It is another full data session Wednesday, with releases scheduled on either side of the Atlantic. The European calendar gets underway at 07:00 GMT, with the publication of the German industrial production data. At 07:45 GMT, French foreign trade and the current account numbers will cross the wires. The first UK release comes at 08:30 GMT, with the publication of the Halifax House Price Index. Bundesbank board member Carl-Ludwig Thiele speaks at the Handelsblatt conference "Banking Technology", in Frankfurt, starting at 09:00 GMT. The UK industrial production and manufacturing output data will be released at 09:30 GMT. Brexit will no doubt be to the fore in the Commons Wednesday, as the Prime Minister takes weekly questions, starting at midday.
The recovery from Monday’s low saw the pair pop above the 100-WMA last Wednesday but hesitation ahead of ¥114.72-87 remains a concern for bulls when combined with daily studies at very O/B levels. Bulls continue to look for a close above ¥114.72-87 to reconfirm the bullish bias and initially ¥115.96. While ¥114.87 caps bears initially target ¥111.
GOLD: Spot gold last down $0.50 at $1169.20 per ounce, in a $1,177.60 to $1,167.40 range so far this morning in Asia, with the market continuing to trade on the defensive ahead of the ECB meeting later today. Commerzbank analysts note that "Gold ETFs also saw their 17th consecutive daily outflow yesterday (5.1 tons)". They note "outflows during this time have totalled nearly 150 tons, which is almost twice the inflows seen in the entire third quarter". Commerzbank says "although gold was weighing on silver, silver was nonetheless faring better than gold as trading drew to a close, with the result that the gold/silver ratio dropped below 70 again for the first time in 3.5 weeks".
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