Is the market entering a risk-off phase!? ~ Key points and schedule for November 13 ~

◎ Highlights for today

1)Italy budget revision deadline

Today is the deadline for budget revisions. It seems revisions will not be submitted. We are watching Europe’s reaction. Yesterday the euro fell significantly as it broke a milestone and got pulled into a stop. Is this decline priced in that revisions will not be submitted? I think careful interpretation is important.

2)Brexit negotiations at a critical stage

Since yesterday, I want to monitor progress in Brexit negotiations and the May administration. Also, employment statistics are released today. Watch the moves of the pound.

Pound selling strategy, Prime Minister May cornered! ~ Pound selling strategy on November 12 ~

3)Global stock market decline

Yesterday, led by drops in tech stocks including Apple, the Dow fell about 600 points. European stocks declined, and Nikkei futures also fell sharply.

Today’s Tokyo market also seems to start negative following this trend. It is important to see how far this downward trend will extend.

Additionally, WTI crude oil has fallen below $60 for the first time in a while. The market seems to be moving toward a risk-off mood.

4)Dollar strength and the Dollar Index

With the euro and pound selling off sharply, funds are flowing into the dollar, and the dollar rise continues. As noted recently, the Dollar Index has continued to rise. The market trend leans toward risk-off, and the yen, Swiss franc, and US dollar are likely to be bought. How far will this trend continue? Will there be any statements to curb dollar strength? Stay tuned.

Focus on the "Dollar Index"! Can the USD/JPY reach above the 114 yen range?

◎ Today’s Event Schedule

11/13 (Tuesday)

ASEAN (Association of Southeast Asian Nations) Summit
Italy budget revision deadline

09:30 AUD NAB Business Confidence
14:00 SEK Unemployment
16:00 EUR Germany HICP and CPI
16:00 NOK Norway GDP
17:00 EURPratt ECB Executive Board member remarks
17:45 EURLoantenhäger ECB Executive Board member remarks
18:30 GBPAverage earnings・Unemployment rate・Average income

11/14 (Wednesday)

ASEAN Summit

00:00 USD Kashkari, Minneapolis Fed President remarks
00:00 USDBarkinard FRB Board member remarks
04:00 USD Monthly Budget Statement
04:00 EURDeginto ECB Vice President remarks
04:20 EUR Hoeller, Philadelphia Fed President remarks
08:30 AUD Westpac Consumer Confidence
08:50 JPY GDP
11:00 CNY Industrial Production

◎ Weekly Schedule

Target CPI releases by country and Quarles's congressional testimony – November 12 Weekly Schedule

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