was 0.26 percent firmer at $0.7076, having again found solid support around the $0.7041/50 area which marks recent 32-month lows. The pair made intraday high at $0.7084 and low at $0.7055 levels. Immediate support and resistance levels were seen at $0.7041 and $0.7160 mark respectively.

NZD/USD: The kiwi was likewise steady at $0.6523, after garnering support at $0.6500. Pair made intraday high at $0.6530 and low at $0.6502 levels. A sustained close above $0.6591 is required to take the parity higher towards $0.7050 mark. Alternatively reversal key resistance will take the parity down towards key supports around $0.6424 levels.



Equities Recap

Tokyo's Nikkei was trading 3.20 pct lower at 21,386.50 points.

Shanghai composite index to open down 2.4 pct at 2,540.93 points and China's CSI300 index to open down 2.5 pct at 3,107.84 points.

Hong Kong’s Hang Seng was trading 1.75 pct lower at 24,808.55 points.



Commodities Recap

Crude Oil prices fell by around one percent on Thursday, coming under pressure from sharp selloffs in global stock markets, with U.S. stocks posting the biggest daily decline since 2011 to wipe out the year's gains. Front-month Brent crude oil futures were at $75.42 a barrel at 0043 GMT, 75 cents, or 1 percent, below their last close. U.S. West Texas Intermediate (WTI) crude futures were at $66.23 a barrel, 59 cents, or 0.9 percent, below their last settlement.

Gold prices firmed early on Thursday, hovering near a more than three-month high reached earlier this week, as the U.S. dollar eased and Asian stocks slumped after Wall Street surrendered all its gains for the year. Spot gold was up 0.2 percent at $1,236.43 an ounce at 0107 GMT, not far off Tuesday's $1,239.68, the highest since July 17. U.S. gold futures were up 0.6 percent at $1,238.50 an ounce.










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