It has been a generally rangebound session on Monday although Cable headed lower due to the political uncertainties in the UK, while the Aud$ also had a heavy session, briefly taking out the previous double bottom, and generally looking heavy heading into the Asian session. Elsewhere there was not too much going on, with Stocks recovering from a brief dip to end almost unchanged, while the metals and oil have had a rangebound session. The metals are a little higher while WTI is a touch lower.
Asia will get off to a brisk start with the release of the NAB Business Conditions/Confidence, to be closely followed by the China Retail Sales (exp 10.4% -Oct), Industrial Production (exp 6.3% – Oct) & Urban Investment figures (exp 7.55% Oct). This will be followed by a data heavy EU session. The German CPI, exp 0.0%mm, 1.6%yy; and HICP, exp -0.1%mm, +1.5%yy) and the Preliminary Q3 GDP figures (exp 0.6%qq, 2.2%yy) will be first up, followed by the UK CPI, PPI, RPI are also due (CPI; exp 0.2%mm, 3.1%yy). After this comes the EU Preliminary GDP (exp 0.6%qq, 2.5%yy), Industrial Production (exp -0.5%mm, +2.5%yy) and the ZEW. The US data is minor (PPI – exp +0.1%mm, 2.4%yy) and it will likely be the proposed US tax bill that grabs the headlines. Oil traders will look out for the API Weekly Crude Oil Stock Inventory. An ECB round table today will feature speeches from Draghi/Yellen/Carney/Kuroda etc (+ various other central bankers) so watch for potential headlines coming from that.Have a good day.
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