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ECB's Vasiliauskas: Eurozone deflation threat is gone

ECB Governing Council member Vitas Vasiliauskas said on Friday, via Reuters, that deflation threat to the Eurozone is now behind, while adding that he sees Eurozone recovery in 2017.

08:46 09 December /2016 Forex

NZ: Prices from the monthly inflation gauge lifted 0.1% in November - ANZ Sandeep Kanihama

NZ’s prices from the ANZ’s monthly inflation gauge lifted 0.1% in November and is on the soft-side of increases for this time of year and saw the annual increase ease back to 2.1% (from 2.3%) as noted by the Cameron Bagrie, Chief Economist at ANZ.Key Quotes“Rents again made the largest upward contribution, rising 0.3%, with a further gain from the ‘purchase of housing’ group round...

08:46 09 December /2016 Forex

PIRA: Saudi Arabia tells oil buyers of cuts after OPEC deal - RTRS Dhwani Mehta

According to a PIRA note published late-Thursday, Saudi Arabia informed its customers of cuts to their January crude oil supplies to comply with the latest OPEC agreement, Reuters reports.PIRA adds in its note that cuts will be to varying degrees, but is likely to be larger to North America due to lower margins.PIRA energy group provides worldwide energy market analysis.

08:23 09 December /2016 Forex

RBNZ: Zero chance of a change in the OCR during the next four meetings - Westpac Sandeep Kanihama

Market pricing for the RBNZ has been fairly stable during the past week, continuing to price a zero chance of a change in the OCR during the next four meetings, but a 70% chance of a hike by Nov 2017 and almost100% by Feb 2018, notes Imre Speizer, Research Analyst at Westpac.Key Quotes“Our own macroeconomic forecasts have the RBNZ remaining on hold for the next two years but we un...

08:23 09 December /2016 Forex

ECB: QE extended at a slower pace, but with an effective easing - Westpac Sandeep Kanihama

Tim Riddell, Research Analyst at Westpac, notes that the ECB has surprised with not only an extending of its QE, though at a lower rate the total projected APP is EUR780bn in 2017, but also with an effective easing by relaxing restrictions on eligible issues.Key Quotes“FX Perspective

08:23 09 December /2016 Forex

Australia: Contraction in Q3 GDP represented a payback - BNPP

The contraction in Australia’s Q3 GDP represented a payback after unsustainably rapid growth earlier in the year, but also dragged official trend growth to a 17-year low as noted by the Research Team at BNP Paribas. Key Quotes“Downside risks overhang the domestic outlook – softer labour conditions threaten to undermine spending, business capex will be weak and residential investme...

08:00 09 December /2016 Forex

EUR/JPY extends the rebound to 121.50

Having a sharp sell-off witnessed yesterday, the cross in the EUR/JPY pair attempts a bounce in the Asian session this Friday, as dust settles over the ECB aftermath.EUR/JPY looks to regain 5-DMA at 121.92?Currently, EUR/JPY trades +0.31% higher at 121.42, testing session tops previously posted at 121.47. The rebound staged the c...

08:00 09 December /2016 Forex

NZD/USD: Recovery remains capped near 0.7180

The NZD/USD pair is seen trading largely subdued in a tight range, unable to find a clear direction, with markets having ignored better-than expected Chinese inflation data.NZD/USD tracks Oil lowerCurrently, the NZD/USD pair trades -0.11% at 0.7168, hovering within a striking distance of session lows struck at 0.7163. The Kiwi fa...

07:46 09 December /2016 Forex

ECB meeting: Lower but longer - ING Sandeep Kanihama

Carsten Brzeski, Chief Economist at ING, takes a note that the ECB surprised markets by announcing an extension of its QE programme, albeit at a lower monthly pace and lower but longer, instead of extend and pretend, has given markets something to chew on.Key Quotes“At meeting, the ECB decided on several changes to its QE programme. Currently at EUR 80bn per month, the ECB will cu...

07:46 09 December /2016 Forex

ECB: Dovish taper or hawkish ease? – BBH Sandeep Kanihama

Research Team at BBH notes that the ECB announced it would extend its asset purchases from April through December next year, but at a modestly slower pace of 60 bln euros rather than 80 bln euros.    Key Quotes“We had been expected a six-month extension but without tapering.  This would have added 480 bln euros and instead what the ECB will buy is 540 bln euros.  ...

07:46 09 December /2016 Forex

Goldman Sachs: Trump’s ‘Fiscal Boost: Mainly a 2018 Story’

Analysts at Goldman Sachs came out with their report on the impact of Trump’s fiscal spending on the US economy.Key Points:Expect fiscal policy to become more expansionary next yearThe timing is uncertainGS' preliminary expectation is that the growth effects from looser fiscal policy would be concentrated in Q4 2017 and the first half of 2018The timing depends mainly on how long i...

07:23 09 December /2016 Forex

Chinese oil demand growth could shrink 60% in 2017 – Bloomberg survey Omkar Godbole

A latest Bloomberg survey of analysts suggests that Chinese oil demand could shrink by 60% in 2017.Analysts say storage facilities are filling in and smaller refiners face more scrutiny over taxes and licenses.

07:23 09 December /2016 Forex

GBP/USD trades flat ahead of UK trade data Omkar Godbole

GBP/USD is trading flat in Asia following a three-day losing streak as investors await the UK trade data, which could show the trade deficit narrowed somewhat in October. Trades below 1.26The spot was last seen trading near 1.2590 levels. Thursday’s sharp sell-off in the EUR/USD pair following the ECB decision also pushed the GBP/USD lower to 1....

07:00 09 December /2016 Forex

Asian stocks mixed after ECB, poised for weekly gain

Asian stock markets were trading mixed this Friday morning after the European Central Bank (ECB) trimmed the size of its asset purchase programme and also extended till end 2017.MSCI's broadest index of Asia-Pacific shares outside Japan traded flat, but was poised for a weekly gain of 2.2%.Japan's Nikkei stock index was up 0.6% and was set to end the week higher by 2.4%. Australia’s S&P/ASX 20...

06:46 09 December /2016 Forex

Goldman Sachs issues first "overweight" forecast for Aus stocks since the GFC

The Australian press as well as Business insider runs a story today, citing that Goldman Sachs has turned ‘overweight’ on the Australian equities for the first time since the global financial crisis (GFC).Key Headlines:Goldman Sachs (GS) has a bullish call on the banks and materials sectorsGS has issued its first "overweight" forecast for the Australian share mark...

06:01 09 December /2016 Forex

Sell on rise - EUR/AUD, EUR/CAD & EUR/NZD – Westpac

Tim Riddell from Westpac believes EUR/AUD, EUR/CAD and EUR/NZD will be ideal shorts into any interim rebounds.RationaleThe extending and effective easing of policy, together with greater flexibility, should, at a minimum, have placed a cap on any further EUR gains into the FOMC next week.In a broader sense, this effective and extended easing may make EUR a funding currency of choi...

06:01 09 December /2016 Forex

USD/JPY: Bulls in command, daily R1 tested Dhwani Mehta

Resurgence of USD buying amid rallying US treasury yields triggered a renewed uptick in the USD/JPY pair over the last hours, sending the rate to fresh four-day highs beyond 114 handle.USD/JPY awaits FOMCThe dollar-yen pair receives fresh impetus from persistent risk-on moods across the financial markets, with the safe-haven yen ...

05:46 09 December /2016 Forex

Gold drops on Dollar strength, treasury yields rise Omkar Godbole

Gold prices dropped as the sell-off in the Euro triggered broad based USD weakness, while the treasury yields rose.Offered at 5-DMAThe metal was offered at the 5-DMA level of $1170 earlier today and fell to a four-day low of $1164.90. Prices deflated from the high of $1178.68 on dollar strength on Thursday.The dollar index strengthened 0.20% to ...

05:46 09 December /2016 Forex

Upbeat China CPI calling for PBOC rate hike?

Bloomberg providing further insights on the Chinese inflation data, after the NBS reported China CPI figures for Nov at 2.3% y/y versus 2.2% expected.Key Points:Prices boosted by rallying commodities and stronger demand would ripple through supply chain across Asia...

05:23 09 December /2016 Forex

EUR/USD clocks 4-day low, parity by Q2 2017?

EUR/USD fell to a four-day low of 1.0589 as Asian desks responded to ECB’s ‘dovish taper’ by selling Euros.Parity for EUR/USD?The chatter is that EUR/USD could drop to parity by Q2 2017 given the ECB has planned to expand its balance sheet till December 2017.During the same time, the Fed is widely seen raising rates at least twice. Furthermore, ...

05:23 09 December /2016 Forex