06.12.16

Good morning,

The Reserve Bank of Australia left Interest Rates unchanged at 1.5% The Governor, Phillip Lowe, delivered his monetary policy decision statement in which he mentioned the slower than average growth in the global economy and the housing market locally. AUDUSD trading at 0.7450 at time of writing. Also in Australia, the Current Account Balance figures for the third quarter fell, but not by as much as had been expected. Japan's Labor Cash Earnings data was released for October. USDJPY trading at 113.80 at time of writing.

Europe will open this session with German Factory Orders, followed by GDP figures out of Hungary, Romania and Slovakia. Wholesale Prices figures for November will be published in in Austria, and in the Czech Republic we will get November's Retail Sales figures. Swiss consumer PRice Index data is also on the agenda this session. EURCHF trading at 1.0823 at time of writing. The Euro Zone Gross Domestic Product will be announced for the third quarter later this morning. The figure is expected to remain at 1.6% growth.

Across the Atlantic today Trade Balance figures for October out of the US along with third quarter Nonfarm Productivity and Unit Labor Costs. USDCAD trading at 1.3267 at time of writing. Canadian International Merchandise Trade figures for October will be published by Statistics Canada to start the session. The Redbook Index, Factory Orders, and the IBD/TIPP Economic Optimism figures will also be out in the US today. Canada will hear the latest Ivey Purchasing Managers Index figures to wrap up the session there. Then the API Weekly Crude Oil Stock figures will be out with USOIL trading at around $51.20 per barrel at time of writing.

I hope you all have a nice day.