Nov 17


  • BY: Nati
  • November, 17th, 2014 8:34 +00:00

Good morning,

Japan’s GDP figures released overnight show that the world’s third largest economy has slipped into recession. The JPY touched the weakest level since 2007 against the USD amid speculation the GDP miss will prompt Prime Minister Abe to postpone a planned sales-tax increase. USDJPY trading at 115.82 after pulling back from a 117.05 high. The annualized GDP fell by 1.6% when 2.1% growth had been forecast. The Bank of Japan will give their updated Interest Rate in the next 48 hours, currently standing at 0.1%

The NIKKEI was trading at 16973.80 down 517.03 points, a decline of 2.96%

In Europe today we will see Italian, Spanish and EuroZone Trade Balance figures. The main event in Europe today will undoubtedly be ECB President Mario Draghi's speech, scheduled for this afternoon. EURUSD trading at 1.2520 at time of writing. Tomorrow will be a day filled with British data, when the UK Consumer Price Index, Producer Price Index and Retail Price Index figures are published. The ZEW Survey of Economic Sentiment will be released for Germany and the Euro Zone tomorrow.

The FTSE100 was trading at 6622.83 while the DAX was trading at 9172.32 at the open this week.

Across the Atlantic, Canadian Investment figures are due out, including foreign portfolio investment in Canadian securities & Canadian portfolio investment in foreign securities for September. USDCAD trading at 1.1292 In the US today we will get October’s Industrial Production figures and the Capacity Utilization data for the same month. FOMC meeting minutes will be published this Wednesday. Thursday we shall see the updated Consumer Price Index data and Jobless Claims figures. CABLE could be volatile this week on account of the scheduled data. Currently trading at 1.5662 GBPUSD briefly traded below the 1.56 figure on Friday.

The DOW closed at 17634.74 last week.

Hope you all have a good week ahead.