GLOBAL MARKET UPDATE

**China:
- Trade data signalled a deepening slowdown
-Chinese offshore shipments fell 3.7% in November
-Imports declined 5.6% in yuan terms, leaving a trade surplus of 343.1 billion yuan ($53.5 billion).
- Tomorrow CPI data 

**Oil:
- Oil prices skidded to their lowest level in nearly seven years.
- Saudi Arabia, the world's biggest oil exporter, thinks unconventional oil producers, including U.S. shale drillers who have fed the glut, will eventually be squeezed out of the market by high production costs and low selling prices.
- OPEC’s production could rise further in 2016 if sanctions are lifted on Iran, allowing the country to increase its exports, this can put further pressure.

**Japan:
- Japan’s GDP expanded last quarter, rather than contracting as previously thought, with growth an annualized 1 percent in the three months ended Sept. 30.

**US:
- U.S. interest rate futures implied traders are pricing in about a 78 percent chance that U.S. policymakers would raise rates, according to CME Group's FedWatch program.

**Expected Opening: Arnd 66.75/80 Spot

**Expected Range: 66.58 to 67.02 Spot