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FirewoodFX - Daily Market News
Asia Roundup:
USD/JPY consolidates around 114.00 mark, Asian markets mixed, gold stabilizes above $1,200 mark –
Tuesday, November 13, 2018







Market Roundup

Fed's Daly wants gradual rate hikes, says Fed not on autopilot.

China Vice Premier Liu He prepares to visit the US ahead of G20 – SCMP.

Oil falls as Trump raps OPEC's supply cut plan.

Germany's Scholz sees Italy taking steps to resolve budget row.

Brexit talks are nearing their endgame – UK PM May.

Third of small UK firms see post-Brexit sterling slump.

U.S. VP Pence pushes Japan for bilateral free trade agreement.

Japan central bank's total assets exceed country's GDP.

Australia NAB Business Conditions 12, 15 previous.

Australia NAB Business Confidence 4, 6 previous.



Economic Data Ahead

(0200 ET/0700 GMT) Germany Oct CPI Final (mm), 0.2% forecast, 0.2% previous.

(0200 ET/0700 GMT) Germany Oct CPI Final (yy), 2.5% forecast, 2.5% previous.

(0200 ET/0700 GMT) Germany Oct HICP Final (mm), 0.1% forecast, 0.1% previous.

(0200 ET/0700 GMT) Germany Oct HICP Final (yy), 2.4% forecast, 2.4% previous.

(0430 ET/0930 GM) UK Sep ILO Unemployment Rate, 4.0% forecast, 4.0% previous.

(0430 ET/0930 GM) UK Sep Employment Change, 21k forecast, -5k previous.

(0430 ET/0930 GM) UK Sep Average weekly Earnings 3M (yy), 3.0% forecast, 2.7% previous.

(0430 ET/0930 GM) UK Sep Average Earnings (Ex-Bonus), 3.1% forecast, 3.1% previous.

(0500 ET/1000 GMT) Germany Nov ZEW Economic Sentiment, -25.0 forecast, -24.7 previous.

(0500 ET/1000 GMT) Germany Nov ZEW Current Conditions, 65.0 forecast, 70.1 previous.



Key Events Ahead

N/A Riksbank Deputy Governor Henry Ohlsson will discuss current monetary policy and the economic situation at Mid Sweden University in Sundsvall, Sweden.

(0300 ET/0800 GMT) ECB chief economist Peter Praet speaks at a UBS European conference 2018 in London.

(0345 ET/0845 GMT) ECB bank supervisors Sabine Lautenschlager speaks in opening discussion at “Banking Supervision, Resolution and Risk Management in Europe” conference during 21st Euro Finance Week in Frankfurt, Germany.

(0800 ET/1300 GMT) Norway Central Bank Deputy Governor Jon Nicolaisen gives a speech at the seminar “Adam Smith and Economic Development” in Paris.

(1000 ET/1500 GMT) Federal Reserve Board Governor Lael Brainard speaks on “Artificial Intelligence and the New Financial Landscape” before event, Fintech and the New Financial Landscape in Philadelphia.

(1000 ET/1500 GMT) Minneapolis Fed President Neel Kashkari gives welcome and introductory remarks, and moderates an audience question-and-answer session, before the 2018 Regional Economics Conference hosted by the Federal Reserve Bank of Minneapolis.

(1200 ET/1700 GMT) Riksbank Deputy Governor Per Jansson will visit Linköping. The visit is the final stop on the tour of Sweden carried out over the year as a part of the Riksbank’s 350th anniversary in Linkoping, Sweden.

(1230 ET/1730 GMT) Yannis Stournaras, Governor of the Bank of Greece, speaks on lessons from the crisis and challenges for the Greek banking sector going forward in Geneva.

(1400 ET/1900 GMT) Dinner speech by ECB Vice President Luis de Guindos at the Bundesbank Reception on the occasion of the Euro Finance Week organised by Deutsche Bundesbank in Frankfurt, Germany.

(1420 ET/1920 GMT) Federal Reserve Bank of Philadelphia President Patrick Harker participates in conversation before event, Fintech and the New Financial Landscape in Philadelphia.

(1700 ET/2200 GMT) Federal Reserve Bank of San Francisco President Mary Daly gives lecture at Boise State University, Idaho.



FX Beat

USD: The dollar index, a gauge of its value versus six major peers, traded at 97.60, sitting just shy of its 16-month high of 97.69 hit on Monday.

EUR/USD: The euro gained 0.1 percent to trade at $1.1227 on Tuesday, after tumbling more than one percent versus the dollar on Monday. A consistent close below $1.1217 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 $1.1330, $1.1432, $1.1550 and $1.1620 marks respectively.

USD/JPY: The Japanese yen was the only major currency to gain versus the dollar overnight as risk aversion caught hold of investors. It traded at 113.66 on Tuesday, as the greenback lost 0.16 percent versus the yen. The yen touched a six-week low of 114.23 on Monday before the safe-haven bids kicked in. Pair was currently trading around 113.98 marks. It made intraday high at 114.04 and low at 113.58 levels. A sustained close above 114.06 is required to take the parity higher towards key resistances around 114.55, 115.25 and 117.98 marks respectively. Alternatively, a daily close below 113.79 will drag the parity down towards key supports around 112.60, 110.98, 110.27, 109.24, 108.72 and 107.90 marks respectively.

GBP/USD: The sterling traded with a weak bias in early Asian trade at $1.2856. It has slipped against the dollar in the last three trading sessions and posted its largest percentage decline versus the dollar since Sept 21 on Monday. Investor sentiment has weakened as doubts grow over Prime Minister Theresa May's ability to win the backing of the European Union or her own party for a Brexit deal. Sterling bounced slightly from Monday's intraday lows after the European Union’s chief Brexit negotiator said the main elements of an exit treaty text are ready to present to the British cabinet on Tuesday. A sustained close below $1.2848 requires for dragging the parity down towards key supports around $1.2662 and $1.2498 mark respectively. On the other side, key resistances are seen at $1.2946, $1.3017, $1.3187, $1.3215, $1.3362 and $1.3490 levels respectively.

AUD/USD: The Australian dollar hit a one-week low of $0.7164, slipping from last week’s $0.7302 high. The pair made intraday high at $0.7217 and low at $0.7164 levels. Immediate support and resistance levels were seen at $0.7160 and $0.7303 mark respectively.

NZD/USD: The New Zealand erases previous loss against U.S. dollar and currently trading around $0.6747 mark. Major support is down at $0.6424, with resistance around $0.6850. Pair made intraday high at $0.6750 and low at $0.6706 levels. A sustained close above $0.6709 is required to take the parity higher towards $0.6814 and $0.7050 mark respectively. Alternatively reversal from key resistance will take the parity down towards key supports around $0.6402 levels.



Equities Recap

Tokyo's Nikkei was trading 2.40 pct lower at 21,737.50 points.

Shanghai composite index to open down 1.1 pct at 2,600.50 points and China's CSI300 index to open down 1.3 pct at 3,164.92 points.

Hong Kong’s Hang Seng was trading 0.15 pct lower at 25,595.55 points.



Commodities Recap

Crude Oil prices fell by around 1 percent on Tuesday, with Brent crude sliding below $70 and WTI below $60 per barrel, after U.S. President Donald Trump put pressure on OPEC not to cut supply to prop up the market. U.S. West Texas Intermediate (WTI) crude oil futures were at $59.15 per barrel at 0214 GMT, down 78 cents, or 1.3 percent from their last settlement. International benchmark Brent crude oil futures were at $69.47 per barrel, down 65 cents, or 0.9 percent, from their last close.

Gold prices edged higher on Tuesday as investors resorted to bargain-hunting after the precious metal fell to over one-month lows, weighed down by a stronger dollar. Spot gold was up 0.3 percent at $1,204.22 per ounce at 0339 GMT, having touched its lowest since Oct. 11 at $1,199.72 earlier in the session. U.S. gold futures inched up 0.1 percent to $1,204.7 per ounce.













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Asia Roundup:
Aussie at 1-week peak on better-than-expected employment report, sterling gains as UK cabinet supports Brexit deal, Asian shares rally –  
Thursday, November 15th, 2018







Market Roundup

After cabinet backing, May girds for Brexit battle in UK parliament

Fed's Powell: U.S. 'really strong' even with housing, other risks to watch

Pence says “empire and aggression” have no place in Indo-Pacific

China sends written response to U.S. trade reform demands -U.S. govt sources

Europe ready to retaliate if U.S. imposes auto tariffs -EU trade chief

As U.S. Congress taps leaders, House's McCarthy fends off rival

Modi government, Indian central bank set for uneasy truce -sources

Australia Oct Employment, 32.8k, 20.0k f'cast, 5.6k prev, 7.8k rvsd

Australia Oct Participation Rate, 65.6%, 65.5% f'cast, 65.4% prev, 65.5% rvsd

Australia Oct Unemployment Rate, 5.0%, 5.1% f'cast, 5.0% prev

China Oct China House Prices (yy), 8.6%, 7.9% prev



Economic Data Ahead

(0430 ET/0930 GMT) Great Britain Oct Retail Sales (mm), 0.2% f'cast, -0.8% prev

(0430 ET/0930 GMT) Great Britain Oct Retail Sales Ex-Fuel (mm), 0.2% f'cast, -0.8% prev

(0430 ET/0930 GMT) Great Britain Oct Retail Sales (yy), 3.0% f'cast, 3.0% prev

(0430 ET/0930 GMT) Great Britain Oct Retail Sales Ex-Fuel (yy), 3.3% f'cast, 3.2% prev

(0600 ET/1100 GMT) Great Britain Nov TR IPSOS PCSI, 49.38 prev

(0600 ET/1100 GMT) France Nov TR IPSOS PCSI, 41.72 prev

(0600 ET/1100 GMT) Germany Nov TR IPSOS PCSI, 57.43 prev



Key Events Ahead

N/A Bank of England hosts “2nd conference on Forecasting at Central Banks” at 20 Moorgate Auditorium, London (to Nov. 16).

(0800 ET/1300 GMT) BoE MPC memeber Silvana Tenreyro speaks at BoE conference in London.

(0815 ET/1310 GMT) Keynote speech by ECB Chief Economist Peter Praet at the Credendo Trade Forum 2018 in Brussels, Belgium.

(0915 ET/1435 GMT) Keynote speech by ECB Vice President Luis de Guindos at General Annual Meeting of Foreign Bankers Association at Amsterdam.

(1000 ET/1500 GMT) Federal Reserve Vice Chair for Supervision Randal Quarles gives semiannual testimony, “Federal Reserve's Supervision and Regulation of the Financial System” before the Senate Banking Committee in Washington.

(1130 ET/1630 GMT) Fed Chairman Jerome Powell participates in Community Listening Session on Post-Hurricane Harvey Recovery Efforts in a Low-to-Moderate-Income Houston Neighborhood hosted by the Dallas Fed Houston Branch, in Texas.

(1300 ET/1800 GMT) Atlanta Fed President Raphael Bostic participates in a moderated discussion before the Global Interdependence Center “Central Banking Series: Madrid,” in Madrid, Spain.

(1500 ET/2000 GMT) Minneapolis Fed President Neel Kashkari participates in a moderated question-and-answer session with the Minnesota AgriGrowth Council in Minneapolis.

(1600 ET/2100 GMT) Ontario Finance Minister Vic Fedeli will present the fall economic statement of Canada's biggest province in Toronto.



FX Beat

N/A Bank of England hosts “2nd conference on Forecasting at Central Banks” at 20 Moorgate Auditorium, London (to Nov. 16).

(0800 ET/1300 GMT) BoE MPC memeber Silvana Tenreyro speaks at BoE conference in London.

(0815 ET/1310 GMT) Keynote speech by ECB Chief Economist Peter Praet at the Credendo Trade Forum 2018 in Brussels, Belgium.

(0915 ET/1435 GMT) Keynote speech by ECB Vice President Luis de Guindos at General Annual Meeting of Foreign Bankers Association at Amsterdam.

(1000 ET/1500 GMT) Federal Reserve Vice Chair for Supervision Randal Quarles gives semiannual testimony, “Federal Reserve's Supervision and Regulation of the Financial System” before the Senate Banking Committee in Washington.

(1130 ET/1630 GMT) Fed Chairman Jerome Powell participates in Community Listening Session on Post-Hurricane Harvey Recovery Efforts in a Low-to-Moderate-Income Houston Neighborhood hosted by the Dallas Fed Houston Branch, in Texas.

(1300 ET/1800 GMT) Atlanta Fed President Raphael Bostic participates in a moderated discussion before the Global Interdependence Center “Central Banking Series: Madrid,” in Madrid, Spain.

(1500 ET/2000 GMT) Minneapolis Fed President Neel Kashkari participates in a moderated question-and-answer session with the Minnesota AgriGrowth Council in Minneapolis.

(1600 ET/2100 GMT) Ontario Finance Minister Vic Fedeli will present the fall economic statement of Canada's biggest province in Toronto.



Equities Recap

Tokyo's Nikkei declined 0.2 percent to 21,803.62 points, Australia's S&P/ASX 200 index surged 0.1 percent to 5,736.00 points and South Korea's KOSPI gained 0.2 percent to 2,071.80 points.

Shanghai composite index rose 1.01 percent to 2,658.79 points, while CSI300 index traded 0.9 percent up at 3,232.38 points.

Hong Kong’s Hang Seng traded 1.0 percent lower at 25,901.35 points. Taiwan shares added 0.4 percent to 9,826.46 points.


Commodities Recap

Crude Oil prices surged, despite increasing supply going into a market in which consumption is expected to slow down. International benchmark Brent crude was trading 0.1 percent up at $65.88 per barrel by 0508 GMT, having hit a low of $65.20 on Tuesday, its lowest since mid- March. U.S. West Texas Intermediate was trading 0.1 percent down at $55.93 a barrel, after falling as low as $54.79 on Tuesday, its lowest since Nov. 2017.

Gold prices edged up, extending gains for the third straight session, as the dollar retreated further from a 16-month peak against a basket of currencies. Spot gold rose 0.1 percent at $1,211.40 per ounce at 0515 GMT, having hit a low of $1199.82 on Tuesday, its lowest since Oct. 11. U.S. gold futures were flat 0.1 percent at $1,203 per ounce.













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Asia Roundup:
Antipodeans gain as greenback eases across the board; sterling consolidates near 2-week lows amid Brexit concerns, Asian shares rally –  
Friday, November 16th, 2018







Market Roundup

China offer unlikely to spur major trade breakthrough -senior U.S. official

'I'm going to see this through': UK PM May vows to fight for Brexit deal

USTR Lighthizer denies he said China tariffs on hold

U.S. says confident North Korean promises will be fulfilled, despite weapons test

Fed plans review of how it pursues inflation, employment goals

Fed's Kashkari sticks to view that rates do not need to rise

Hand recount ordered in Florida's divisive U.S. Senate race

U.S. imposes sanctions for Khashoggi killing, Saudis seek death penalty

Foreign CB US debt holdings +$5.045 bln to $3.420 trln Nov 14 week

Treasuries +$4.291 bln to $3.046 trln, Agencies +599 mln to $306.637 bln

Investors pull record $53 bln from U.S. taxable funds in October – Lipper

New Zealand Oct Manufacturing PMI, 53.5, 51.7 prev



Economic Data Ahead

(0500 ET/1000 GMT) EZ Oct HICP Final (mm), 0.2% f'cast, 0.5% prev

(0500 ET/1000 GMT) EZ Oct HICP Final (yy), 2.2% f'cast, 2.2% prev

(0500 ET/1000 GMT) EZ Oct HICP-X F, E, A, T Final (mm), 0.1% f'cast, 0.1% prev

(0500 ET/1000 GMT) EZ Oct HICP-X F, E, A, T Final (yy), 1.1% f'cast, 1.1% prev



Key Events Ahead

N/A BoE Deputy Governor Sam Woods takes part in online Q&A session as part of 'The Future of Money' event in London.

(0230 ET/0830 GMT) ECB President Mario Draghi gives a keynote speech at Frankfurt European Banking Congress during Euro Finance Week in Frankfurt, Germany.

(0700 ET/1200 GMT) Riksbank General Council meeting in Stockholm

(0800 ET/1300 GMT) Bundesbank President Jens Weidmann speak at a conference in Frankfurt

(0915 ET/1415 GMT) German Finance Minister Olaf Scholz speak at a conference speak at a conference in Frankfurt.

(1115 ET/1630 GMT) Chicago Fed President Charles Evans participates in a moderated question-and-answer session before the Fixed Income Forum Roundtable in Chicago, Illinois.



FX Beat

DXY: The dollar index declined, reversing some of its previous session gains, amid signs China and the United States may be heading towards de-escalating their trade dispute. The greenback against a basket of currencies trades 0.2 percent down at 96.92, having touched a high of 97.69 on Monday, its highest since June 2017. FxWirePro's Hourly Dollar Strength Index stood at -49.89 (Neutral) by 0500 GMT.

EUR/USD: The euro surged, extending gains for the fourth straight session, as the greenback eased after President Donald Trump publicly slammed the Fed's gradual interest rate hikes, stating higher borrowing costs threaten the economic expansion. The European currency traded 0.2 percent up at 1.1341, having touched a low of 1.1215 on Monday, its lowest since June 2017. FxWirePro's Hourly Euro Strength Index stood at -49.89 (Neutral) by 0500 GMT. Investors’ attention will remain on a series of data from the Eurozone economies, EZ consumer price index and ECB President Draghi's speech, ahead of the U.S. capacity utilization and industrial production. Immediate resistance is located at 1.1368 (November 9 High), a break above targets 1.1420 (October 26 High). On the downside, support is seen at 1.1302 (October 31 Low), a break below could drag it till 1.1264.

USD/JPY: The dollar slumped against the Japanese yen as Brexit uncertainties fanned geopolitical concerns, sending investors seeking safety in safe-haven assets. The major was trading 0.2 percent down at 113.36, having hit a low of 113.09 on Thursday, its lowest since November 7. FxWirePro's Hourly Yen Strength Index stood at -11.59 (Neutral) by 0500 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. capacity utilization and industrial production. Immediate resistance is located at 114.00 (November 14 High), a break above targets 114.55 (October 4 High). On the downside, support is seen at 113.07 (November 5 Low), a break below could take it lower 112.60 (November 1 Low).

GBP/USD: Sterling steadied after falling to a 2-week low in the previous session on news that British Prime Minister Theresa May's Brexit secretary and other ministers quit one by one, triggering worries that the country could leave the European Union without a separation deal. The major traded 0.2 percent up at 1.2799, having hit a low of 1.2732 on Thursday; it’s lowest since October 31. FxWirePro's Hourly Sterling Strength Index stood at -106.23 (Highly Bearish) 0500 GMT. Investors’ attention will remain on the U.S. fundamental drivers, amid a lack of data from the UK docket. Immediate resistance is located at 1.2853 (October 29 High), a break above could take it near 1.2919 (October 25 High). On the downside, support is seen at 1.2700, a break below targets 1.2665. Against the euro, the pound was trading 0.05 percent up at 88.60 pence, having hit a low of 88.88 on Thursday, it’s lowest since October 31.

AUD/USD: The Australian dollar gained amid expectations that the Reserve Bank of Australia will keep interest rates at a record low 1.50 percent in the near term as inflation is still tepid and wage growth is low. The Aussie trades 0.05 percent up at 0.7277, having hit a high of 0.7298 earlier; it’s highest since November 8. FxWirePro's Hourly Aussie Strength Index stood at 71.62 (Bullish) by 0500 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.7247 (November 8 Low), a break below targets 0.7205 (November 6 Low). On the upside, resistance is located at 0.7300, a break above could take it near 0.7345.

NZD/USD: The New Zealand dollar surged to a 3-1/2 month peak and was set for its third straight weekly gain as the greenback eased across the board. The Kiwi trades 0.2 percent up at 0.6836, having touched a high of 0.6841 earlier, its highest level since late July. FxWirePro's Hourly Kiwi Strength Index was at 140.73 (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 0.6850 (July 26 High), a break above could take it near 0.6883 (June 21 High). On the downside, support is seen at 0.6787 (November 15 Low), a break below could drag it below 0.6720 (August 3 Low)



Equities Recap

Tokyo's Nikkei declined 0.6 percent to 21,680.34 points, Australia's S&P/ASX 200 index fell 0.1 percent to 5,730.60 points and South Korea's KOSPI gained 0.2 percent to 2,092.62 points.

Shanghai composite index rose 0.5 percent to 2,682.43 points, while CSI300 index traded 0.7 percent up at 3,263.72 points.

Hong Kong’s Hang Seng traded 0.2 percent lower at 26,064.97 points. Taiwan shares shed 0.3 percent to 9,797.09 points.


Commodities Recap

Crude Oil prices rallied, extending gains for the third straight session, amid expectations of supply cuts from OPEC, although record U.S. production dented market sentiment. International benchmark Brent crude was trading 0.7 percent up at $67.13 per barrel by 0522 GMT, having hit a low of $65.20 on Tuesday, its lowest since mid- March. U.S. West Texas Intermediate was trading 0.5 percent up at $56.83 a barrel, after falling as low as $54.79 on Tuesday, its lowest since Nov. 2017.

Gold prices surged to a 1-week high earlier in the session, as investors sought safe-haven assets amid concerns of a chaotic departure for Britain from the European Union. Spot gold was 0.2 percent up at $1,215.44 per ounce by 0524 GMT, having hit a high of $1216.69 on Tuesday, its highest since Nov. 9. U.S. gold futures were flat at $1,215.3 per ounce.













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Asia Roundup:
Antipodeans off multi-month peaks on renewed U.S.-China trade war tensions, yen gains as Fed raises concerns over slowing global economic growth, Asian shares volatile –  
Monday, November 19th, 2018







Market Roundup

APEC fails to reach consensus as U.S.-China divide deepens

U.S. Vice President Pence vows no end to tariffs until China bows

UK PM May: Getting rid of me risks delaying Brexit

UK has intense week of Brexit negotiations ahead -PM May

UK business morale hits lowest since at least 2009: IHS Markit

ECB can adapt policy normalisation after bond buys end – Villeroy

N.Korea's new 'tactical' weapon test highlights military modernization

Republican Scott secures Florida U.S. Senate seat after recount

Chinese lenders, insurers must support small and private firms – regulator

New Zealand Q3 PPI – Inputs (qq), 1.4%, 1.0% prev

New Zealand Q3 PPI – Outputs (qq), 1.5%, 0.9% prev

Japan Oct Exports (yy), 8.2%, 9.0% f'cast, -1.2% prev, -1.3% rvsd

Japan Oct Imports (yy), 19.9%, 14.5% f'cast, 7.0% prev

Japan Oct Trade Balance Total Yen, -449.3 bln, -70.0 bln f'cast, 139.6 bln prev, 131.3 bln rvsd



Economic Data Ahead

No major economic data releases



Key Events Ahead

(0415 ET/0915 GMT) ECB Chair of the Supervisory Board Daniele Nouy participates in conversation at the 19th Handelsblatt Annual Conference “EBR – European Banking Regulation” in Frankfurt, Germany.

(0700 ET/1200 GMT) BoE Executive Director for Financial Stability Strategy and Risk Alex Brazier speaking at Denmark's Nationalbank Macroprudential Policy Conference, Copenhagen.

(0830 ET/1330 GMT) Europe's Economic Commissioner Pierre Moscovici holds a news conference at the EU Commission's headquarters in Rome.

(0900 ET/1400 GMT) Norway Central Bank Deputy Governor Jon Nicolaisen gives a speech at a conference hosted by the Federation of Norwegian Industries in Oslo.

(1045 ET/1545 GMT) New York Fed President John Williams participates in moderated discussion with the NYC Hispanic Chamber of Commerce in New York.



FX Beat

DXY: The dollar index rebounded from a 10-day low as a fourth U.S. interest rate hike for this year is expected next month and policymakers had indicated two more by June 2019. The greenback against a basket of currencies trades 0.1 percent up at 96.46, having touched a low of 96.38 earlier, its lowest since Nov 8. FxWirePro's Hourly Dollar Strength Index stood at -65.28 (Bearish) by 0600 GMT.

EUR/USD: The euro eased after rising to an over 1-week peak earlier in the day after European Central Bank policymaker Francois Villeroy de Galhau stated ECB's monetary policy will stay easy even after it probably stops adding to its bond programme in December and it can adapt its policy normalization as needed. The European currency traded 0.1 percent down at 1.1402, having touched a high of 1.1421, its highest since Nov. 8. FxWirePro's Hourly Euro Strength Index stood at 111.23 (Highly Bullish) by 0600 GMT. Investors’ attention will remain on the Eurozone current account and construction output, ahead of the U.S. housing market index and FOMC member Williams’s speech. Immediate resistance is located at 1.1446 (November 8 High), a break above targets 1.1499 (November 7 High). On the downside, support is seen at 1.1351 (November 8 Low), a break below could drag it till 1.1302 (October 31 Low)

USD/JPY: The dollar slumped to a 2-week low after Federal Reserve policymakers expressed caution over the global growth outlook, prompting traders to reassess the pace of future U.S. interest rate hikes. The major was trading 0.1 percent down at 112.75, having hit a low of 112.61, its lowest since November 2. FxWirePro's Hourly Yen Strength Index stood at -1.35 (Neutral) by 0600 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. housing market index and FOMC member Williams’s speech. Immediate resistance is located at 113.00 (November 1 High), a break above targets 113.50 (November 6 High). On the downside, support is seen at 112.56 (November 2 Low), a break below could take it lower 112.35 (October 22 Low).

GBP/USD: Sterling surged as news that Environment Secretary Michael Gove would stay in the cabinet outweighed a growing uncertainty that Britain could exit the European Union without any agreement. The major traded 0.1 percent up at 1.2838, having hit a low of 1.2723 on Thursday; it’s lowest since October 31. FxWirePro's Hourly Sterling Strength Index stood at -68.71 (Bearish) 0600 GMT. Investors’ attention will remain on the U.S. fundamental drivers, amid a lack of data from the UK docket. Immediate resistance is located at 1.2853 (October 29 High), a break above could take it near 1.2919 (October 25 High). On the downside, support is seen at 1.2776 (October 26 Low), a break below targets 1.2723 (November 14 Low). Against the euro, the pound was trading 0.1 percent up at 88.84 pence, having hit a low of 89.05 on Friday, it’s lowest since October 31.

AUD/USD: The Australian dollar declined after rising to an over 2-month peak in the previous session following U.S. Vice President Mike Pence comments, citing that there would be no end to U.S. tariffs on $250 billion of Chinese goods until China changed its ways. The Aussie trades 0.2 percent down at 0.7313, having hit a high of 0.7337 on Friday; it’s highest since August 29. FxWirePro's Hourly Aussie Strength Index stood at 57.31 (Bullish) by 0600 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.7247 (November 8 Low), a break below targets 0.7205 (November 6 Low). On the upside, resistance is located at 0.7319 (August 17 High), a break above could take it near 0.7362 (August 28 High).

NZD/USD: The New Zealand dollar eased as comments from the U.S. officials increased uncertainty over the ongoing trade situation between the U.S. and China. The Kiwi trades 0.4 percent down at 0.6851, having touched a high of 0.6883 on Friday, its highest level since late July. FxWirePro's Hourly Kiwi Strength Index was at 74.50 (Bullish) by 0600 GMT. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6921 (June 25 High), a break above could take it near 0.6976 (June 15 High). On the downside, support is seen at 0.6787 (November 15 Low), a break below could drag it below 0.6720 (August 3 Low)



Equities Recap

Tokyo's Nikkei surged 0.6 percent to 21,821.34 points, Australia's S&P/ASX 200 index fell 0.6 percent to 5,693.70 points and South Korea's KOSPI gained 0.4 percent to 2,100.56 points.

Shanghai composite index rose 0.9 percent to 2,703.51 points, while CSI300 index traded 1.2 percent up at 3,294.60 points.

Hong Kong’s Hang Seng traded 0.6 percent higher at 26,341.52 points. Taiwan shares added 0.3 percent to 9,828.69 points.


Commodities Recap

Crude Oil prices surged as traders expect Saudi Arabia to push producer cartel OPEC to cut supply towards year-end.  International benchmark Brent crude was trading 0.6 percent up at $67.30 per barrel by 0626 GMT, having hit a low of $65.20 on Tuesday, its lowest since mid- March. U.S. West Texas Intermediate was trading 1.02 percent up at $57.34 a barrel, after falling as low as $54.79 on Tuesday, its lowest since Nov. 2017.

Gold prices declined from a 1-week peak after comments from Federal Reserve officials showing caution over the global economy, prompting traders to reassess the pace of future U.S. interest rate hikes. Spot gold was trading 0.2 percent down at $1,219.26 per ounce at 0628 GMT, having hit a high of $1225.17 on Friday, its highest since Nov. 8. U.S. gold futures were down 0.1 percent at $1,222.3 per ounce.













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http://www.firewoodfx.com/category/forex-market-news/





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Asia Roundup:
Antipodeans rebound as U.S.-China trade tensions ease; greenback consolidates within narrow ranges amid global growth worries, Asian shares plunge –  
Wednesday, November 21st, 2018







Market Roundup

USTR says China has failed to alter 'unfair, unreasonable' trade practices

Trump stands by Saudi prince despite journalist Khashoggi's murder

Trump submits written answers to questions from special counsel

Britain's May seeks to cut deal on future EU ties in Brussels

Bank of Canada to review inflation targeting in potential big policy shift

Bitcoin crashes to lowest this year, losses top 25 pct in a week



Economic Data Ahead

No major economic data scheduled



Key Events Ahead

(0300 ET/0800 GMT) Deutsche Bank Board Member Silvie Matherat speaks at a conference on regulation in Frankfurt.

(0330 ET/0830 GMT) Swedish Central Bank publishes Financial Stability Report 2018:2 in Stockholm.

(0500 ET/1000 GMT) The Riksbank will hold a press conference on financial stability. Stefan Ingves, Governor of the Riksbank, and Olof Sandstedt, Head of the Financial Stability Department, will address the press conference in Stockholm.

(0930 ET/1430 GMT) Dutch Finance Minister Wopke Hoekstra meets euro group president Mario Centeno in The Hague to discuss measures to strengthen the European monetary union.

(1015ET/1515 GMT) Bank of England Governor Mark Carney will speak at The Prince’s Accounting for Sustainability Summit 2018, London.



FX Beat

DXY: The dollar index eased as cautious comments by Federal Reserve policymakers suggested the central bank could slow the pace of monetary policy tightening.  The greenback against a basket of currencies trades 0.05 percent down at 96.76, having touched a low of 96.04 on Tuesday, its lowest since Nov 7. FxWirePro's Hourly Dollar Strength Index stood at 7.28 (Neutral) by 0500 GMT.

EUR/USD: The euro steadied after falling from a 2-week peak in the previous session, as investors cautiously await the European Commission’s report. The EC will publish its opinions on the drafts of the 19 countries sharing the euro, including that of Italy’s eurosceptic government. The European currency traded 0.1 percent up at 1.1375, having touched a high of 1.1472 on Tuesday, its highest since Nov. 7. FxWirePro's Hourly Euro Strength Index stood at 37.12 (Slightly Bullish) by 0500 GMT. Investors’ attention will remain on the ECB non-monetary policy meeting, ahead of the U.S. unemployment benefit claims, durable goods and existing home sales. Immediate resistance is located at 1.1420 (November 16 High), a break above targets 1.1499 (November 7 High). On the downside, support is seen at 1.1351 (November 8 Low), a break below could drag it till 1.1317 (November 9 Low).

USD/JPY: The dollar rebounded after plunging to a 3-week low in the previous session, as investors expect the Federal Reserve to raise interest rates by 25 basis points in December, despite paring longer-term rate hike expectations. The major was trading 0.1 percent up at 112.89, having hit a low of 112.30 on Tuesday, its lowest since October 29. FxWirePro's Hourly Yen Strength Index stood at 44.10 (Neutral) by 0400 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. unemployment benefit claims, durable goods and existing home sales. Immediate resistance is located at 113.00 (November 1 High), a break above targets 113.50 (November 6 High). On the downside, support is seen at 112.14 (October 19 Low), a break below could take it lower 111.82 (October 25 Low).

GBP/USD: Sterling consolidated below the 1.2800 handle, as British Prime Minister Theresa May seeks to agree a blueprint of Britain's post-Brexit ties with the European Union. The major traded 0.1 percent up at 1.2792, having hit a low of 1.2723 on Thursday; it’s lowest since October 31. FxWirePro's Hourly Sterling Strength Index stood at 20.65 (Neutral) 0500 GMT. Investors’ attention will remain UK PM Theresa and EC Juncker's meeting, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2853 (October 29 High), a break above could take it near 1.2919 (October 25 High). On the downside, support is seen at 1.2723 (November 14 Low), a break below targets 1.2695 (October 30 Low). Against the euro, the pound was trading 0.05 percent down at 88.92 pence, having hit a low of 89.32 on Monday, it’s lowest since October 31.

AUD/USD: The Australian dollar rebounded from a 1-week low touched earlier in the day, amid hopes U.S. President Donald Trump and Chinese President Xi Jinping would find some sort of truce at a G20 meeting next week. The Aussie trades 0.2 percent up at 0.7230, having hit a high of 0.7337 on Friday; it’s highest since August 29. FxWirePro's Hourly Aussie Strength Index stood at -87.30 (Slightly Bearish) by 0500 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.7182 (November 5 Low), a break below targets 0.7154. On the upside, resistance is located at 0.7270 (November 9 High), a break above could take it near 0.7319 (August 17 High).

NZD/USD:
The New Zealand dollar retreated from a 1-week low on expectations that U.S. President Donald Trump and Chinese President Xi Jinping will try to ease the growing trade war tensions. The Kiwi trades 0.3 percent up at 0.6807, having touched a high of 0.6883 on Friday, its highest level since late July. FxWirePro's Hourly Kiwi Strength Index was at -4.55 (Neutral) by 0500 GMT. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6839 (November 15 High), a break above could take it near 0.6921 (June 25 High). On the downside, support is seen at 0.6754 (November 14 Low), a break below could drag it below 0.6720 (August 3 Low)



Equities Recap

Tokyo's Nikkei declined 0.4 percent to 21,488.68 points, Australia's S&P/ASX 200 index slipped 0.5 percent to 5,642.80 points and South Korea's KOSPI plunged 0.5 percent to 2,071.65 points.

Shanghai composite index rose 0.3 percent to 2,653.51 points, while CSI300 index traded 0.4 percent up at 3,229.90 points.

Hong Kong’s Hang Seng traded 0.0 percent lower at 25,826.15 points. Taiwan shares shed 0.05 percent to 9,741.52 points.


Commodities Recap

Crude Oil prices rebounded from multi-month lows touched in the previous session after a report showed an unexpected decline in U.S. commercial crude inventories. International benchmark Brent crude was trading 1.6 percent up at $63.37 per barrel by 0406 GMT, having hit a low of $61.69 on Tuesday, its lowest since Dec. 6. U.S. West Texas Intermediate was trading 1.6 percent up at $54.20 a barrel, after falling as low as $52.80 on Tuesday, its lowest since the end of October 2017.

Gold declined after rising to a 2-week peak in the previous as the U.S. dollar steadied amid heightened risk aversion. Spot gold eased 0.1 percent to $1,220.50 per ounce at 0415 GMT, having hit a high of $1228.64 on Tuesday, its highest since Nov. 7. U.S. gold futures were down 0.1 percent at $1,220.3 per ounce.













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Europe Roundup:
Sterling rallies on Brexit deal prospects, euro gains amid optimism over Italy's budget agreement, European shares slump –  
Thursday, November 22nd, 2018







Market Roundup

Switzerland Q3 2018 industrial production QQ increase to 1.4 %

France Nov 2018 business climate mfg increase to 105 balance (forecast 104 balance) vs previous 104 balance

German Chancellor Angela Merkel says the China U.S. trade conflict is already causing uncertainty among our companies

Italy's Prime Minister says not ready to backtrack on any point of the budget when it comes to defending Italians' interests

European Commission and British negotiators have agreed on draft text of political declaration on future EU-UK ties after Brexit

EU officials says now up to 27 EU member states to decide if they accept it before leaders summit on Sunday

EU's Moscovici says convinced that a budget agreement can be reached with Italy because it's in everyone's interests



Economic Data Ahead

(0930 ET/1430 GMT) The Bank of Canada will release its financial system review.

(1000 ET/1500 GMT) The European Commission releases Eurozone's preliminary Consumer Confidence reading for the month of November. The index is expected to slump 3.0 percent after posting a drop of 2.7 in the prior month.



Key Events Ahead

(0730 ET/1230 GMT) ECB publishes the minutes of its October policy meeting in Frankfurt

(0900 ET/1400 GMT) Canadian Finance Minister Bill Morneau will address a business community audience about the budget update in Ottawa

(0945 ET/1445 GMT) Bank of Canada Senior Deputy Governor Carolyn A. Wilkins participate in a Panel at Canadian Mortgage and Housing Corporation, Ottawa

(1555 ET/2055 GMT) Bank of England Monetary Policy Committee Member Michael Saunders will speak at the Annual CBI South West Economics Dinner in London



FX Beat

DXY: The dollar index declined after a survey showed the probability of a U.S. recession in the next two years at a median 35 percent. The greenback against a basket of currencies trades 0.4 percent down at 96.38, having touched a low of 96.04 on Tuesday, its lowest since Nov 7. FxWirePro's Hourly Dollar Strength Index stood at 52.62 (Bullish) by 1000 GMT.

EUR/USD: The euro surged as investors grew optimistic about the near-term outlook after the concerns over Italy's budget negotiations with the European Union slightly receded. The European currency traded 0.2 percent up at 1.1404, having touched a high of 1.1472 on Tuesday, its highest since Nov. 7. FxWirePro's Hourly Euro Strength Index stood at 14.72 (Neutral) by 1000 GMT. Immediate resistance is located at 1.1446 (November 8 High), a break above targets 1.1499 (November 7 High). On the downside, support is seen at 1.1351 (November 8 Low), a break below could drag it till 1.1317 (November 9 Low).

USD/JPY: The dollar retreated from a 6-day high touched earlier in the session, as uncertainty over Italian politics, Brexit and worries over slowing economic growth discouraged investors from taking risks. The major was trading 0.1 percent down at 112.93, having hit a high of 113.21, its highest since November 16. FxWirePro's Hourly Yen Strength Index stood at -61.77 (Bearish) by 1000 GMT. Investors’ will continue to track the broad-based market sentiment, as the U.S. markets remain closed on account of Thanksgiving Day. Immediate resistance is located at 113.38 (October 31 High), a break above targets 113.81 (November 7 High). On the downside, support is seen at 112.14 (October 19 Low), a break below could take it lower 111.82 (October 25 Low).

GBP/USD: Sterling rallied above the 1.2800 handle after an EU official stated that the European Commission's and Britain's Brexit negotiators agreed on the draft text of political declaration on the future EU-UK relationship after Brexit. The major traded 0.8 percent up at 1.2879, having hit a low of 1.2723 last week; it’s lowest since October 31. FxWirePro's Hourly Sterling Strength Index stood at -39.84 (Neutral) 1000 GMT. Immediate resistance is located at 1.2919 (October 25 High), a break above could take it near 1.2990 (October 24 High). On the downside, support is seen at 1.2723 (November 14 Low), a break below targets 1.2695 (October 30 Low). Against the euro, the pound was trading 0.4 percent up at 88.72 pence, having hit a low of 89.32 on Monday, it’s lowest since October 31.

USD/CHF: The Swiss franc rose, extending previous session gains as investors remain cautious amid escalating trade tensions and signs of slackening global growth. The major trades 0.2 percent down at 0.9924, having touched a low of 0.9908 on Tuesday; it’s lowest since Oct. 17. FxWirePro's Hourly Swiss Franc Strength Index stood at 77.48 (Slightly Bullish) by 1000 GMT. On the higher side, near-term resistance is around 0.9980 (Oct. 22 High) and any break above will take the pair to next level till 1.0050 (Nov. 7 High). The near-term support is around 0.9897 (October 17 Low). and any close below that level will drag it till 0.9847 (October 15 Low).



Commodities Recap

Crude Oil prices declined over 1 percent after U.S. crude inventories surged to their highest level since December 2017 amid concerns of an emerging global glut. International benchmark Brent crude was trading 1.4 percent down at $62.56 per barrel by 0924 GMT, having hit a low of $61.75 on Tuesday, its lowest since Dec. 6. U.S. West Texas Intermediate was trading 1.7 percent down at $53.68 a barrel, after falling as low as $52.80 on Tuesday, its lowest since the end of October 2017.

Gold prices surged after rising the highest in two weeks in the previous session, as investors turned cautious amid escalating trade tensions between U.S. and China. Spot gold was 0.1 percent higher at $1,227.35 per ounce at 0929 GMT, having hit a high of $1229.93 on Wednesday, its highest since Nov. 7. U.S. gold futures were down 0.2 percent at $1,226.1 per ounce.












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Asia Roundup:
Antipodeans slump on U.S.- China trade war tensions, sterling steadies after EU-UK agree draft deal on future ties, Asian shares plunge –    
Friday, November 23rd, 2018







Market Roundup

China wants trade talks with United States to be equal, mutually beneficial

China's cabinet says to push for more reforms in free trade zones

Trump warns of government shutdown next month over border security

EU, Britain agree draft deal on future relations

EU struggles to agree on Gibraltar before Brexit summit

Bank of England's Saunders sees higher rates if Brexit goes smoothly

Oil hits 2018 lows on emerging supply glut

Australia Nov Manufacturing PMI, 54.5, 54.3 prev

Australia Nov Services PMI, 52.6, 50.8 prev

Australia Nov Composite PMI, 52.9, 51.2 prev



Economic Data Ahead

(0200 ET/0700 GMT) Germany Q3 GDP Detailed (qq) SA, -0.2% f'cast, -0.2% prev

(0200 ET/0700 GMT) Germany Q3 GDP Detailed (yy) NSA, 1.1% f'cast, 1.1% prev

(0315 ET/0815 GMT) France Nov Markit Mfg Flash PMI, 51.0 f'cast, 51.2 prev

(0315 ET/0815 GMT) France Nov Markit Serv Flash PMI, 55.0 f'cast, 55.3 prev

(0330 ET/0830 GMT) Germany Nov Markit Mfg Flash PMI, 52.2 f'cast, 52.2 prev

(0330 ET/0830 GMT) Germany Nov Markit Service Flash PMI, 54.5 f'cast, 54.7 prev

(0500 ET/0900 GMT) EZ Nov Markit Mfg Flash PMI, 52.0 f'cast, 52.0 prev

(0500 ET/0900 GMT) EZ Nov Markit Serv Flash PMI, 53.5 f'cast, 53.7 prev

(0500 ET/0900 GMT) EZ Nov Markit Comp Flash PMI, 53.0 f'cast, 53.1 prev


Key Events Ahead

N/A Bank of Italy publishes its Financial Stability Report in Rome

N/A French Central Bank Governor Francois Villeroy de Galhau is to speak about the impact of Brexit on the financial sector of France in Paris

(0700 ET/1200 GMT) ECB Vice President Luis de Guindos delivers speech on the occasion of the awarding of the German Bernacer Prize organized by Banco de Espana in Madrid, Spain



FX Beat

DXY: The dollar index slumped as the euro and sterling strengthened across the board. The greenback against a basket of currencies trades 0.1 percent down at 96.44, having touched a low of 96.04 on Tuesday, its lowest since Nov 7. FxWirePro's Hourly Dollar Strength Index stood at -43.71 (Neutral) by 0400 GMT.

EUR/USD: The euro surged, extending gains for the third straight session, after the European Central Bank's chief economist Peter Praet slashed hopes that it was about to launch a new cash addition to alleviate the pressure on struggling lenders in countries such as Italy. The European currency traded 0.1 percent up at 1.1414, having touched a high of 1.1472 on Tuesday, its highest since Nov. 7. FxWirePro's Hourly Euro Strength Index stood at 42.22 (Neutral) by 0500 GMT. Investors’ attention will remain on a series of data from the Eurozone economies, and EZ prelim Markit PMI's, ahead of the U.S. preliminary Markit PMI's. Immediate resistance is located at 1.1446 (November 8 High), a break above targets 1.1499 (November 7 High). On the downside, support is seen at 1.1351 (November 8 Low), a break below could drag it till 1.1317 (November 9 Low).

USD/JPY: The dollar eased after a senior European Union official stated that trade tensions between the United States and China are likely to dominate the G20 summit next week. The major was trading 0.05 percent down at 112.90, having hit a high of 113.23 on Thursday, its highest since November 16. FxWirePro's Hourly Yen Strength Index stood at -63.96 (Bearish) by 0400 GMT. Investors’ will continue to track the broad-based market sentiment, as the U.S. preliminary Markit PMI's. Immediate resistance is located at 113.38 (October 31 High), a break above targets 113.81 (November 7 High). On the downside, support is seen at 112.64 (November 16 Low), a break below could take it lower 112.14 (October 19 Low).

GBP/USD: Sterling steadied after rising to a 1-week peak in the previous session as Britain and the European Union negotiators agreed a declaration on the two sides' future ties. However, control of Gibraltar must still be settled with Spain before EU leaders meet on Sunday in order to sign the pact. The major traded 0.05 percent up at 1.2878, having hit a high of 1.2926 on Thursday; it’s highest since November 15. FxWirePro's Hourly Sterling Strength Index stood at 98.50 (Slightly Bullish) 0400 GMT. Immediate resistance is located at 1.2946 (November 12 High), a break above could take it near 1.2990 (October 24 High). On the downside, support is seen at 1.2793 (November 19 Low), a break below targets 1.2723 (November 14 Low). Against the euro, the pound was trading 0.2 percent down at 88.63 pence, having hit a high of 88.40 on Thursday, it’s highest since Nov. 16

AUD/USD: The Australian dollar declined as investors turned cautious ahead of a meeting between U.S. President Donald Trump and his Chinese counterpart, Xi Jinping, in Argentina next week to determine whether the economies can de-escalate tensions over trade. The Aussie trades 0.1 percent down at 0.7244, having hit a high of 0.7337 last week; it’s highest since August 29. FxWirePro's Hourly Aussie Strength Index stood at -88.88 (Slightly Bearish) by 0400 GMT. Immediate support is seen at 0.7182 (November 5 Low), a break below targets 0.7154. On the upside, resistance is located at 0.7281 (September 24 High), a break above could take it near 0.7319 (August 17 High).

NZD/USD: The New Zealand dollar edged down as investors remain concerned over a possible slowdown in global growth amid policy tightening in the United States and the deteriorating U.S.-China trade war tension. The major trades 0.05 percent down at 0.6810, having touched a high of 0.6883 last week, its highest level since late July. FxWirePro's Hourly Kiwi Strength Index was at -87.22 (Slightly Bearish) by 0400 GMT. Immediate resistance is located at 0.6869 (November 20 High), a break above could take it near 0.6921 (June 25 High). On the downside, support is seen at 0.6754 (November 14 Low), a break below could drag it below 0.6720 (August 3 Low).



Equities Recap

Asian shares declined, weighed down by losses in Chinese stocks and U.S. – China trade tensions, while sterling steadied on hopes for progress in Brexit negotiations.

MSCI's broadest of Asia-Pacific shares outside Japan eased 0.2 percent.

Shanghai composite index fell 2.2 percent to 2,587.57 points, while CSI300 index traded 2.0 percent down at 3,150.51 points.

Hong Kong’s Hang Seng traded 0.7 percent lower at 25,853.24 points. Taiwan shares shed 0.5 percent to 9,667.30 points.



Commodities Recap

Crude Oil slumped to their lowest since early December, weighed down by concerns that producers are pumping out more oil than the world needs. International benchmark Brent crude was trading 0.8 percent down at $61.99 per barrel by 0436 GMT, having hit a low of $61.50, its lowest since Dec. 7. U.S. West Texas Intermediate was trading 0.9 percent down at $53.33 a barrel, after falling as low as $52.80 on Tuesday, its lowest since the end of October 2017.

Gold prices surged, extending gains for the third consecutive session, and was on track for a second straight weekly rise on lingering doubts over the pace of rate hikes by the U.S. Federal Reserve. Spot gold traded 0.1 percent up at $1,228.20 per ounce at 0440 GMT, having hit a high of $1229.93 on Wednesday, its highest since Nov. 7. U.S. gold futures were little changed at $1,226.9 per ounce.










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Asia Roundup:
Antipodeans rebound on U.S.-China trade talk hopes, euro at 1-week trough on Italy's budget dispute, Asian shares rally –    
Monday, November, 26th, 2018







Market Roundup

You face a stark choice – Britain's May warns lawmakers over Brexit

EU agrees 'best possible' Brexit deal, urges Britons to back May

Italy's Salvini hints at tweak to 2019 deficit goal -report

Australian regulators watching non-banks for financial stability risks – RBA

Russia fires on and seizes Ukrainian ships near annexed Crimea

Foreign CB US debt holdings +$15.020 bln to $3.405 trln Nov 21 week

Treasuries +$15.644 bln to $3.031 trln, Agencies +1.100 bln to $307.737 bln

U.S. fund investors buy short Treasuries at fastest pace in 2 yrs -Lipper

U.S. muni bond funds post $332.2 mln in outflows-Lipper

Japan Nov Nikkei Mfg PMI Flash, 51.8, 52.9 prev

New Zealand Q3 Retail Sales Volumes (q/q), 0.00%, 1.10% prev



Economic Data Ahead

(0400 ET/0900 GMT) Germany Nov Ifo Business Climate New, 102.3 f'cast, 102.8 prev

(0400 ET/0900 GMT) Germany Nov Ifo Current Conditions New, 105.3 f'cast, 105.9 prev

(0400 ET/0900 GMT) Germany Nov Ifo Expectations New, 99.2 f'cast, 99.8 prev



Key Events Ahead

(0400 ET/0900 GMT) Speech by ECB board member Peter Praet at 33rd International ZinsForum 2018: Zinsen 2019 in Frankfurt, Germany

(0700 ET/1200 GMT) Austrian Central Bank Governor Ewald Nowtny delivers opening speech at ONB conference on European Economic Integration in Vienna

(0900 ET/1400 GMT) The President of the ECB, Mario Draghi, addresses the European Parliament in Brussels

(1100 ET/1600 GMT) Introductory statement by the ECB President Mario Draghi in his capacity as ESRB Chair at ECON Hearing at the European Parliament in Brussels, Belgium

(1330 ET/1830 GMT) Fed's New York Executive Vice President Richard Dzina speaks at The Clearing House and Bank Policy Institute's 2018 Annual Conference in New York



FX Beat

DXY: The dollar index consolidated within narrow ranges as the U.S. President Donald Trump and his Chinese counterpart Xi Jinping are expected to hold talks on the sidelines of a G20 summit in Argentina this week. The greenback against a basket of currencies trades 0.05 percent up at 96.95, having touched a high of 97.03, its highest since Nov 16. FxWirePro's Hourly Dollar Strength Index stood at 70.45 (Bullish) by 0400 GMT.

EUR/USD: The euro declined to a 1-week low amid an ongoing dispute between Rome and Brussels over Italy's free-spending budget, which breaks the European Commission's fiscal rules. However, the downside was limited after Italian Deputy Prime Minister Matteo Salvini indicated at the possibility of tweaking the country's deficit goal for next year that could open a negotiation to avoid a disciplinary procedure against Italy. The European currency traded 0.1 percent up at 1.1342, having touched a low of 1.1326 earlier, its lowest since Nov. 16. FxWirePro's Hourly Euro Strength Index stood at -52.57 (Bearish) by 0400 GMT. Investors’ attention will remain on a series of data from the Eurozone economies, and speeches from ECB Praet, Nowotny and Coeure, ahead of the Chicago Fed National Activity Index and Dallas Fed manufacturing business index. Immediate resistance is located at 1.1387 (October 30 High), a break above targets 1.1446 (November 8 High). On the downside, support is seen at 1.1317 (November 9 Low), a break below could drag it till 1.1270 (November 15 Low).

USD/JPY: The dollar rallied to a 1-week peak as investors are hoping a workable deal can come out of the G20 meeting this week. Moreover, data showing Japan's manufacturing activity expanded at the slowest pace in two years in November and new orders contracted for the first time since September 2016 dented the bid tone around the Japanese yen. The major was trading 0.2 percent up at 113.22, having hit a high of 113.28 earlier, its highest since November 16. FxWirePro's Hourly Yen Strength Index stood at 12.75 (Neutral) by 0400 GMT. Investors’ will continue to track the broad-based market sentiment, as the Chicago Fed National Activity Index and Dallas Fed manufacturing business index. Immediate resistance is located at 113.38 (October 31 High), a break above targets 113.81 (November 7 High). On the downside, support is seen at 112.64 (November 16 Low), a break below could take it lower 112.14 (October 19 Low).

GBP/USD: Sterling steadied above the 1.2800 handle after the European Union leaders finally sealed a Brexit deal on Sunday and stated that the deal agreed with Prime Minister Theresa May was the best Britain will get in a warning to the British parliament not to reject it. The major traded 0.05 percent up at 1.2813, having hit a high of 1.2926 on Thursday; it’s highest since November 15. FxWirePro's Hourly Sterling Strength Index stood at 35.82 (Slightly Bullish) 0400 GMT. Investors’ attention will remain BoE Governor Carney's speech, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2946 (November 12 High), a break above could take it near 1.2990 (October 24 High). On the downside, support is seen at 1.2764 (November 21 Low), a break below targets 1.2723 (November 14 Low). Against the euro, the pound was trading 0.1 percent down at 88.52 pence, having hit a high of 88.36 on Friday, it’s highest since Nov. 16

AUD/USD: The Australian dollar rebounded as markets steadied on hopes for progress on U.S.-China tariffs at an anxiously awaited G20 meeting later in the week. The Aussie trades 0.2 percent up at 0.7247, having hit a low of 0.7202 on Wednesday; it’s lowest since November 14. FxWirePro's Hourly Aussie Strength Index stood at -67.41 (Bearish) by 0400 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.7182 (November 5 Low), a break below targets 0.7154. On the upside, resistance is located at 0.7270 (November 9 High), a break above could take it near 0.7319 (August 17 High).

NZD/USD: The New Zealand dollar rebounded after falling to a near 2-week low on domestic data showing quarterly retail sales were flat in the third quarter. The Kiwi trades 0.2 percent up at 0.6791, having touched a low of 0.6755 earlier, its lowest level November 14. FxWirePro's Hourly Kiwi Strength Index was at -70.45 (Bearish) by 0400 GMT. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6839 (November 15 High), a break above could take it near 0.6921 (June 25 High). On the downside, support is seen at 0.6727 (November 9 Low), a break below could drag it below 0.6700


Equities Recap

Asian shares rallied as investors await the upcoming G20 meeting in Buenos Aires on Nov.30, where U.S. President Donald Trump and Chinese President Xi Jinping are likely to discuss trade.

MSCI's broadest of Asia-Pacific shares outside Japan gained 0.8 percent.

Shanghai composite index fell 0.2 percent to 2,576.52 points, while CSI300 index traded 0.05 percent down at 3,142.32 points.

Hong Kong’s Hang Seng traded 1.6 percent higher at 26,333.19 points. Taiwan shares added 1.0 percent to 9,765.36 points.



Commodities Recap

Crude Oil prices steadied after slumping nearly 8 percent in the previous session, amid weak fundamentals and struggling financial markets. International benchmark Brent crude was trading 0.9 percent up at $59.67 per barrel by 0433 GMT, having hit a low of $58.42 on Friday, its lowest since October 2017. U.S. West Texas Intermediate was trading 1.01 percent up at $50.88 a barrel, after falling as low as $50.14, its lowest since the October 2017.

Gold prices rose, as investors await a G20 meeting this week for signs of easing in the U.S.-China trade conflict, amid fears of a slowdown in global growth. Spot gold was trading 0.2 percent up at $1,223.84 per ounce at 0439 GMT, having hit a high of $1229.93 on Wednesday, its highest since Nov. 7.U.S. gold futures were flat at $1,223.3 per ounce.










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Asia Roundup:
Kiwi rebounds despite bigger-than-expected trade deficit, yen gains as Trump's comments on China trigger risk aversion, Asian shares volatile –    
Tuesday, November 27th, 2018







Market Roundup

Trump says he expects to raise China tariffs -Wall Street Journal

Trump says Brexit agreement may hamper U.S.-British trade; UK differs

GM to slash jobs and production, drawing Trump's ire

May begins tour of Britain to sell Brexit deal benefits

Tory MPs to back May's deal if she gives timetable for departure -Times

Italy sticks to 2019 budget goals, for now, ahead of cost review

Fractured Australian government sets stage for May election with early budget

Euro zone slowdown not enough for ECB to change course: Draghi

Bitcoin sinks as cryptocurrency sell-off gathers pace

Ukraine introduces martial law citing threat of Russian invasion

Manafort accused of lying to Mueller probe, blowing up plea deal

New Zealand Oct Trade Balance, -1295 mln, -1560 mln prev, 1596 mln r'vsd

New Zealand Oct Imports, 6.15 bln, 5.89 bln prev, 5.84 bln r'vsd

New Zealand Oct Exports, -5.79 bln, -5.19 bln prev, -5.33 bln r'vsd



Economic Data Ahead

(0245 ET/0745 GMT) France Nov Consumer Confidence, 94 f'cast, 95 prev

(0600 ET/1100 GMT) Great Britain Nov CBI Distributive Trades, 10 f’cast, 5 prev



Key Events Ahead

(0430 ET/0930 GMT) BoE Executive Director for International Banks Supervision, Sarah Breeden participates in Climate Finance Day in Paris

(0830 ET/1330 GMT) Fed's Vice Chairman Richard Clarida speaks on “Data Dependence and U.S. Monetary Policy” before the Clearing House 2018 Annual Conference in New York

(1100 ET/1600 GMT) Keynote speech by ECB board member Yves Mersch at Werkstattgesprache “Nachhaltigkeit wird Mainstream” in Frankfurt, Germany

(1430ET/1930 GMT) Chicago Fed President Charles Evans, Atlanta Fed President Raphael Bostic and Kansas Fed City President Esther George participate in a panel before the Clearing House 2018 Annual Conference in New York

(1500 ET/2000 GMT) Reserve Bank of New Zealand releases half-yearly financial stability report in Wellington



FX Beat

DXY: The dollar index steadied after rising to a near 2-week peak in the previous session, as investors await possible cues from the Federal Reserve about policy direction. The greenback against a basket of currencies trades 0.05 percent up at 97.05, having touched a high of 97.10 on Monday, its highest since Nov 15. FxWirePro's Hourly Dollar Strength Index stood at 68.15 (Bullish) by 0500 GMT.

EUR/USD: The euro surged on signs that Italy may cut its budget deficit target to satisfy the European Union. On Monday, the Italian government stated that it was sticking to its main 2019 budget goals for now as it awaits a cost analysis of its main spending measures, but were open the possibility of cutting its deficit target. The European currency traded 0.1 percent up at 1.1341, having touched a low of 1.1325 on Monday, its lowest since Nov. 16. FxWirePro's Hourly Euro Strength Index stood at -31.51 (Neutral) by 0500 GMT. Investors’ attention will remain on a series of data from the Eurozone economies, ahead of the U.S. Housing Price Index and speeches from Fed officials. Immediate resistance is located at 1.1387 (October 30 High), a break above targets 1.1446 (November 8 High). On the downside, support is seen at 1.1317 (November 9 Low), a break below could drag it till 1.1270 (November 15 Low).

USD/JPY: The dollar eased amid renewed concerns about the U.S.-China trade dispute after comments from U.S. President Donald Trump played down hopes of a trade truce with China. The major was trading 0.1 percent down at 113.49, having hit a high of 113.65 on Monday, its highest since November 16. FxWirePro's Hourly Yen Strength Index stood at -72.70 (Bearish) by 0500 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. Housing Price Index and speeches from Fed officials. Immediate resistance is located at 113.81 (November 7 High), a break above targets 114.14 (November 13 High). On the downside, support is seen at 113.07 (November 5 Low), a break below could take it lower 112.64 (November 16 Low).

GBP/USD: Sterling surged, halting a 2-day losing streak after Britain sealed a deal with the European Union on leaving the bloc, however, British Prime Minister Theresa May faces a hard political battle getting it approved by a divided parliament. The major traded 0.1 percent up at 1.2815, having hit a high of 1.2926 on Thursday; it’s highest since November 15. FxWirePro's Hourly Sterling Strength Index stood at 36.13 (Neutral) 0500 GMT. Investors’ attention will remain UK CBI Distributive Trades Survey, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2946 (November 12 High), a break above could take it near 1.2990 (October 24 High). On the downside, support is seen at 1.2764 (November 21 Low), a break below targets 1.2723 (November 14 Low). Against the euro, the pound was trading 0.1 percent down at 88.49 pence, having hit a high of 88.35 on Monday, it’s highest since Nov. 16.

AUD/USD: The Australian dollar rose after falling for three consecutive sessions, as investors remained cautious before crucial trade talks between the leaders of the United States and China. The Aussie trades 0.2 percent up at 0.7235, having hit a low of 0.7212 on Monday; it’s lowest since November 21. FxWirePro's Hourly Aussie Strength Index stood at 5.19 (Neutral) by 0500 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.7182 (November 5 Low), a break below targets 0.7154. On the upside, resistance is located at 0.7270 (November 9 High), a break above could take it near 0.7319 (August 17 High).

NZD/USD: The New Zealand dollar rose, extending previous session gains, as Trump and his Chinese counterpart Xi Jinping are set to meet later this week at the G20 summit in Buenos Aires to ease growing trade tensions. However, the upside was limited after data showed bigger-than-expected New Zealand's October trade deficit of NZD 1,295 million. The Kiwi trades 0.2 percent up at 0.6780, having touched a low of 0.6753 earlier, its lowest level November 13. FxWirePro's Hourly Kiwi Strength Index was at -94.82 (Bearish) by 0500 GMT. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6839 (November 15 High), a break above could take it near 0.6921 (June 25 High). On the downside, support is seen at 0.6727 (November 9 Low), a break below could drag it below 0.6700



Equities Recap

Asian shares rebounded after easing earlier in the session on U.S. President Donald Trump's comments that seemed to slash hopes of a trade truce with China.

MSCI's broadest of Asia-Pacific shares outside Japan gained 0.2 percent.

Tokyo's Nikkei rose 0.6 percent to 21,950.14 points, Australia's S&P/ASX 200 index rallied 1.0 percent to 5,728.30 points and South Korea's KOSPI surged 0.7 percent to 2,097.83 points.

Shanghai composite index  fell 0.2 percent to 2,570.42 points, while CSI300 index traded 0.3 percent down at 3,131.62 points.

Hong Kong’s Hang Seng traded 0.3 percent lower at 26,298.00 points. Taiwan shares added 0.2 percent to 9,778.62 points.



Commodities Recap

Crude Oil prices declined, as mixed signals came from top exporter Saudi Arabia ahead of an OPEC meeting in Austria next week. International benchmark Brent crude was trading 0.4 percent down at $60.28 per barrel by 0512 GMT, having hit a low of $58.42 on Friday, its lowest since October 2017. U.S. West Texas Intermediate was trading 0.5 percent down at $51.33 a barrel, after falling as low as $50.14 on Monday, its lowest since the October 2017.

Gold prices consolidated within narrow ranges, as investors awaited clues on the pace of future U.S. interest rate hikes and as the U.S.-China trade dispute worsened ahead of a G20 summit. Spot gold was trading flat at $1,222.27 per ounce at 0515 GMT, having hit a high of $1229.93 on Wednesday, its highest since Nov. 7. U.S. gold futures were little changed at $1,222.1 per ounce.










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Asia Roundup:
Kiwi gains as RBNZ likely to ease mortgage curbs, greenback rallies on Fed official's comments, Asian shares consolidate –    
Wednesday, November 28th, 2018







Market Roundup

China envoy warns of dire consequences if U.S. hardliners hold sway

Trump says 'not even a little bit happy' with Fed's Powell -report

UK government, Bank of England to spell out no-deal Brexit risks for economy

Trump open to deal with Xi at dinner but with conditions -Kudlow

China not seriously considering U.S. Treasuries as trade war weapon -envoy

As Trump renews border wall demands, U.S. government shutdown looms

UK shop prices rise for only third time since 2013 – BRC

European politicians call for new sanctions on Russia over Ukraine

New Zealand cenbank to ease mortgage curbs but lift bank capital norms

Australia Q3 Construction Work Done, -2.8%, 1.0% f'cast, 1.6% prev, 1.8% r'vsd



Economic Data Ahead

(0200 ET/0700 GMT) Germany Dec Gfk Consumer Sentiment, 10.5 f'cast, 10.6 prev

(0400 ET/0900 GMT) EZ Oct Money-M3 Annual Growth, 3.5% f'cast, 3.5% prev



Key Events Ahead

(0200 ET/0700 GMT) Bank of England publishes Financial Stability report in London

(0705 ET/1205 GMT) Opening remarks by ECB board member Benoit Coeure at the Foreign Exchange Contact Group meeting in Frankfurt, Germany

(0800 ET/1300 GMT) ECB Vice President Luis de Guindos gives Opening remarks at conference in Luxembourg

(0930 ET/1430 GMT) Fed holds technical background teleconference to discuss release of the Financial Stability Report, in Washington

(1020 ET/1520 GMT) ECB board member Peter Praet chairing panel session II on “Investment finance in Europe – a system fit for growth?” in Luxembourg

(1200 ET/1700 GMT) Federal Reserve Chairman Jerome Powell speaks on “The Federal Reserve's Framework for Monitoring Financial Stability” in New York



FX Beat

DXY: The dollar index held gains near a 2-week peak as Investor attention turned towards Fed Chairman Jerome Powell's speech later in the day, as they look for indications on U.S. rates hikes in 2019. The greenback against a basket of currencies trades 0.05 percent up at 97.35, having touched a high of 97.50 on Tuesday, its highest since Nov 13. FxWirePro's Hourly Dollar Strength Index stood at 111.83 (Highly Bullish) by 0500 GMT.

EUR/USD: The euro steadied after falling to a near 2-week low in the previous session on signs of weakening eurozone economic momentum. Moreover, news that the EU government representatives are set to back the European Commission's disciplinary move against Italy over its debt dented the bid tone around the major. The European currency traded 0.1 percent up at 1.1297, having touched a low of 1.1277 on Tuesday, its lowest since Nov. 15. FxWirePro's Hourly Euro Strength Index stood at 39.63 (Neutral) by 0500 GMT. Investors’ attention will remain on a series of data from the Eurozone economies and EZ M3 money supply, ahead of the U.S. preliminary gross domestic product index, wholesale inventories, goods trade balance. personal consumption expenditures, new home sales and speech from Fed Chair Powell. Immediate resistance is located at 1.1330 (November 12 High), a break above targets 1.1387 (October 30 High). On the downside, support is seen at 1.1263 (November 14 Low)., a break below could drag it till 1.1216 (November 13 Low).

USD/JPY: The dollar rallied to a 2-week peak after Federal Reserve Vice Chair Richard Clarida stated that the Fed should continue to gradually hike interest rates, but it was important to monitor economic data as monetary policy was getting close to a neutral stance. The major was trading 0.1 percent up at 113.86, having hit a high of 114.00, its highest since November 14. FxWirePro's Hourly Yen Strength Index stood at -71.70 (Bearish) by 0500 GMT. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. preliminary gross domestic product index, wholesale inventories, goods trade balance, personal consumption expenditures, new home sales and speech from Fed Chair Powell. Immediate resistance is located at 114.14 (November 13 High), a break above targets 114.60. On the downside, support is seen at 113.29 (November 14 Low), a break below could take it lower 112.64 (November 16 Low).

GBP/USD: Sterling consolidated near a 2-week low amid growing doubts over whether British Prime Minister Theresa May can get a Brexit agreement through a divided parliament. The major traded flat at 1.2746, having hit a low of 1.2725 on Tuesday; it’s lowest since November 15. FxWirePro's Hourly Sterling Strength Index stood at -116.27 (Highly Bearish) 0500 GMT. Investors’ attention will remain UK Bank Stress test results and Financial Stability Report, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2819 (November 21 High), a break above could take it near 1.2884 (November 19 High). On the downside, support is seen at 1.2723 (November 14 Low), a break below targets 1.2698 (October 31 Low). Against the euro, the pound was trading 0.05 percent down at 88.61 pence, having hit a high of 88.35 on Monday, it’s highest since Nov. 16.

AUD/USD: The Australian dollar rebounded from a 2-week low, as the investors waited for some clarity to emerge on U.S.-China trade. The Aussie trades 0.3 percent up at 0.7242, having hit a low of 0.7199 on Tuesday; it’s lowest since November 14. FxWirePro's Hourly Aussie Strength Index stood at 0.76 (Neutral) by 0500 GMT. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.7182 (November 5 Low), a break below targets 0.7154. On the upside, resistance is located at 0.7270 (November 9 High), a break above could take it near 0.7319 (August 17 High).

NZD/USD: The New Zealand dollar rose, extending gains for the third straight session, after Reserve Bank of New Zealand stated that it would ease some restrictions on home lending in a positive step for the housing market. The Kiwi trades 0.2 percent up at 0.6799, having touched a low of 0.6753 on Tuesday, its lowest level November 13. FxWirePro's Hourly Kiwi Strength Index was at 75.22 (Slightly Bearish) by 0500 GMT. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6839 (November 15 High), a break above could take it near 0.6921 (June 25 High). On the downside, support is seen at 0.6727 (November 9 Low), a break below could drag it below 0.6700



Equities Recap

Asian shares consolidated within narrow ranges amid conflicting signals on prospects for de-escalating the U.S.-China trade dispute.

MSCI's broadest of Asia-Pacific shares outside Japan traded flat.

Tokyo's Nikkei rose 1.1 percent to 21,185.88 points, Australia's S&P/ASX 200 index fell 0.1 percent to 5,725.10 points and South Korea's KOSPI rallied 0.3 percent to 2,105.09 points.

Shanghai composite index  surged 0.7 percent to 2,593.78 points, while CSI300 index traded 1.0 percent up at 3,168.72 points.

Hong Kong’s Hang Seng traded 1.1 percent higher at 26,620.16 points. Taiwan shares added 1.1 percent to 9,884.31 points.



Commodities Recap

Crude Oil prices surged ahead of an OPEC meeting next week at which the producer cartel is expected to decide some form of supply cut to counter an emerging glut. International benchmark Brent crude was trading 0.3 percent up at $61.01 per barrel by 0511 GMT, having hit a low of $58.42 on Friday, its lowest since October 2017. U.S. West Texas Intermediate was trading 0.3 percent up at $52.24 a barrel, after falling as low as $50.14 on Monday, its lowest since the October 2017.

Gold prices declined, hovering towards an over 1-week low touched in the previous session, weighed down by a robust dollar after a senior U.S. Federal Reserve official reaffirmed the need for a further increase in interest rates. Spot gold was trading down at $1,214.51 per ounce at 0515 GMT, having eased to its lowest level since Nov. 15 at $1,211.82 on Tuesday. U.S. gold futures were down about 0.1 percent at $1,214.










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http://www.firewoodfx.com/category/forex-market-news/





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