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Trending Update 08:02 - In the G10 currencies ...

Trending Update 08:02 - In the G10 currencies ...

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In the G10 currencies today, GBP and USD are number one and two, respectively while NZD is the top loser. There are a number of positive themes from the US; firstly the possibility of a slightly more hawkish Fed Chair, secondly buoyancy on the back of strong unemployment data and wage earnings, thirdly the risk of CPI still remains near the end of the week. This means a short-term positive USD theme may continue unless the CPI at the end of the week prove otherwise. Elsewhere, NZD may continue to remain weak on election uncertainty as the final special vote count showed a neck and neck race with NZ first party still calling the shots. We expect no resolution with NZD vulnerable to further downside before 12 October when the final outcome will be known. In the equities space, the European equities have opened largely firmer with FTSE down -0.12%, DAX up 0.3%, CAC down 0.1% and Ibex up 1.0%. In the rates market, the German and US 10-year yields are now consolidating slightly down from last week highs. The US and German 10-year are now trading at 2.36% and 0.45%, respectively. In the energy space, the Brent has held above the $55.50 support after a sharp dip on Friday. The Brent is slightly up from Friday’s low at $55.74. In terms of data today, the German industrial production came in relatively strong at 2.6% compared to expectations of 0.7%. There is no tier one release for the rest of the day from either Europe or US, however, we will hear from ECB’s Mersch and Lautenschläger later today. Looking ahead, the UK and EU industrial production, FOMC minutes, US CPI and retail sales will be the key releases to watch out this week. Elsewhere, both Norway and Sweden will release the inflation rate for September.


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