MARKET OVERVIEW AT LONDON OPEN
Japan’s Corporate Goods Price Index came in at 0.1%, missing market expectations of 0.2%, down from its previous level of 0.3% (month-on-month).
The Corporate Goods Price Index measures the price movement of domestically-produced and domestically-used goods with sample prices, collected either from the producer or wholesaler of these goods.
The data was then followed by the release of its Core Machinery Orders (year-on-year), which posted -1.1%, outperforming market expectations of -4.8%, however did come in lower than its previous level of 2.4%.
New orders measure the value of orders received in a given period of time.
In its monthly report released on Wednesday, the Bank of Japan (BoJ) stated that the Japanese economy is picking up, and they fully expect to see export levels rise.
NZDJPY 76.20 +0.22%, AUDJPY 91.24 +0.20%, CADJPY 94.63 +0.11%, GBPJPY 151.10 +0.09%, EURJPY 128.47 +0.02% and CHFJPY 104.39 -0.01%.
The Japanese Nikkei 225 is currently trading at 13,289.32, down -0.21% from its previous close level, despite pushing into positive territory overnight.
The Aussie dollar is trading higher across the board ahead of the London open. The overnight release of the Westpac Consumer Sentiment posted 4.70%, up markedly from its previous level of -7.00%.
The Westpac Consumer Sentiment Index measures the change in the level of consumer confidence in economic activity.
AUDCHF 0.8740 +0.22%, AUDUSD 0.9452 +0.20%, AUDJPY 91.24 +0.20%, EURAUD 1.4078 -0.18%, GBPAUD 1.6558 -0.12%, AUDCAD 0.9641 +0.10% and AUDNZD 1.1972 -0.02%.
Key economic data releases
At 09:30 GMT, the release of the UK’s Claimant Count Change is scheduled for release with expectations for an increase to -5.0k, up from its previous level of -7.3k (month-on-month).
Claimant Count Change measures the change in the number of unemployed people in the U.K. during the reported month. A rising trend indicates weakness in the labor market, which has a trickle-down effect on consumer spending and economic growth.
Ahead of the release, sterling pairs are trading higher against the majority of its major counterparts.
GBPNZD 1.9827 -0.13%, GBPAUD 1.6558 -0.12%, GBPCHF 1.4473 +0.10%, GBPJPY 151.10 +0.09%, GBPUSD 1.5653 +0.09%, EURGBP 0.8501 -0.07% and GBPCAD 1.5966 -0.01%.
In commodity markets, WTI for July delivery declined as much as 91 cents to $94.47 a barrel in. Brent for July settlement fell as much as 59 cents, or 0.6 percent, to $102.37 a barrel.
Copper prices pushed markedly lower, settling at $7,048.25 on the London Metal Exchange. Biggest gainers at the London open; AUDCHF 0.8763 +0.48%, NZDCHF 0.7315 +0.45%, AUDJPY 91.40 +0.37%, NZDJPY 76.30 +0.35%, GBPCHF 1.4507 +0.34%, CADCHF 0.9080 +0.32%, AUDUSD 0.9460 +0.29%, NZDUSD 0.7897 +0.27%, EURCHF 1.2331 +0.25%, GBPJPY 151.31 +0.23% and CADJPY 94.72 +0.20%.
Biggest losers at the London open; EURAUD 1.4069 -0.24%, EURNZD 1.6853 -0.22% and GBPAUD 1.6553 -0.15%.
Story provided by StockMarketWire.com