Forex - European Highlights ~ Thursday 17th May

 09:58 (GMT) 17 May

  [Forex Highlights]

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European Highlights ~ Thursday 17th May (0100-ZXDH-C01)

Asia FX and News -

+ Japan gov't ready to retaliate against US tariffs - NHK

+ Britain will tell EU it is prepared to stay tied to customs union beyond 2021 - Telegraph

+ Australian employment up more than expected, but jobless rate also up.

+ NZ Gov't boosts public services in 1st Budget -Herald

+ GBP got a lift at the open on the Telegraph story, Cable up to test the 200 day MA at 1.3560, EUR/GBP seeing a low around .8715. USD/JPY was unable to extend the NY climb but was supported at 110.10. AUD spiked lower on the first look at the employment numbers but rallied from around .74510 to .7540, while NZD kept pace as traders liked the Budget news. .EUR/USD edged the NY high to 1.1826, while the CAD remains in relative demand after a strong showing on Wednesday.

Nikkei and JGBs -

+ N225 closed +0.53% at 22838.37. 10yr JGBs yield 0.057%

European FX and News -

+ GBP has given back some of the overnight gains as a Downing Street source debunked the Telegraph story, EUR/GBP back above the .8725 level, Cable still underpinned albeit with EUR/USD a shade higher too. The latter has been fairly lively in a range between 1.1790/1.1835 in the absence of any major data, though Italy still occupying a lot of the headlines.

+ The positive session for the N225 and US yields higher again finally saw USD/JPY through110.50, only up to 110.75 for now; many eyes are on GBP/JPY nudging back towards 150.00.

+ USD/CHF has largely managed to hold over 1.00 as EUR/CHF steadies around 1.1825 but remains shy of re-testing the double top at 1.0056.

+ AUD and NZD have retraced some of the gains against the USD, NZD the biggest loser as AUD/NZD saw a high at 1.0940. The CAD retains the lead re-acquired yesterday among the commodity currencies as Crude heads higher, USD/CAD briefly sub 1.2750, AUD/CAD leaning on .9600.

+ Scandies are contained again, EUR/NOK a shade higher despite firmer oil, though Norway closed today.

Bonds and Equities -

+ BTPs pause for breath after making a new YTD low below 135 on the future and covering. Bonos trade firmly out of well-taken supply, ES-DE 10s in some 3.5bp. Bunds slip back at open as FTQ eases, and into OAT supply, future dropping 158 again, but steadies thereafter. Gilts weighed by UST weakness & customs union reports. Equities mixed with Dax and Eurostoxx just positive, FTSE off a fraction and E-minis -4.5pts.


JP: Key Machinery Orders (Mar) -3.9% m/m (Mkt: -3 Prev: 2.1)

JP: Key Machinery Orders (Mar) -2.4% y/y (Mkt: -0.3 Prev: 2.4)

AU: Employment (Apr) 22.6 chg k (Prev: -0.7R)

AU: Participation Rate (Apr) 65.6 % (Mkt: 65.5 Prev: 65.5)

AU: Unemployment (Apr) 5.6% (Mkt: 5.5 Prev: 5.5)

04:30 GMT - NL: Unemployment (sa) (Apr) % (Prev:)

08:00 GMT - IT: Trade Balance (EU) (Mar) EUR bn (Prev: 1.13)

08:00 GMT - IT: Trade Balance (Total) (Mar) EUR bn (Prev: 3.1)

09:00 GMT - EU: Trade Balance (nsa) (Mar) EUR bn (Prev: 18.9)

09:00 GMT - EU: Trade Balance (sa) (Mar) EUR bn (Mkt: 21 Prev: 21)

Still To Be Released:


12:30 GMT - US: Initial Claims (May-12) k (Mkt: 215 Prev: 211)

12:30 GMT - US: Philadelphia Fed Survey (May) (Mkt: 21.2 Prev: 23.2)

14:00 GMT - US: Leading Indicator (Apr) % m/m (Mkt: 0.4 Prev: 0.3)

23:30 GMT - JP: CPI Core (Nation) (Apr) % y/y (Mkt: 0.7 Prev: 1.1)

23:30 GMT - JP: Natl CPI Ex Fresh Food, Energy (Apr) 4% y/y (Mkt: 0.4 Prev: 0.5)

Events & Auctions:

22:30 GMT - US: Fed's Bullard Speaks in St. Louis, Missouri

NO: Market Holiday - Constitution Day

03:00 GMT - NZ: New Zealand Finance Minister Delivers Budget

03:30 GMT - JP: 1yr Bills Auction

03:35 GMT - JP: 5yr Bond Auction

08:30 GMT - ES: New Bono 0.35 07/30/23 (EUR 3bn)

08:30 GMT - ES: Tap of Oblig. 1.4 4/30/28 (EUR 1bn)

08:30 GMT - ES: Tap of Oblig. 5.9 7/30/26 (EUR 1bn)

08:50 GMT - FR: Tap of OAT 0 2/25/21 (EUR 3.5bn)

08:50 GMT - FR: Tap of OAT 0 3/25/23 (EUR 4bn)

08:50 GMT - FR: Tap of OATei 0.1 7/25/27 (EUR 700m)

08:50 GMT - FR: Tap of OATei 0.1 7/25/47 (EUR 450m)

08:50 GMT - FR: Tap of OATei 1.1 7/25/22 (EUR 600m)

09:00 GMT - IT: New BTPi 'Italia' 05/21/26 (EUR 8bn)

12:00 GMT - EU: ECB's Constancio Speaks in Frankfurt

14:00 GMT - US: Fed's Hirtle Speaks in New York

14:45 GMT - US: Fed's Kashkari Speaks in St. Paul, Minnesota

16:00 GMT - UK: BoE's Haldane Speaks in London

17:00 GMT - US: 10yr TIPS Reopening (USD 11bn)

17:00 GMT - US: Fed's Kaplan Speaks in Richardson, Texas

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