Developed macro
1. ‘Risk-off’ mode dominated on a poor German bund auction and weak global economic data
2. German IFO index to continue its downward trend in November.
3. Final German GDP growth to be confirmed at 0.5% QoQ in Q311.
4. UK GDP growth to be confirmed at 0.5% QoQ in Q311, according to the ONS second estimate.
Interest rate strategy
1. Poor Bund demand prompts anti-Euro bond concern, but a breakout of 3-month needed to take it to next level
2. More information on EU rescue plan is due soon, which is crucial for upcoming auctions
FX strategy
1. EUR: Sovereign rating concerns to add further pressure.
2. SEK: Falling confidence to undermine Riksbank rate expectations.
3. EUR/USD: Technically still drifting lower, but approaching key support.
Emerging markets
1. Asian currencies and basis to fall on negative sentiment
2. CNH CCS may be the exception, as tight CNH liquidity and possibly higher dim sum bond yields will add to sell/buy USD/CNH flows
3. Taiwan Q3 GDP to quicken to a still low 3.6% YoY; Hong Kong exports to remain weak at -1.0% YoY in October
Commodity markets
1. Funding stresses and bearish charts maintain downside pressure on gold.
2. Base metals: Key support levels are looming again.
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http://www.easyforexnews.net/wp-content/uploads/2011/11/WMT_2011-11-24.pdf
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