05.12.16

Good morning,

Italy voted NO on their Constitutional Referendum yesterday leading to the promise of resignation by Prime Minister Matteo Renzi. Markets were volatile from the Asian open as participants adjusted their positions. The Japanese Consumer Confidence figures were below expectations when released for November. USDJPY trading at 114.02 at time of writing. Then in Australia Company Operating Profits missed expectations, although there was an improvement in ANZ Job Advertisements. AUDUSD trading at 0.7437 at time of writing.

Brexit remains a hot topic, and today will see legal arguments in the UK Supreme Court as the Government is in court. The Supreme Court will hear a government appeal against last month's High Court ruling that only Parliament has the authority to trigger Article 50. GBPUSD trading at 1.2715 at time of writing. A range of Markit data will be released across Europe followed by October Retail Sales figures in in the Euro Zone. EURUSD trading at 1.0643 at time of writing.

Across the Atlantic today we also will be looking at Markit Services and Purchasing Manager's Index figures out of the United States. Labor Market Conditions Index figures for November are also on the agenda this session, which follow Federal Reserve Members, Dudley, Evans and Bullard, who are scheduled to speak today. The ISM Non-Manufacturing PMI figures will wrap up our data releases form the States today.

I hope you all have a nice day.