Market Brief: Double Whammy for Aussie

,

A summary of news and snapshot of moves ahead of the US session.

  • At 13:10 GMT, the GBP was the strongest while the AUD remained the weakest:

View our guide on how to interpret the FX Dashboard

  • Safe-haven government bonds have resumed higher, pushing yields lower. This has helped to underpin low and noninterest-bearing assets such as the CHF, JPY and GOLD.
  • AUD has been hurt by the weaker-than-expected Aussie and Chines data, released overnight. Details HERE.
  • Equity markets in the US seem to have stalled for the time being after repeatedly hitting new record highs: US index futures point to a lower open, tracking the losses seen in European markets so far today:

  • EUR little-changed despite news Germany managing to avoid a technical recession with an unexpected growth of 0.1% q/q. Here’s today’s most notable data beats and misses (circled):

  • In company news (by colleague Ken Odeluga):
    • Burberry shares surged 9% after meeting half-year sales estimates and beating profit forecasts. The stock later traded +4.8% higher. It sees "significant negative impact in Hong Kong."
    • Merk KGaA, Germany's drug and pharma giant, fell 1.5% despite raised full-year forecasts after beating core earnings estimates in Q3, helped by a takeover.
    • Eventim, another German stand-out, slumped 7% dragging Europe's media sector. The ticket and live entertainment group’s CEO plans to sell a 4.4% stake.
  • Coming up: second-tier US data but plenty of FedSpeak:



Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.