Morning Update – 17/11/2016 – by Arjun Lakhanpal

November 17, 2016 by

Morning all.. Wall St closed marginally lower in a quiet session for stocks as most watched bond yields bouncing up and down. The Nikkei also failed to get USDJPY rallied as the BoJ announced unlimited buying of JGB’s overnight. This took USDJPY from the lows, after some profit taking took it as low as 108.56 to a high of 109.46. This however has failed to inspire buying in the Nikkei so far. BoJ: conducted first ever fixed-rate buying operation under new policy framework for JGBs with 1-5yr residual maturities; offered to buy unlimited amounts of 1-3y at yield +0.02% above prev close & 3-5y at yield +0.019% above prev close; operation drew no response from financial firms.. Aussie unemployment looked better on the headline release but AUD fell again as revisions to last months poor data were moved even lower. AUD traded up to .7501 on the headline but has traded back to .7460 since. Elsewhere Venezuela Pres: OPEC countries are ready to reach a “forceful” agreement on reducing oil output. WTI oil is actually down 0.4% as we have heard this before. Markets beginning to focus on Yellen testimony later. This morning we get Swedish Unemployment, UK Retail sales and EU CPI data.. Good luck..