London Open – The Day Ahead by Milan Cutkovic

Overnight, the focus was on the Kiwi Dollar. RBNZ data showed that the central bank recently intervened in the FX market by selling half a billion NZD, which surprised the market a bit given that the NZD has been declining rapidly since the July high of 0.88. New Zealand’s Prime Minister Key commented that 0.65 would be an appropriate level for the NZD/USD, adding to bearish sentiment. Also, protests in Hong Kong continue and the Hang Seng is down more than 2 %. The Nikkei closed 0.50 % higher despite the rather risk-off bias in the past Asian session.

Looking ahead, we have Spanish inflation data at 0800 BST, UK M4 Money Supply figures at 0930 BST, Euro Zone Consumer Confidence data at 1000 BST, German inflation numbers at 1300 BST and US Pending Home Sales figures at 1500 BST.

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