The economic calendar is looking a little light of data today so we will again focus on the likes of China as the discussion around the knock on effect continues to rumble on. However with the likes of US CPI and retail sales due later in the week we could see a lot of the focus shift back to the U.S. and the fed rate hike.
There is some more data due out of the market today and it’s yet corporate data again. Retail giant Wal-Mart will announce their numbers today before the opening bell. The company has been struggling to compete with its online rival Amazon and with sales growth struggling we could well see a disappointing number today. However if the company can show an improvement in the sales revenue number then it may not matter that the figures are worse than that of Amazon.
MARKET PULSE
US- weaker-than-expected figures on manufacturing but an upside seen on the housing sector.
US Empire State Manufacturing index dropped in August to -14.9 from +3.9 in July
US Gauge of home-builder confidence rising to its highest level since November 2005
USD Spot Index, rose 0.2 % to 1,210.39
EU- Trade balance rose to a surplus of 21.9 billion EUR in June
Net longs on USD were at 115,210 as of July 20, from as high as 226,560 in June
German Finance Minister Schaeuble asked lawmakers to back Greece’s 3rd bailout
Moody’s- G-20 growth won’t hit pre-crisis pace anytime soon
Emerging-market currencies fell, extending the longest stretch of weekly declines since 2000
Turkey’s lira touched a record low for a third day
Malaysian ringgit weakening to the lowest level since 1998
Thailand’s baht has fallen for eight straight weeks
MSCI Emerging Markets Index retreated 1.1 % to 854.71( Oct 2011 low)
Goldman Sacs : Yuan will decline to 6.60 per USD in 12 months
Russia’s ruble retreated 0.8 % to 65.48 against the USD
INR
MARKETS
Indian Markets closed today for Parsi New Year
INR drops 0.5% to 65.3125 and fell 65.3750, lowest since Sept. 2013;
1-month implied volatility falls 13 bps at 7.9125%; average for past 12M. is 6.6826%
INR 1-month forwards drop 0.3% to 65.72 per USD
FACTORS
Global investors added net $70.8m of Indian stocks on Aug.14
HSBC: India- If oil remains low, the current account gap will remain manageable
HSBC : India BOP surplus, even if capital inflows slow
Emerging-market currencies fell, extending the longest stretch of weekly declines since 2000
Turkey’s lira touched a record low for a third day
Malaysian ringgit weakening to the lowest level since 1998
Thailand’s baht has fallen for eight straight weeks
MSCI Emerging Markets Index retreated 1.1 % to 854.71( Oct 2011 low)
Goldman Sacs : Yuan will decline to 6.60 per USD in 12 months
Russia’s ruble retreated 0.8 % to 65.48 against the USD
FOREIGN EXCHANGE
MARKETS
EUR trading along the 50- and 100-day trend lines, at $1.1082 and $1.1047
USD/JPY +0.06% at 124.46 (range 124.38-124.50)
EUR/USD -0.01% at 1.1077 (range 1.1072-1.1082)
AUD/USD +0.01% at 0.7373 (range 0.7363-0.7386)
USD/CAD +0.11% at 1.3094 (range 1.3079-1.3104)
GBP/USD +0.03% at 1.5591 (range 1.5576-1.5597)
USD/CHF -0.06% at 0.9782 (range 0.9779-0.9793)
FACTORS
US- weaker-than-expected figures on manufacturing but an upside seen on the housing sector.
US Empire State Manufacturing index dropped in August to -14.9 from +3.9 in July
US Gauge of homebuilder confidence rising to its highest level since November 2005
USD Spot Index, rose 0.2 % to 1,210.39
EU- Trade balance rose to a surplus of 21.9 billion EUR in June
Net longs on USD were at 115,210 as of July 20, from as high as 226,560 in June
German Finance Minister Schaeuble asked lawmakers to back Greece’s 3rd bailout
Moody’s- G-20 growth won’t hit pre-crisis pace anytime soon
Brent crude and copper drop; gold advances
GOLD
MARKETS
Gold Spot flat at $1,118.34 in Asia from $1,117.70 on Mon when prices climbed 0.2 %
Gold prices rose last week for the first time since June
Gold futures Dec. were 0.1 % lower at $1,117.40 after a 0.5 % rise on Mon.
Silver for immediate delivery retreated 0.3 % to $15.2935 an ounce.
Gold held the first gain in three days
FACTORS
Manufacturing gauge in the New York area slumped,
Monday- 48 % probability of Fed rate hike Sep vs. 54 % on Aug. 7.
Goldcorp Inc., US’s largest producer of Gold floated new $2 billion mine named Eleonore
Gold ETF are close to their lowest level since 2009
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