20 Sept: BOE, SNB on hold. US$ mildly lower. Stocks drift sideways. Quiet calendar for Friday.

By | September 20, 2019

After each of the BOJ, BOE and the SNB all left their respective interest rates on hold, it has been a relatively steady session on Thursday although both the Chf and Gbp saw a move higher, with Cable squeezing up to levels last seen in early July. Elsewhere, the Aud and the Kiwi remain heavy after more soft data, and another rate cut from the RBNZ and the RBA seem inevitable. The The Euro and the Jpy have both been choppy in Europe/US trade but have ended near previous levels, leaving the outlook unchanged, with the US$ trading mildly weaker, .as the DXY fell by 0.2%,

In other markets, stocks and WTI have ended flat, while the metals are very slightly higher.

Friday will be a quiet end to the weekly calendar with nothing at all to come from the US, and very little ahead of that in Asia or Europe. The NZ Credit Card Spending (exp 5.7%yy) and the Japan CPI (exp 0.4%yy) may create a little interest early in the session, while in the EU, it will be the German PPI (exp -0.2%mm, +0.6%yy) and the UK BOE Quarterly Bulletin that will be in focus. That aside it would seem that position squaring ahead of the weekend will be the key driver. Have a good weekend.

Economic data highlights will include:

Fri: Japan CPI, NZ Credit Card Spending, German PPI, UK Public Sector Net Borrowing Requirements, BOE Quarterly Bulletin

Market moves, in brief:

FX: DXY 98.35 (-0.20%)

Bonds: US10Y; 1.785% (-0.97%), German 10Y; -506% (+0.84%), UK 10Y; 0.556% (-1.59%), Australian 10Y; 1.069% (-6.97%), NZ 10Y; 1.192% (-4.69 %), China 10Y; 3.116% (-0.46%)

Stock Indices: DJI; -0.19%, S+P; +0.00%, NASDAQ; +0.07%, EUStoxx50; +0.70%, FTSE100; +0.58%, Shanghai Composite; +0.46%,

Metals: Gold $1498 oz (+0.35%), Silver $17.77 oz (+0.07%), Copper $2.607 lb (-0.23%), Iron Ore $93.46 per tonne (NYMEX) (-0.54%),

Oil: WTI $58.49 pb (+0.55%)

CURRENCIES
EURUSD: 1.1044
Res  1.1070  1.1090  1.1115
Sup  1.1015  1.0990  1.0965
USDJPY: 108.02
Res  108.25  108.50  108.75
Sup  107.80  107.65  107.45
GBPUSD: 1.2526
Res  1.2560  1.2610  1.2665
Sup  1.2490  1.2435  1.2380
USDCHF: 0.9927
Res  0.9945  0.9975  1.0000
Sup  0.9900  0.9880  0.9855
AUDUSD: 0.6795
Res  0.6815  0.6840  0.6865
Sup  0.6780  0.6755  0.6730
NZDUSD: 0.6300
Res  0.6320  0.6335  0.6350
Sup  0.6295  0.6280  0.6265
INDICES / COMMODITIES
S&P.fs: 3007.53
Res  3020.00  3030.00  3040.00
Sup  3000.00  2990.00  2980.00
DJ30.fs: 27081.00
Res  27135.00  27220.00  27320.00
Sup  27025.00  26935.00  26850.00
SPI200.fs: 6722
Res  6735  6750  6765
Sup  6710  6695  6680
XAUUSD: 1498.71
Res  1505.00  1525.00  1515.00
Sup  1490.00  1480.00  1470.00
XAGUSD: 17.77
Res  17.95  18.20  18.45
Sup  17.55  17.30  17.05
WTI.fs: 58.62
Res  59.25  60.05  60.85
Sup  58.00  57.20  56.40