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Trending Update 08:18 - In the G10 currencies ...

Trending Update 08:18 - In the G10 currencies ...

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In the G10 currencies today, GBP and AUD are number one and two, respectively while EUR and USD are the top losers. GBP was buoyed by news that the UK may be offered a 2-year Brexit transition deal thus alleviating immediate political risk. USD fall was somewhat stalled after the positive PPI data on Thursday but given that the US CPI today remain the key focus any data miss could lead to the further sharp downside. In the equities space, the Nikkei 225 has closed +0.96% at 21155 but the European equity markets have opened mixed with FTSE down 0.2%, DAX up 0.1%, and CAC down 0.1%. In the rates market, the German and the US 10-year yields continue to fall since cautious Fed minutes. The German and US 10-year yield are trading at 0.42% and 2.32%, respectively. In the energy space, the Brent is now trading just above the $57.0 mark recovering sharply from yesterday’s lows. The jump can be attributed to EIA crude oil stock data on Thursday showing another unexpectedly high inventory drawdown and China’s September Crude oil and gas imports showing a rise in demand ahead of winter. In terms of data today, the Chinese exports were same as expected but rising imports hinted that demand may be on its way up; this has helped AUD and NZD that remains among top G10 gainers. The US CPI and retail sales at 1230 are the only data of any for the rest of the day. However, we will hear from a number of central bank speakers, including Fed’s Rosengren, Powell, Kaplan, Evans and ECB Constancio.

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