European Central Bank faces renewed pressure in Germany.
Thursday is a busy day on both sides of the Atlantic, with the final November manufacturing PMI likely to be the highlight of the morning session. The European calendar gets underway with the release of the UK November Nationwide House Price Index At 08:15 GMT, the latest Spanish retail sales data will cross the wire. The Market Manufacturing PMI data gets underway from 08:15 GMT, when the Spanish data is published, with Italian data due at 08:45 GMT, French at 08:50 GMT, German at 08:55 GMT and the Eurozone data at 09:00 GMT. The German VDMA machine orders data is also due for release at 09:00 GMT. Back in the UK, at 09:30 GMT, the Market/CIPS Manufacturing PMI data will cross the wire. At 10:00 GMT, euro area unemployment data will be published, alongside the Italian Q3 final GDP data. Across the Atlantic, the US calendar gets underway at 12:30 GMT, with the publication of the Challenger Monthly Layoff Intentions data. At 13:30 GMT, the US jobless claims data will cross the wire. Federal Reserve Cleveland President Loretta Mester gives the welcome address at Office of Financial Research's Financial Stability Conference in Washington, D.C. at the same time.
Repeated hesitation ahead of $1.0685 took its toll Wednesday with a correction lower that reconfirms the bearish bias with focus having returned to the $1.0462-1.0506 support region. Bears continue to look for a close below $1.0462 to shift focus to $1.0062-1.0208. Initial resistance is noted at $1.0616 but bulls need a close above $1.0685 to confirm an easing of bearish pressure and above $1.0851 to end bearish hopes and initially target $1.0952-69
OIL: WTI crude oil futures for Jan'17 delivery is last down $0.01 at $49.43 per barrel, after a $49.45 to $48.98 range in Asia today, with news that Indonesia will not be able to make required cuts under OPEC's new out put cut deal seeing prices ease slightly. Wednesday saw Jan'17 WTI futures settled up $4.21 at $49.44/bl (range $45.22 to $49.90). At the high seen earlier, crude was up over 10% on the day. WTI last traded above the psychological $50 mark late last month. OPEC members agreed Wednesday to cut production by about 1.2 mbs/day, reducing the ceiling to 32.5 mbs. In addition to OPEC production cuts, key non-OPEC members also agreed to reduce production by 600,000 barrels per day, with Russia alone cutting by 300,000 barrels