ZuluTrade Blog

Currencies traded in a narrow range overnight

Market View | Friday, December 16, 2011 12:00 AM GMT

Good Morning,

  • Currencies traded in a narrow range overnight, after the big risk sell off yesterday. Swiss National bank’s rate decision  will be highlight today, besides a lot of US data in the afternoon.
  • Stocks: Nikkei -1.66 %, Hang Seng -2.25 %, Shanghai Composite -1.81 %, Dow Jones -1.10 %, S+P500 -1.13 %
  • ECB Noyer said that credit-rating companies have become "incomprehensible and   irrational" and said the U.K. should be downgraded before France, according to an interview published in Le Telegramme newspaper. "A downgrade doesn't strike me as justified based on economic fundamentals," Noyer was quoted. "Or if it is, they should start by downgrading the U.K., which has a bigger deficit,  as much debt, more inflation, weaker growth and where bank lending  is collapsing," he said.
  • Federal Reserve Chairman Ben S. Bernanke told Republican senators the Fed plans no additional aid to European banks amid the region's sovereign debt crisis, according to two lawmakers who attended the meeting.
China Data RecapPeriodSurveyActualPrior
Actual FDI yoy Nov - -9.8 % 8.8 %
HSBC Flash China Manuf PMI Dec - 49.0 47.7
  • Boosting domestic demand in China will be the "central strategy" to sustain growth in the nation next year, Zhou Xiaochuan, governor of the People's Bank of China, said at a conference in Beijing today. The financial sector should provide more support for the real economy, he said.
  • China will impose punitive duties of up to 22 percent on large cars and SUVs  exported from the United States, China's Commerce Ministry said on Wednesday, the latest in a series of trade disputes between the world's two largest economies.
Japan Data RecapPeriodSurveyActualPrior
Tankan Large Manufacturer Index Q4 -2 -4 2
Tankan Non-Manufacturing Q4 1 4 1
Tankan Large Mfg Outlook Q4 -3 -5 4
Tankan Non-Mfg Outlook Q4 1 0 1
Tankan Large All Indust Capex Q4 2,5% 1,4% 3,0%
Machine Tool Orders Nov F - 15,8 15,9
  • Australia Consumer Inflation Expectations were 2.4 % in December versus 2.5 %  in the previous month.
  • New Zealand Business PMI in November was down at 45.7 from 46.6 in October.

- 1430 US PPI Nov
- 1430 US Current Account Q3
- 1430 US Empire Manufacturing Dec
- 1430 US Initial Claims
- 1500 US TIC Data Oct
- 1515 US Industrial Production Nov
- 1515 US Capacity Utilization Nov
- 1600 US Philly Fed Dec
- 2120 Fed Lockhart
- 0900 France Manufacturing PMI Dec
- 0900 France Services PMI Dec
- 0930 Germany Manufacturing PMI Dec
- 0930 Germany Services PMI Dec
- 1000 Eurozone Manufacturing PMI Dec
- 1000 Eurozone Services PMI Dec
- 1100 Eurozone CPI Nov
- 1100 Eurozone Employment Q3
- 1225 ECB Draghi
- 0915 Switzerland Industrial Production Q3
- 0930 SNB Rate Announcement
- 1030 UK Retail Sales Nov
- 1030 UK BOE/GFK Inflation Next 12 Months Nov
- 1000 Norway Trade Balance Nov
- 0930 Sweden Unemployment Rate Nov
- 1430 Canada Capacity Utilization Q3

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