Market News

China’s economy, the world’s second-largest, grew 6.7 percent in the third quarter of 2016, meeting expectations and remaining unchanged from the previous period, the Chinese government confirmed on Wednesday.

The UK’s Office for National Statistics reported earlier that inflation in the UK was at its highest level since November of 2016, rising to 1.0% in September from August’s 0.6% against expectations of a rise to 0.9%.

Asian stocks were slightly higher on Tuesday, despite concerns about weak data from China, as the MSCI index gained 0.5 percent, the Hang Seng index looked towards modest gains and the Australia benchmark index was up 0.4 percent in early trade.

While markets are preparing themselves for Mario Draghi’s speech later today, in the interim they’re digesting the latest news from Eurostat which showed September CPI figures meeting analysts’ expectations.

In pairs trading, the Dollar is mixed, moving higher against the Yen but coming under pressure against both the Aussie and Kiwi Dollars.

Renewed worries over the state of the global economy has resulted in a rush to safe haven assets, pushing the Japanese Yen and Swiss Franc higher in Asian trade.

The U.S. dollar retreated from 2 ½ month highs after weak Chinese trade data confirmed that the country’s U.S. imports were back in contractionary territory and that the country’s exports fell 10 percent in September as compared to last year’s export data.

The US Dollar dipped in early Asian trade, coming under pressure from the partial rebound of the Pound Sterling after the previous session’s dramatic losses.

The Pound Sterling continued to slide against the US Dollar, again striking below the $1.23 level as concerns mount over the repercussions of the upcoming Brexit.

Oil prices stayed near 1-year highs on Tuesday as expectations grew that OPEC will cut output, and Russia said it was ready to join in on the cuts.

The Pound Sterling skidded against the US Dollar with the greenback recouping some of the losses it sustained on Friday in the wake of a disappointing labor report.

After a contentious weekend during which Donald Trump’s and the Republican party suffered several setbacks in the quest for the presidency, the peso has reaped the benefits with a continued climb against the dollar.

There will be a significantly lighter news schedule this week compared to last week, with the only central bank input due from the U.S. Get the weekly economic calendar for the week of October 10, 2016 here.

The British pound experienced something akin to a ‘flash crash’ on Friday as it dropped sharply to 30-year lows of $1.189 before rebounding slightly to $1.2399.

The US Dollar edged higher in Thursday’s trade and is extending the current 4-week peak versus the Japanese Yen.