The global rout pauses for breath


Asian markets were relatively calm following yesterday’s exaggerated rout. Most equity markets found a bid while currency markets drifted in to a more risk-on mood.


Equity markets rebound

The Japan225 index led the way in Asia with gains of more than 1.3%, potentially the first positive day in four. China shares were close behind, with the China50 index posting gains of 1.28% while the HongKong33 index added 0.61%. US index futures pointed toward a higher open today with average gains of about 0.45%.


Japan225 Daily Chart

Source: OANDA fxTrade


On the currency front, the yen staged a slight retreat, with USD/JPY rising 0.13% and AUD/USD snapping a two-day decline with gains of 0.27%.

Crude oil markets attempted a rebound after yesterday’s slump saw the commodity hit more than one-year lows. West Texas Intermediate is now hovering around the $54 handle. The rebound could have been helped by API data late yesterday which surprisingly showed the first drawdown from oil inventories in five weeks. This evening, we will see the EIA’s equivalent of the data as at November 16. Last week saw the biggest inventory build since February 2017.


WTI Daily Chart

Source: OANDA fxTrade


A crude session for Oil


GBP steady ahead of PM May’s visit to Europe

GBP/USD is holding near three-day lows as UK PM May heads to Europe to meet with European Commission president Juncker. The meeting is unlikely to produce any definitive results or announcements on Brexit, as negotiations and alternative agendas keep being introduced, but markets will be on high alert for any news snippets. GBP/USD is now at 1.2786 with possible rising trendline support coming in at about 1.2713.


GBP/USD Daily Chart

Source: OANDA fxTrade


US Durable goods orders on tap

It’s a barren data calendar for Europe, though the European Commission is due to deliver its comments on Italy’s 2019 budget proposals. Italy’s Deputy Prime Minister has said he is open to discussions on their budget proposals, and may be open to some budget cuts but would prefer to keep proposed reforms in place.

The US calendar features October durable goods orders for October with the ex-transportation reading expected to increase 0.4% after a 0.1% gain in September. The mixed housing data yesterday of housing starts and building permits (starts above forecast, permits below estimate) will be complemented by existing home sales today. Sales are seen rising 1.0% m/m after a 3.4% decline in September.

The full MarketPulse data calendar can be viewed at



This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Andrew Robinson

Andrew Robinson

Senior Market Analyst at MarketPulse
A seasoned professional with more than 30 years’ experience in foreign exchange, interest rates and commodities, Andrew Robinson is a senior market analyst with OANDA, responsible for providing timely and relevant market commentary and live market analysis throughout the Asia-Pacific region. Having previously worked in Europe, since moving to Singapore he worked with several leading institutions including Bloomberg, Saxo Capital Markets and Informa Global Markets, proving FX strategies based on a combination of technical and fundamental analysis as well as market flow information. Andrew began his career as an FX dealer with NatWest and the Royal Bank of Scotland in the UK.
Andrew Robinson

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