12.08.15

Good morning,

Chinese Industrial Production and Retail Sales figures released for July along with Urban Investment figures all missed expectations, this following the decision of the country’s central bank to devalue which was described as a one-off step to make the yuan CNY more responsive to market forces. This following a decline in both import and export figures recently. Australia and New Zealand who trade heavily with China, both saw a knock on effect. AUDUSD trading at 0.7302 while NZDUSD trading at 0.6560 Japan will see Foreign Investment figures in the coming 24 hours USDJPY trading at 124.40

The NIKKEI closed at 20392.77 after falling 327.98 points minus 1.58%

In Europe this session Italian Trade Balance figures for June and UK Unemployment figures for July are out before the Euro Zone Industrial Production figures for June. EURGBP trading at 0.7129 Switzerland’s ZEW Expectations Survey results will be published this session. EURCHF trading at 1.0955 Tomorrow we will await the European Central Bank’s Monetary Policy Meeting Accounts.

The FTSE100 was trading at 6549.99 while the DAX was trading at 11040.54 both in the red early in the session.

Across the Atlantic today MBA Mortgage Applications will be the first piece of data released. July’s Monthly Budget Statement and the EIA Crude Oil Stocks change figures will then round up off the day’s data ahead of tomorrow’s Retail Sales figures out of the US. USOIL trading at $43.50 per barrel. EURUSD trading at 1.1146 a month high at time of writing. New York Fed President William Dudley is scheduled to speak today.

The DOW closed at 17402.84 yesterday, dropping 212.33 points or minus 1.21%

I hope you all have a nice day.