OIL: US Records Rises In Crude & Product Stocks
Bloomberg reported a US crude inventory build of 2.48mn barrels last week but an 89k drawdown at Cushing, according to people familiar with the API data. There were also product builds with gasoline up 3.1mn and distillate 2.88mn. The official EIA data is out Wednesday and will be watched for similar trends given current concerns regarding global excess supply which is expected to show in rising inventories.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
ASIA: Government Bond Issuance Today
- Bank of Korea to Sell KRW1 tn 91-Day Bonds
- South Korea to Sell KRW2 tn 2-Year Bonds
- Thailand to Sell THB20 bn of 182-Days Bills
- Philippines To Sell PHP 7.5Bln 182D Bills (PH0000060386)
- Philippines To Sell PHP 7.0Bln 91D Bills (PH0000059909)
- Philippines To Sell PHP 7.5Bln 364D Bills (PH0000061343)
ASIA: Coming Up in Asia Today
| 0230GMT | 0930HKT | 1130AEDT | S&P Global Indonesia PMI Mfg |
| 0230GMT | 0930HKT | 1130AEDT | S&P Global South Korea PMI Mfg |
| 0230GMT | 0930HKT | 1130AEDT | S&P Global Malaysia PMI Mfg |
| 0230GMT | 0930HKT | 1130AEDT | S&P Global Philippines PMI Mfg |
| 0230GMT | 0930HKT | 1130AEDT | S&P Global Thailand PMI Mfg |
| 0230GMT | 0930HKT | 1130AEDT | S&P Global Taiwan PMI Mfg |
| 0230GMT | 0930HKT | 1130AEDT | S&P Global Vietnam PMI Mfg |
| 0345GMT | 1045HKT | 1245AEDT | RatingDog China PMI Mfg |
| 0600GMT | 1300HKT | 1500AEDT | Indonesia Imports YoY SEPTEMBER |
| 0600GMT | 1300HKT | 1500AEDT | Indonesia Exports YoY SEPTEMBER |
| 0600GMT | 1300HKT | 1500AEDT | Indonesia Trade Balance SEPTEMBER |
| 0600GMT | 1300HKT | 1500AEDT | Indonesia CPI YoY OCTOBER |
| 0600GMT | 1300HKT | 1500AEDT | Indonesia CPI Core YoY OCTOBER |
| 0600GMT | 1300HKT | 1500AEDT | Indonesia CPI NSA MoM OCTOBER |
| 0430GMT | 1400HKT | 1600AEDT | HSBC India PMI Mfg |
source: Bloomberg Finance LP / MNI
JPY: USD/JPY - Probing Resistance Around The 154-155 Area
The Friday night range was 153.89 - 154.41, Asia is currently trading around 154.10. The pair remains well supported thanks to a combination of a hawkish FED and a BOJ that is still unsure about when it will raise rates. We are approaching some resistance back toward the 154/155 area and I would expect we might to do some work around here initially. I also suspect any sustained break back above 155 could see the move begin to accelerate and with that the potential for further intervention, though personally I think they will wait for levels closer to 160 to get involved. Looks for dips to continue to be supported while above 149-150.
- MNI Policy: BOJ To Focus On Evolving Prices And Spending. The BOJ cautioned, that “prices have continued to rise, mainly led by food prices, which are daily necessities, and this has had a clear impact on households’ consumption activity.” The warning could undermine the BOJ’s baseline view that consumption will return to a moderate increasing trend as food price gains slow.
- Options : Close significant option expiries for NY cut, based on DTCC data: 151.50($385m), 152.50($401m). Upcoming Close Strikes : 155.00($1.63b Nov 6), 155.35($1.17b Nov 6) - BBG.
Fig 1 : USD/JPY Spot Weekly Chart
Source: MNI - Market News/Bloomberg Finance L.P
