- Japanese ECO watchers survey 41.7 in August from 42.4 in July
- Swiss unemployment rate for August 4.0% as expected
- German Trade surplus EUR 12.4 billion in July in line with expectations.
- Gold breaks 1,000.00/oz and trades as high as 1,007.45, the highest level in 6 months.
- German Exports in July better than expected at +2.3% m/m from 6.1% in June.
- UK Industrial production for July +0.5% m/m -9.3% y/y (expectations +0.2% m/m -10.10% y/y)
- UK Manufacturing output for July +0.9% m/m -10.1% y/y (expectations +0.3% m/m -11.1%^ y/y)
- German Industrial output in July was -0.9% m/m from +0.8% in June.
A weak dollar and better than expected economic data out of Europe helped both the Euro-dollar and Sterling. A barrier option was taken out in Euro-dollar at 1.4450 giving the currency an extra push. Euro-dollar opened the session at 1.4333 (the low) and closed at 1.4479 (the high) Sterling likewise had a range of 1.6339 – 1.6579 (once again the low the open and the high the close).
Gold was very strong and broke 1,000.00/oz and traded to a high of 1,007-45 with other precious metals following suite as investors looked to them as safe haven trades. The Australian dollar traded 0.8541 – 0.8644 on the back of Gold and looks like it still might go higher.
The dollar took its toll against the yen trading in a range of 92.12 – 92.77 and the Swiss with a key break of 1.0500 falling to a low of 1.0460.
Asian Stock Markets
Nikkei 225 closed at 10,393-23 +72.29 (+0.70%).
Hang Seng closed at 21,069-81 +440.50 (+2.14%).
Shanghai Composite Index 2,930.475 +49.359 (+1.71%).
