REFINING: Shandong Teapot Inventory Rate Rises on Week: OilChem

There don’t look to be any surprises in BoE Dhingra's presentation, being the most dovish MPC member. Some highlights from her slides:

• Consumption growth has been consistently weaker than forecast
• The expected falling back in the saving ratio has failed to materialise
• Microdata points to disposable incomes being just as weak as consumption
• Spending microdata suggests household costs are less optimistic regarding a real wage recovery
• Only interest income has grown consistently during the “consumption puzzle period”
• The financial counterpart of savings shows a paying down of debts rather than an accumulation of liquid assets for future consumption
• And deposits have been stable except for the top quintile of households

• EUR/USD: Nov20 $1.1500(E2.0bln), $1.1630(E1.2bln), $1.1675-80(E1.5bln); Nov21 $1.1500(E1.4bln), $1.1675-80(E1.2bln)
• USD/JPY: Nov20 Y150.00($1.3bln), Y155.00($1.4bln)
• AUD/USD: Nov20 $0.6550(A$2.3bln)
• USD/CAD: Nov21 C$1.3950-70($1.3bln)
• USD/CNY: Nov20 Cny7.1080-89($2.0bln)

• US TSY TO SELL $95.000 BLN 8W BILL NOV 20, SETTLE NOV 25