Daily Market Report - 08/12/2015

Yesterday we had the US consumer credit change for October. The $16 billion increase in total credit followed a revised $28.6 billion surge in the previous month, Federal Reserve figures showed Monday. Revolving debt climbed $179 million after a $6.7 billion advance, the data showed.

Yesterday Oil prices fell to the lowest level in more than six years amid speculation that a record global glut will be prolonged after OPEC effectively abandoned its long-time strategy of limiting output to control prices. Along with WTI and Brent both seeing significant softness yesterday to see Brent futures reach their lowest level of the year after OPEC failed to cut their output. This saw the likes of CAD, NOK and RUB all fall against the USD.

The Euro had a quiet start to the week, in stark contrast to the rally it had last week after Draghi's announcement about his soft extension to QE, which saw one of the largest Euro advances against the USD in 5 years.
The macroeconomic calendar was light, with Germany releasing its Industrial Production data for October, up by 0.2% compared to a month before, but flat on the year.

Key Announcements
09:30 – GBP: UK Industrial Production (Oct) expected to fall from 1.3% to 1.1% 
10:00 – EUR: Eurozone Gross Domestic Product - expected to remain at 1.6% YoY
15:00 – GBP: NIESR GDP Estimate – previous reading of 0.6%