Headlines:
- Sluggish start to the week for major currencies as market remains tentative
- ECB's de Guindos: Forward guidance is out of fashion
- ECB's de Guindos: Will be in a better position to reassess inflation outlook in December
- ECB's Kazaks: Too soon to say that terminal rate has been reached
- China October M2 money supply +10.3% vs +10.3% y/y expected
- SNB total sight deposits w.e. 10 November CHF 476.3 bn vs CHF 474.6 bn prior
- German industry sees improvement as supply situation nears pre-crisis level - Ifo
- OPEC dispels negative sentiment in latest oil market report
- US and South Korea issue joint statement condemning North Korea's missile launches
Markets:
- GBP leads, NZD lags on the day
- European equities higher; S&P 500 futures down 0.2%
- US 10-year yields flat at 4.634%
- Gold up 0.1% to $1,937.87
- WTI crude up 0.3% to $77.39
- Bitcoin down 1.2% to $36,823
It's a quiet start to the new week as European traders were not given much to work with during the session. There were no major data releases and that is keeping markets more tentative, as we await key US data releases in the days ahead.
Major currencies were muted as the dollar keeps steadier, with USD/JPY holding at around 151.70 levels - its highest since October last year. Besides that, there isn't much else happening as changes were light overall.
In the equities space, the mood is more mixed as European stocks are catching up to the Friday gains in Wall Street while US futures are pointing lower for now. It could be that the momentum is halted after Moody's downgrading the US outlook but after the bustling gains, I reckon this is just a bit of a breather before we get to the more important things this week.
As the bond market is also checking itself, that might not give traders much of anything to play around with until we get to the US CPI data tomorrow at least.
