Wed, 26 Dec 2018
25-Sep 25-Sep Forex Market JAPANESE YEN 117.00 CLOSE 110.27 1M %chg 3M %chg -2.36% -2.39% 115.00 113.00 111.00 109.00 107.00 105.00 -USD/JPY has pared off its interim high of 110.67, last seen ca.110.45, +0.13% on the day. -2yr JGB sale scheduled later this morning. BOJ Gov Kuroda is due to make a speech at Keidanren (Japan Business Federation), the Japanese business lobby later today. -The Keidanren was recently reported to have excluded a numerical wage raise target for 2019, in contrast to its 3% recommended guideline for spring wage increases last year which was in-line with the government's request in a bid to push its economy out of deflation. -BOJ released its meeting minutes of its Oct 30-31 policy meeting earlier this morning. -USD/JPY's bias is negative after sliding under its 50-, 100- and 200-DMA since mid-dec with a possible fresh run down towards 110.32/03. EURO 1.20 CLOSE 1M %chg 1.1361 0.19% 3M %chg -3.48% 1.18 1.16 1.14 1.12 1.10 1.08 -The EUR/USD spent much of this morning keeping largely between 1.1400-1.1420, last seen ca. 1.1415, +0.19% on the day. -The only bit of data due out of the EU today will be Spain's Nov PPI print, previously 4.5% y/y and 0.0% m/m. -We continue to favour selling into strength for a run down to 1.1127, given our view that ECB communique will turn more dovish ahead as EZ inflation/econ growth moderates further in 2019. -While questions have been raised about the Fed's 2019 tightening path, we also harbour the same scepticism that the ECB can raise rates from the summer of 2019. -As such, we will retain our existing short positions stemming from mid-apr.
25-Sep 25-Sep Forex Market POUND STERLING 1.34 1.32 1.30 1.28 1.26 1.24 1.22 1.20 CLOSE 1M %chg 3M %chg 1.2684-1.00% -3.77% -The GBP/USD has just pushed above 1.2700 and was last seen just under 1.2720, roughly +0.18% on the day. -The pair consolidated largely between 1.2650-1.2700 yesterday. -UK remains on holiday with no key data on schedule so there is little to look forward to except for some Boxing Day football later today. -While choppy swings will remain in play, we still see the balance of risk pointing to the downside on the basis that all the potential Brexit outcomes will merely result in even greater UK political turmoil. -Our models still indicate that the door is open for a run down to 1.2381. TURKISH LIRA 7.00 6.00 5.00 4.00 3.00 2.00 1.00 -No updates as of today CLOSE 1D %chg 1M %chg 5.2910 0.14% 0.09% 0.00
25-Sep 25-Sep Commodities GOLD 1300.00 1280.00 1260.00 1240.00 1220.00 1200.00 1180.00 1160.00 1140.00 1120.00 CLOSE 1D %chg 1W %chg 1268.49 0.00% 1.54% -Gold prices inched lower on Wednesday as the dollar firmed but hovered near a six-month high, supported by political instability in the United States and concerns about a global economic slowdown. -Spot Gold slipped 0.2 percent to $1,265.46 per ounce as of 0052 GMT. The metal touched $1,270.50 in early trade, its highest level since June 25. -U.S. Gold futures were down 0.3 percent at $1,268.10 per ounce. BRENT 96.00 93.00 90.00 87.00 84.00 81.00 78.00 75.00 72.00 69.00 66.00 63.00 60.00 57.00 54.00 51.00 48.00 45.00 CLOSE 1D %chg 1W %chg 50.47 0.00% -10.29% -Oil prices were mixed in thin trading on Wednesday as the U.S. benchmark rebounded from steep losses in the previous session, even though concern over the health of the global economy continued to overshadow the market in the longer term. -U.S. West Texas Intermediate (WTI) crude futures, were up 35 cents, or 0.82 percent, at $42.88 per barrel, at 0152 GMT, having at one point risen as high as 2 percent from the last close. They had slumped 6.7 percent in the previous session to $42.53 a barrel - the lowest since June 2017. -Meanwhile Brent crude oil futures were down 16 cents or 0.32 percent at $50.31 a barrel, having skidded 6.2 percent in the previous session to $50.47 a barrel, the weakest since August 2017.
Daily Market Report MARKET SUMMARY CENTRAL BANK OF KUWAIT INSTRUMENT OPEN HIGH LOW CLOSE %CHG 1D EUR 1.1398 1.1428 1.1359 1.1361-0.33% GBP 1.2723 1.2727 1.2663 1.2684-0.30% JPY 110.42 110.45 109.99 110.27-0.14% TRY 5.2812 5.3369 5.2710 5.2910 0.14% POLICY RATES INDICATOR As of Value Prior Change Dollar Idx 96.5560 96.9600 96.4720 96.5530 0.00% ON Repo Rate 26/Dec/'18 2.50 2.50 0.00 Brent 53.49 54.66 50.36 50.47 0.00% 1W Repo Rate 26/Dec/'18 2.75 2.75 0.00 WTC - - - 45.38 0.00% 1M Repo Rate 26/Dec/'18 3.25 3.25 0.00 Gold 1258.45 1269.49 1257.70 1268.49 0.00% KWD ON Rate 26/Dec/'18 10.00 10.00 0.00 KWSE Index 6603.5800 6643.2400 6601.5900 6633.4400 0.00% Discount Rate 26/Dec/'18 3.00 3.00 0.00 UPCOMING ECONOMIC RELEASES Tenor Value Tenor INDICATOR Ctry / Regn Time For Prior Consensus ON 2.39 3M 2.81 Redbook MM US 26/Dec 14:55 w/e -0.3 SW 2.42 6M 2.89 Rich Fed, Services Index US 26/Dec 16:00 Dec 5 1M 2.51 1Y 3.05 Rich Fed Mfg Shipments US 26/Dec 16:00 Dec 12 2M 2.61 Retail Sales YY JP 27/Dec 00:50 Nov 3.5 2.2 Construction Orders YY* JP 27/Dec 06:00 Nov -16.5 KIBOR RATES KWD (CBK FIX) CLOSE 0.30330 LIBOR RATES OTHER C-BANK RATES 1D %chg -0.07% INDICATOR As of Value Prior Change FED Target Rate 19/Dec/'18 2.50 1.25 1.25 Tenor Value Tenor Value ECB Refinancing Rate 10/Mar/'16 0.00 0.05-0.05 ON 0.94 3M 2.25 BOE Bank Rate 02/Aug/'18 0.75 0.50 0.25 SW 1.56 6M 2.50 BOJ Prime Rate 10/Jul/'17 1.00 0.95 0.05 1M 2.00 1Y 2.75 TRY ON Lending Rate 21/Sep/'18 25.50 24.00 1.50 Value
Economic Calendar & News ECONOMIC CALENDAR - Upcoming shortly INDICATOR Ctry / Regn Time For Prior Consensus Redbook MM US 26/Dec 14:55 w/e -0.30 Redbook YY US 26/Dec 14:55 w/e 7.1 Rich Fed Mfg Shipments US 26/Dec 16:00 Dec 12 Rich Fed Comp. Index US 26/Dec 16:00 Dec 14 Rich Fed, Services Index US 26/Dec 16:00 Dec 5 Core CPI Tokyo MM* JP 27/Dec 00:30 Dec 0.00 Core CPI Tokyo YY* JP 27/Dec 00:30 Dec 0.5 CPI Tokyo Ex fresh food YY JP 27/Dec 00:30 Dec 1.0 0.9 CPI, Overall Tokyo JP 27/Dec 00:30 Dec 0.8 Jobs/Applicants Ratio* JP 27/Dec 00:30 Nov 1.62 1.63 Unemployment Rate* JP 27/Dec 00:30 Nov 2.4 2.4 Foreign Bond Investment JP 27/Dec 00:50 w/e 63.3 Industrial Output Prelim MM SA* JP 27/Dec 00:50 Nov 2.9-1.90 IP Forecast 1 Mth Ahead JP 27/Dec 00:50 Dec 0.6 IP Forecast 2 Mth Ahead JP 27/Dec 00:50 Jan 2.2 Retail Sales YY JP 27/Dec 00:50 Nov 3.5 2.2 Foreign Invest JP Stock JP 27/Dec 00:50 w/e -166.90 Construction Orders YY* JP 27/Dec 06:00 Nov -16.50 Housing Starts YY* JP 27/Dec 06:00 Nov 0.3-0.40 Build Permits R Numb* US 27/Dec 14:00 Nov 1.328 Build Permits R Chg MM* US 27/Dec 14:00 Nov 5.0 Initial Jobless Claims US 27/Dec 14:30 w/e 214 217 Jobless Claims 4-Wk Avg US 27/Dec 14:30 w/e 222.00 NEWS AND STREET BUZZ Global Top News -Global stock markets headed into the year-end under a heavy cloud after another rout this week as U.S. political uncertainty added to heightened concerns over slowing global economic growth. -Bank of Japan policymakers disagreed on the feasibility of allowing bond yields to move more flexibly around the central bank's zero percent target, reflecting division within the board on how to address the growing dangers of prolonged easing, minutes of their October rate review showed on Wednesday. -Oman has signed with the Arab fund for Economic Development two loan agreements worth 150 million omani rials ($390 million) to finance several development projects in the country, the Oman News Agency reported, citing a statement. -Sixteen oil and gas firms have submitted applications for one or more of five Ghanaian offshore blocks in the West African country's first exploration licensing round, its energy ministry said. -Marsh, one of the world's largest insurance brokers and risk advisers, has launched a China desk in Dubai to benefit from growing commercial links between China, the Middle East and Africa, its regional chief executive said. -China's crude imports from Saudi Arabia rose to 1.596 million barrels per day (bpd) in November, making the OPEC kingpin China's largest crude supplier, data from the General Administration of Customs showed on Monday. -The Saudi market fell on Tuesday, as plunging oil prices pressured petrochemical stocks, while Riyad Bank 1010.SE was the top gainer, reaching a four-year high after saying it was in merger talks with National Commercial Bank (NCB). -United Arab Emirates-based district cooling firm Emirates Central Cooling Systems Corporation (Empower) has settled a $728 million loan, a company statement said on Tuesday.
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