Weekly Markets Review

The Swiss Franc is expected to rally, in case the EU Parliamentary hearing, ECB President Mario Draghi spooks financial markets.

In reality, he will be officially replaced in October by former IMF Director Christine LagardeDuring the latest ECB meeting, the central bank dropped the deposit facility by 10 basis points to -0.50 %.

The Euro appreciated, implying in that investors’ yearning for liquidity.

However, losses were partly limited as Chinese officials played down the significance of the cancellation of visits to U.S. August marked solid numbers for housing starts in the U.S.

As a matter of fact privately owned housing starts reached a seasonally adjusted annual rate of 1.36 million in August, which is an incline of 12.3% from the July.

The Japanese Yen is very likely to enter into regaining mode versus the USD after a near-term advance support from August. This is as descending resistance from May.

EUROPE:

Today, the German Markit PMI Composite (Sep) fell to 49.1 from the previous close of 51.7. Additionally, the German Markit Manufacturing PMI (Sep) dropped to 41.4 from 43.5. Moreover, the Eurp Markit PMI Composite (Sep) sunk to 50.4 from 51.9. Today at 5 p.m., there was a press conference of ECB's Lane.

Tomorrow, at 12 ECB's De Guindos will speak. On Wednesday, at 7, the Euro Non-Monetary Policy ECB Meeting will take place. Thursday morning, at 8 a.m. Economic Bulletin is due. On Friday, the French Consumer Price Index (EU norm) (MoM) (Sep) will be reported from 0.5%. Later at 7.30 p.m. 19:30, the EURo CFTC EUR NC Net Positions is expected from €-68.6K. 

U.S.:

Today, Markit Services PMI (Sep) came at 50.9 from 50.7. Moreover, 15:30USD 6-Month Bill Auction marked 1.86% from 1.87%. Tomorrow, at 1p.m., Housing Price Index (MoM) (Jul) is likely to mark 0.3% versus the previous close of 0.2%. Additionally, the Consumer Confidence will be announced. On Wednesday, at 2:30 p.m. EIA Crude Oil Stocks Change (Sep 20) is due with a forecast of -6.501M from 1.058M. On Thursday, Gross Domestic Product Annualized (Q2) could remain at 2%. In addition, Core Personal Consumption Expenditures (QoQ) (Q2) is likely to remain at 1.7%. On Friday, Nondefense Capital Goods Orders ex Aircraft (Aug) could advance to 1% from 0.2%. Also, Durable Goods Orders ex Defense (Aug) are expected to come to 0.1% from 1.3%.

ASIA:

Today, is the Japanese Autumnal Equinox Day. Tomorrow, BoJ's Governor Kuroda will speak. Additionally, BoJ Monetary Policy Meeting Minutes will take place at 11:50 p.m. On Wednesday, the New Zelland RBNZ Interest Rate Decision could remain at 1%. On Thursday at 11:30 p.m., Tokyo CPI ex Fresh Food (YoY) (Sep) is likely to come to 0.5% from 0.7%. On Friday, the Japanese CFTC JPY NC Net Positions is due from ¥23.9K.